Margill Law/Standard Edition – Regular and Irregular payment schedule

Question:

I was wondering who I could contact at Margill for help on calculating a rather complex amortization table.

Beginning on 6/25/17 – the principal loan amount was $640,000 at an interest rate of 3% – payments of $3,000 to begin on 1/1/2018.

  • However, a payment of $350,000 was made on 7/12/2017
  • Additional loan amount of $500,000 was made on 9/25/2017
  • Additional loan amount of $150,000 was made on 12/8/2017

Answer:

Actually quite simple:

Go to “Recurring Payments” calculation. We will suppose this is compound interest, compounded monthly and monthly payments since it is a loan.

Let’s suppose 20 payments of $3000 each (if payments are missing or if there are too many, you can add or delete after).

Enter the data below:

Then Compute or F5.

This is our preliminary schedule:

 

You can now edit the schedule by adding the lump sum payment and extra principal.

The payment and extra principal were made in 2017 so I should add three lines above my payment date of 2018-01-01

I can do this with this icon or the right mouse click:

Then change the dates – start with Line 3 since you must follow the chronological order:

And finally change the amounts (1 payment and 2 loans). Notice lines 2 and 3 are negative since we are adding principal.

Now of course, with a balance of 934,064.93 after 20 payments, we would need to add a bunch of payments to fully pay back. You could add these lines with this icon (we would need to add hundreds of payment since payments are quite low):

My guess is you are looking for a balance at a specific date (let’s say today, start of day). Insert a line with a 0.00 payment:

And there you have it.

How to do erratic payments in Margill Standard/Law Edition

Question:

How to do erratic payments in Margill Standard/Law Edition

Answer:

Pretty simple. Once you entered all your loan data. Click Compute, and you will get to the payment schedule:

From there, you can change the Pmt date, the Payment amount, and the Rate.

You can even use the right click button to get many more options!

It is also possible to add or remove lines.

The totals will then be recalculated with the new schedule.

The Margill Team

Margill Standard/Law versions: How to do an irregular payments scedule

Question:

I have a principal of $200,000 starting 03/01/2017 (over 24 months) and the last payment to be made on March 1, 2019.

First payment is on 4/1/2017 at unknown amount.

Two $50,000 lump sum payments to be made on 05/01/2017 and 05/01/2018.

I must also compute the payments in between the $50,000 payments.

Interest at 5 percent.

Can did this be calculated in one calculation?

Answer:

Yes. Pretty easy to do in fact.

Go to “Recurring Payments” caclulation.

I will suppose compounding is Monthy.

Enter this preliminary data

Compute or F5 to get these preliminary results:

You can totally adapt this to your needs.

We know payments of 50,000 are to be paid on 05/01/2017 and 05/01/2018. Change these directly in the schedule.

As for the payments in between, they must be recomputed so as to reach a balance of 0.00 at the end.

Select all lines (Ctrl A) then exclude the 50,000 lines (Ctrl click on lines 2 and 14) and right click with the mouse. I want my balance to be 0.00.

And here you have it. My last payment if off by a few cents so I checked “Balance = 0.00” on the bottom right.

Save that calculation and you can then adapt to what happens for real over time.

Took less than a minute….


Client comment after post:

Marc, I just checked it. You made four people very happy today. One client, two attorneys, and me.

 I really appreciate your availability, patience, and instruction.

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