mortgage calculations

  • Thread starter Thread starter JLambert
  • Start date Start date
J

JLambert

I really need help with a formula to calculate the loan
amount based on the mortgage payment, interest rate and
term.
How would you calculate this in Access (any version)

mortgage payment
interest rate
loan term (in months or years)
= loan amount.
Basically I am trying to calculate the maximum loan a
borrower would qualify for if they could only afford a
certain payment amount monthly. This would be a huge help.
I am a mortgage underwriter and this is a critical need in
an access database I am designing. I am willing to pay a
small fee for this formula.
Thanks so much
 
Hi JLambert

Per your post, here is a formula to calculate the monthly payment based on the
interest, principal and time. Please feel free to modify to suit your needs.



Public Sub Calculate()

Dim answer As Currency, rate As Single
Dim months As Integer, amount As Single

If Val(InterestRate.Text) > 0 Then
If Val(LoanPeriod.Text) > 0 Then
If Val(LoanAmount.Text) > 0 Then
rate = Val(InterestRate.Text) / 12
months = Val(LoanPeriod.Text)
amount = Val(LoanAmount.Text)
answer = (amount * rate) / (1 - (1 + rate) ^ -months)
MonthlyPayment.Text = Format(answer, "Currency")
End If
End If
End If

End Sub


Best Regards

Maurice St-Cyr
Micro Systems Consultants, Inc.
 
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