Project with different functions to calculate: -The minimun payment of a mortgage -The loan lenght of a mortgage -Calculate the new loan lenght adding an extra payment -The amortization table of the payoffs -Calculate simple interest and amortiz
npm install mortgage
import { getMonthlyPayment } from 'mortgate';
const monthlyPayment = getMonthlyPayment(150e3, 7.5e-2, 30*12);
`
-The loan lenght of a mortgage
Example parameters:
Loan = 150000.00
Interest Rate: 7.5%, //format like 0.075
Mountly Payment: 2000.00
`
import { getLoanLength } from 'mortgate';
const newLoanLenght = getLoanLength(150e3, 7.5e-2, 2000);
`
-The amortization table of the payoffs
Example parameters:
Loan = 200000.00
Interest Rate: 7.5% //format like 0.075
Loan Length: 30 years //format in months
Extra Payment = 1000
Initial Date: number = Date.now() //format milliseconds
Times Interest Compounds = 12 //default 12
`
import { getMortgagePayoff } from 'mortgate';
const payoffData = getMortgagePayoff(2e5, 7.5e-2, 30 * 12, 1000);
//payoffData
{
mountlyPayment: 1398.429017105553,
extraPrincipal: 0,
interestRate: 0.075,
defaultTotalInterest: 303434.44615799905,
totalInterestWithSavings: 303434.4461580063,
loan: 200000,
defaultLoanLength: 360,
loanLength: 360,
startDate: 2020-09-28T08:44:15.873Z,
endDate: 2050-08-28T08:44:15.873Z,
defaultEndDate: 2050-08-28T08:44:15.873Z,
data: [{
date: 2050-09-28T08:44:15.873Z,
interest: 1250,
principal: 148.42901710555293,
principalExtra: 148.42901710555293,
balance: 199851.57098289445,
},
{
date: 2050-09-28T08:44:15.873Z,
interest: 1249.0723186430903,
principal: 149.35669846246265,
principalExtra: 149.35669846246265,
balance: 199702.214284432,
},
...
]
}
`
-Calculate simple interest and amortizing interest
Total interest for a loan paying only the minimum monthly payment
Use this function when you are going to calculate the lifetime interest using the minimun mountly payment.
Loan = 200000.00
Interest Rate: 7.5% //format like 0.075
Loan Length: 30 years //format in months
`
import { getTotalInterest } from 'mortgate';
const lifetimeInterest = getTotalInterest(2e5, 7.5e-2, 30 * 12);
`
Total interest for a loan paying a custom monthly payment
Note: It could vary in a few decimal places far from the function getTotalInterest, by the method of recalculation of interest.
Example of variation
Using getTotalInterest: 303434.44615799905
Using getTotalAmortizingInterest: 303434.4461580063
Use getTotalAmortizingInterest if there is an Extra Payment Amount for the monthly payment
Example
Loan = 200000.00
Interest Rate: 7.5% //format like 0.075
Mountly Payment: 2000
`
import { getTotalAmortizingInterest } from 'mortgate';
const lifetimeInterest = getTotalAmortizingInterest(2e5, 7.5e-2, 2000);
``