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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] This is an easy task... Posted by Ward-CA- on July 19, 2003 at 10:35 PM In Reply to: WARD: Bought the Jr., how do I calculate what's owed? posted by a Polish guy from L.A. on July 19, 2003 at 10:16 AM : Ward, : I successfully purchased a 2nd TD in Oct. '02. The : balance on it was $19,000. I bought it for $6,000. : This was my first deal. : Now the house is in escrow. (Booya) : Is there a "basic" calculation method that you use to : come up with a Total Due on this? : Escrow is asking for a payoff. : Thanks in advance for any help. =-=-=-=-=-=-=-= I’m sure when you bought the 2nd you also got the promissory note. It contains almost all the information you need to come up with your payoff demand. Things like the interest rate, the late charge, any prepayment penalty, etc. And I’m sure the note seller told you the last time a payment was made too, or perhaps you’ve been receiving payments and know that too. Have you figured the amortization of the note down to the present to get the current principal payoff? You need a special calculator like the Hewlett-Packard 12-C. If you don’t perhaps you can find a financial calculator program on the web. If you’re in a time jam give me a call and we’ll figure your payoff demand over the phone. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I successfully purchased a 2nd TD in Oct. '02. The : : balance on it was $19,000. I bought it for $6,000. : : This was my first deal. : : Now the house is in escrow. (Booya) : : Is there a "basic" calculation method that you use to : : come up with a Total Due on this? : : Escrow is asking for a payoff. : : Thanks in advance for any help. : =-=-=-=-=-=-=-= : I’m sure when you bought the 2nd you also got the promissory note. It contains almost all the information you need to come up with your payoff demand. Things like the interest rate, the late charge, any prepayment penalty, etc. : And I’m sure the note seller told you the last time a payment was made too, or perhaps you’ve been receiving payments and know that too. : Have you figured the amortization of the note down to the present to get the current principal payoff? You need a special calculator like the Hewlett-Packard 12-C. If you don’t perhaps you can find a financial calculator program on the web. : If you’re in a time jam give me a call and we’ll figure your payoff demand over the phone. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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