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The
Mortgage
Analyzer
A Mortgage Software Tool
for
Qualification
Amortization
Refinancing
Mortgage Comparison
Mortgage Acceleration
Copyright 1992-93 Insight Software Solutions
THE MORTGAGE ANALYZER
TABLE OF CONTENTS
Program Overview . . . . . . . . . . . . . . . . . . . . . . 3
General Information . . . . . . . . . . . . . . . . . . . . . 4
Disclaimer . . . . . . . . . . . . . . . . . . . . . . . 4
About Insight Software Solutions . . . . . . . . . . . . 4
Contents of Distribution Disk . . . . . . . . . . . . . 4
Program Support . . . . . . . . . . . . . . . . . . . . 5
Getting Started With the Mortgage Analyzer . . . . . . . . . 6
System Requirements . . . . . . . . . . . . . . . . . . 6
Installation . . . . . . . . . . . . . . . . . . . . . . 6
Running The Mortgage Analyzer . . . . . . . . . . . . . 6
Screen Layout In The Mortgage Analyzer . . . . . . . . . . . 7
Common Screen Lines . . . . . . . . . . . . . . . . . . 7
Menu Screens . . . . . . . . . . . . . . . . . . . . . . 7
Data Input Screens . . . . . . . . . . . . . . . . . . . 7
Data View Screens . . . . . . . . . . . . . . . . . . . 7
Moving Around In The Mortgage Analyzer . . . . . . . . . . . 8
Menu System . . . . . . . . . . . . . . . . . . . . . . 8
Moving Field to Field . . . . . . . . . . . . . . . . . 8
Editing Within a Field . . . . . . . . . . . . . . . . . 9
Special Fixed Fields . . . . . . . . . . . . . . . . . . 9
Special Function Keys . . . . . . . . . . . . . . . . . 9
Loan Qualification . . . . . . . . . . . . . . . . . . . . 11
Qualification Inputs . . . . . . . . . . . . . . . . . 11
Qualification Function Keys . . . . . . . . . . . . . 12
Amortization Schedules . . . . . . . . . . . . . . . . . . 14
Amortization Inputs . . . . . . . . . . . . . . . . . 14
Amortization Function Keys . . . . . . . . . . . . . . 18
Print Schedule/Summary . . . . . . . . . . . . . . . . . . 20
Print Schedule/Summary Inputs . . . . . . . . . . . . 20
Print Schedule/Summary Function Keys . . . . . . . . . 21
Quick Calculator . . . . . . . . . . . . . . . . . . . . . 22
Four Function Calculator . . . . . . . . . . . . . . . 22
Solve For Missing Loan Value Calculator . . . . . . . 22
Points Calculator . . . . . . . . . . . . . . . . . . 22
Daily Interest Calculator . . . . . . . . . . . . . . 23
Loan Refinancing Calculator . . . . . . . . . . . . . 23
Page 1
THE MORTGAGE ANALYZER
On-line User Manual . . . . . . . . . . . . . . . . . . . . 24
Configuration . . . . . . . . . . . . . . . . . . . . . . . 25
Color Attribute Selection . . . . . . . . . . . . . . 25
Printer Selection . . . . . . . . . . . . . . . . . . 26
Schedule Printing Defaults . . . . . . . . . . . . . . 28
Miscellaneous Selection . . . . . . . . . . . . . . . 28
Filing System . . . . . . . . . . . . . . . . . . . . . . . 29
Answers To Common Problems . . . . . . . . . . . . . . . . 29
Page 2
THE MORTGAGE ANALYZER
Program Overview
The Mortgage Analyzer
The Mortgage Analyzer is a financial software program designed
with ease and flexibility in mind. It comes complete with a
variety of mortgage options for calculating and producing
mortgage amortization schedules, loan qualification, payoff time
for refinancing, and a group of mortgage related calculators.
Each area contains a variety of options to allow maximum
flexibility.
A variety of different mortgage types are supported such as Fixed
Rate, Adjustable Rate (ARM), Stepped Rate and Reset Rates. Early
payoffs of mortgages are supported with options like Recurring
Extra Payment, Balloon Payment, Variable Extra Payment, Double
Principal Payment, Growing Equity Payment, 52 Quarter Month
Payments per year, 26 Half Month Payments per Year (Bi-Weekly),
13 Monthly Payments per Year and Variable Payments. Tax Savings
Analysis on the mortgage is also available. Two complete
mortgages can be illustrated side by side with one or all items
of information varied. The Mortgage Analyzer accounts for all
expenses associated with Mortgages such as Points, Down Payment,
Daily Interest and Other Closing Costs. Complete schedules
and/or summaries are produced.
Calculators provided are: a Four Function Calculator, a Solve
For Missing Loan Value Calculator, a Points Calculator, a Daily
Interest Calculator, and a Refinance Payback Calculator.
Schedules and reports can be viewed on the screen or sent to a
printer. The Mortgage Analyzer is a menu driven program that also
contains an on-line manual and individual help for each input to
allow the user to easily navigate and understand the program.
Client names can be entered and included in the schedules; all
information can be saved and retrieved for multiple clients. The
Mortgage Analyzer provides several miscellaneous configuration
options for setting the program up to individual needs.
Page 3
THE MORTGAGE ANALYZER
General Information
Disclaimer
Insight Software Solutions makes no warranties or representations
of any kind, expressed or implied, including any implied
warranties of merchantability and fitness for any particular
purpose. Insight Software Solutions shall not be liable for any
errors contained herein or for any loss of profit or for
incidental or consequential damages or for any other damages.
About Insight Software Solutions
Insight Software Solutions is located in Bountiful, Utah. Please
send any inquiries, questions, suggestions or comments to the
following address:
INSIGHT SOFTWARE SOLUTIONS Tel: (801) 295-1890
P.O. BOX 354 Fax: (801) 299-1781
BOUNTIFUL, UT 84011-0354 BBS: (801) 963-8721
CIS: [71672,3464]
In Canada Contact:
US-CAN COMPUTER SERVICES INC. Tel: (403) 243-2393
BOX 34146, 1200 37TH ST. S.W. Fax: (403) 243-2396
CALGARY, ALBERTA T3C 3W2 Orders Only: 1-800-663-1537
Internet: BARRY.DUFRESNE@T8000.CUC.AB.CA
Contents of Distribution Disk
The Mortgage Analyzer diskette contains several files which are
needed for optimal performance. Their names and functions are
listed below.
MORT.EXE This is the main executable program.
MORT.CFG This contains program configuration information
such as screen color and printer selections. This
file is automatically created if not found.
MORT.PTR This contains printer definitions for a variety of
printers.
MORT.DOC This is the User Manual for The Mortgage Analyzer.
MORT.BAT This is a start up batch file for hard disks.
INSTALL.EXE This copies the program to a hard disk.
MORT.DAT This contains all saved client information.
Page 4
THE MORTGAGE ANALYZER
Program Support
Once registered, you will receive notification of major updates
and new products. Registration includes a 90 day support policy
where free updates will be provided for major problems. If a
problem cannot be resolved, then a refund of money will be made.
Insight Software Solutions offers support through the mail,
phone, fax, BBS and CIS. Please refer to the address and phone
numbers on the previous page. Our official support BBS is the
Rocky Mountain Software BBS (RMS). RMS can be reached 24 hours a
day at (801) 963-8721 where a conference dedicated to us can be
found. Our latest software products and versions, bulletins, news
and message system are located on RMS under conference #4. RMS
accepts modem baud rates of 1200 to 38400.
Insight Software Solutions is a member of
the Association of Shareware Professionals
(ASP). ASP wants to make sure that the
shareware principal works for you. If you
are unable to resolve a shareware related
problem with an ASP member by contacting
the member directly, ASP may be able to
help. The ASP Ombudsman can help you
resolve a dispute or problem with an ASP
member, but does not provide technical
support for members' products. Please write
to the ASP Ombudsman at 545 Grover Road,
Muskegon, MI 49442 or send a CompuServe
message via CompuServe Mail to ASP
Ombudsman 70007.3536.
Page 5
THE MORTGAGE ANALYZER
Getting Started With the Mortgage Analyzer
System Requirements
The Mortgage Analyzer is almost hardware independent. It will run
on most PC systems. The minimum requirements are as follows:
IBM type PC, XT, AT or PS/2 (or compatible)
512K Ram
Dos 2.0 or higher
any monochrome, color, or composite monitor
virtually any printer that supports condensed printing
Installation
The Mortgage Analyzer may be run from either a floppy or hard
disk. There are no special installation procedures to set up the
program. To load the program onto a hard disk, simply copy the
contents of the floppy diskette onto the hard disk. We recommend
that it be placed into its own subdirectory. An installation
program called INSTALL.EXE is provided to assist you in the
installation of the program on a hard drive. From the A> prompt,
simply type "INSTALL". This will prompt you through the
installation process.
Running The Mortgage Analyzer
To run The Mortgage Analyzer, simply type "MORT". This can be
done from the floppy disk or from a hard drive if you used the
provided installation procedure.
Page 6
THE MORTGAGE ANALYZER
Screen Layout In The Mortgage Analyzer
Common Screen Lines
There are several common screen lines found in The Mortgage
Analyzer. This includes the first, second, twenty-third, twenty-
fourth, and twenty-fifth lines. The first line contains the
current date and time as specified by DOS; it also contains the
copyright notice of INSIGHT SOFTWARE SOLUTIONS. The second line
is part of the box surrounding the user work area; it generally
contains a centered title describing the function of the current
screen. The twenty-third line is the status line--it shows the
status of the Help, Caps, Scroll Lock, Num Lock, and Insert keys.
The twenty-fourth line is the prompt line. It indicates what you
are supposed to do for a given input field. The twenty-fifth line
is the Function Keys Status line. It shows what Function Keys
(F1, F2, ...) are available for use and what their particular
functions are.
Menu Screens
Menu Screens appear as a list of numbered items. A movable
highlight bar indicates the current menu selection.
Data Input Screens
Data Input Screens contain fields or areas which can be changed.
These fields are generally preceded by a label indicating what
type of value is needed for the field.
Data View Screens
Data View Screens contain scrollable text for your viewing. Where
applicable, the text can be scrolled up and down and left and
right. Indications of the current location in the text are given
on the left side of the status line.
Page 7
THE MORTGAGE ANALYZER
Moving Around In The Mortgage Analyzer
Menu System
Menus appear as a list of numbered options. To select the option
desired, press the associated number. An alternate method of
selection is to use the arrow keys along with the <Enter> key.
One option is always highlighted and indicates the current
option. To change the current option, press the UP and DOWN arrow
keys to move the highlight bar. Once the desired option is
highlighted, press the <Enter> key to make the selection.
Moving Field to Field
Moving from one field to another field can be accomplished by
many different keystrokes. Listed below is a summary of the
keystrokes available and the functions they perform.
ENTER KEY: Moves the cursor to the next logical field.
RIGHT ARROW KEY: If the cursor is on the last editing character
of the field, this key moves the cursor to the right of the
current field.
LEFT ARROW KEY: If the cursor is on the first character of the
field, this key moves the cursor to the field to the left of the
current field.
DOWN ARROW KEY: Moves the cursor to the field below the current
field.
UP ARROW KEY: Moves the cursor to the field above the current
field.
PAGE DOWN KEY: Moves the cursor to the last field on the screen.
PAGE UP KEY: Moves the cursor to the first field on the screen.
TAB KEY: Moves the cursor to the next logical field.
TAB LEFT KEY: Moves the cursor to the previous logical field.
<CTRL> RIGHT ARROW KEY: Moves the cursor to the field to the
right of the current field.
<CTRL> LEFT ARROW KEY: Moves the cursor to the field to the left
of the current field.
Page 8
THE MORTGAGE ANALYZER
Editing Within a Field
Editing within a field can be accomplished with many different
keystrokes. Listed below is a summary of the keystrokes available
and the functions they perform.
RIGHT ARROW KEY: Moves the cursor one character to the right.
LEFT ARROW KEY: Moves the cursor one character to the left.
HOME KEY: Moves the cursor to the beginning of the field.
END KEY: Moves the cursor to the last character in the field.
BACKSPACE KEY: Moves the cursor to the left one character and
erases that character and shifts all trailing characters to the
left one space.
INSERT KEY: Toggles between insert mode and typeover mode.
DELETE KEY: Erases the character under the cursor and shifts all
trailing characters to the left one space.
ALPHA/NUMERIC KEY: Outputs the character where the cursor is and
moves the cursor over to the right, one space. If insert mode is
on, then all trailing characters are moved to the right, one
space.
Special Fixed Fields
There are certain fields which have fixed values. When the cursor
is moved to these fields, a window of choices appears. Each
choice has either an associated number or letter next to it.
Pressing the associated number or letter automatically makes the
desired selection and moves the choice into the input field.
Special Function Keys
There are a number of special function keys which perform a
variety of tasks. These keys are as follows.
<ESC> KEY: This key always takes you back one level from where
ever you are. For example: if you enter a screen from a menu,
then the <Esc> key will take you back to that menu.
<F1> KEY: This key is the help key. It toggles off and on
whether help messages should be shown with each input.
Page 9
THE MORTGAGE ANALYZER
<F2>..<F10> KEYS: These other function keys may or may not be
active and have different functions in different parts of the
program. Brief explanations of what these keys do are displayed
on the screen in the Function Key line. Detailed information is
given under the documentation of each particular screen as to
which Function Keys are active and what their function is.
Page 10
THE MORTGAGE ANALYZER
Loan Qualification
Qualification Inputs
There are 17 different Qualification input fields. They are as
follows:
TITLE: This field is a title line printed on the top of the
report. This uses a line on the report only if something is
entered; therefore, you can fit more of the report on a page if
the title is left blank.
PRODUCED FOR: This field is for personalizing the report. This
uses a line on the report only if something is entered;
therefore, you can fit more of the report on a page if this is
left blank. Please note that if you are saving and restoring
client information, that the filer system distinguishes
information by this name; therefore, you should specify a name
when saving clients.
PRODUCED BY: This is for personalizing the report. This uses a
line on the report only if something is entered; therefore, you
can fit more of the report on a page if this is left blank.
MORTGAGE TYPE: This is the type of loan you want to qualify for.
This can be a Conventional Loan with a fixed interest rate, a
Conventional ARM Loan whith an adjustible interest rate, an FHA
Loan (Federal Housing Administration) or a VA Loan (Veterans
Administration). It is more difficult to qualify for a
conventional loan. Lenders usually prefer ARMs making it easier
to qualify for them. FHA and VA loans have less stringent
qualification ratios.
PURCHASE PRICE: The price of the home you want to buy. If you
are refinancing, then enter the approximate value.
DESIRED MORTGAGE: The amount you want to finance--it is the
purchase price minus any down payment.
YEARS IN MORTGAGE: The number of years in the mortgage
(typically 15 or 30 years).
INTEREST RATE: The interest rate on the mortgage. If you plan on
using an ARM (Adjustable Rate Mortgage) or a Stepped Rate
Mortgage or Buydowns, then enter the initial interest rate.
PROPERTY TAXES: Your estimated annual real estate taxes. Be sure
to enter the annual amount--the computer will automatically
Page 11
THE MORTGAGE ANALYZER
figure out the monthly amount.
HOME INSURANCE: Your estimated annual homeowners insurance
amount. Be sure to enter the annual amount--the computer will
automatically figure out the monthly amount.
MORTGAGE INSURANCE: This is your estimated Mortgage Insurance.
You may press the F2 Estimate Mortgage Ins Key to have it
estimated for you. Typically, the Mortgage Insurance is based on
your Loan-to-Value Ratio. The Loan-to-Value Ratio is the amount
of the loan divided by the value of the house. For example:
Mortgage = 90,000 and Purchase Price = 100,000 then Loan-to-Value
= 90% or 90,000 / 100,000. Typically, if the Loan-to-Value ratio
is 80% or less, then no Mortgage Insurance is needed. At 90%, the
Mortgage Insurance is usually around 0.30% of the loan amount.
Above 90%, it is usually around 0.44%.
ASSOCIATION DUES: This is any condominium or homeowner
association dues you may have. This amount only applies to
condominiums or homes which have shared common areas.
GROSS MONTHLY INCOME: This is the total of all your income. This
amount should include salaries, bonuses, commissions, interest,
dividends, etc. This is your monthly income. If you know your
gross annual income, then divide it by twelve. Last year's income
tax return may be helpful.
CAR PAYMENTS: This is your monthly car payment if you have one.
If you have less than ten car payments left, then this is usually
not required.
ALIMONY/CHILD SUPPORT: This is any alimony or child support
payments you make each month.
CREDIT CARD PAYMENTS: This amount is the total of all the
minimum payments for your credit card accounts.
OTHER LOAN PAYMENTS: This is the total monthly payment of all
other loans you may have. This may include other mortgages,
student loans, personal loans, etc.
Qualification Function Keys
F4 KEY (VIEW/PRINT): This function produces a Qualification
Analysis Report and displays it in a window on the screen. Once
in the window, the report can be scrolled within the window
vertically and horizontally by use of the arrow, PgUp, PgDn, Home
and End keys; it can also be sent to the printer by use of the F2
Page 12
THE MORTGAGE ANALYZER
Key (Print). The viewed report is identical to what the printed
report will look like with the exception that the printed report
may use condensed and bold print.
F9 KEY (QUICK CALC): This simply pops up the quick calculator.
See the documentation about the quick calculator for usage.
Page 13
THE MORTGAGE ANALYZER
Amortization Schedules
Amortization Inputs
There are up to 16 different Amortization Inputs depending on the
Amortization Illustration chosen. They are as follows:
TITLE: See "title" under Qualification Inputs.
PRODUCED FOR: See "produced for" name under Qualification
Inputs.
PRODUCED BY: See "produced by" under Qualification Inputs.
SPECIAL OPTIONS: This feature consists of eleven choices which
are as follows: None, Recurring Extra Payment, Variable Extra
Payment, Double Principal Payment, Variable Payment, 13 Monthly
Payments Per Year, 26 Half Month Payments Per Year, 52 Quarter
Month Payments Per Year, Growing Equity Payments, Balloon Payment
and Mortgage Comparison.
None is for producing a basic amortization schedule.
Recurring Extra Payment option adds the ability to specify a
constant extra amount payable towards the principal each month.
Variable Extra Payment option adds the ability to specify a
different amount each month of extra money to be paid towards
principal.
Double Principal Payment option displays what doubling the
principal payment each month does to the loan (it cuts the loan
period almost in half).
Variable Payment option adds the flexibility to specify whatever
payments you would like for every month of the mortgage.
13 Monthly Payments Per Year option allows you to specify a month
where two normal payments will be made (typically reduces a 30
year mortgage to 21 years).
26 Half Month Payments Per Year option allows you to specify two
months where three half payments will be made (typically
reduces a 30 year mortgage to 21 years).
52 Quarter Payments Per Year option allows you to specify four
months where five quarter payments will be made (typically
reduces a 30 year mortgage to 21 years)
Growing Equity Payments Option allows you to specify a percentage
that the mortgage payment is to go up each year. The extra
money goes towards the principal and accelerates the loan.
Balloon Payment option adds the ability to show the loan for a
short period of time and then what one final payment would be
to pay off the loan.
Mortgage Comparison Option allows two complete and separate
mortgages to be compared side by side. Typically, this would be
Page 14
THE MORTGAGE ANALYZER
used to compare two similar loans to see how a slight change
impacts the loan.
COMPARISON: A comparison will produce a pair of schedules side
by side. The first schedule will be the standard mortgage
schedule. The second schedule will illustrate the results of the
special option. For example: if using the Recurring Extra Payment
option, the second schedule would illustrate the effect of paying
a constant extra payment towards the loan.
TAX ANALYSIS: This allows you to have a tax savings analysis
done on your mortgage. This is based on using Itemized Deductions
in the current U.S. tax code. Additional columns appear on the
schedule indicating the potential tax savings. If a special
option comparison is selected, then the tax savings will be based
on the special option side of the comparison. Due to column
limitations, the tax analysis is unavailable for the special
option of Mortgage Comparison.
TAX BRACKET: This field only appears if Tax Analysis has been
selected. This is the tax bracket of the person who is obtaining
the mortgage. This will illustrate the portion of the payments
that can be returned or saved through declaring the mortgage as a
deduction on the individual's taxes.
PURCHASE PRICE: The price of the home you want to buy.
DOWN PAYMENT: The down payment you plan to make on the loan.
This does not include any points, closing costs, etc.
MONTHS IN MORTGAGE: The number of months that payments will be
made. This is typically 360 (30 years) or 180 (15 years).
INTEREST TYPE: This provides for four common mortgage interest
rate methods. They are FIXED, STEPPED, ADJUSTABLE and RESET. A
fixed rate uses the same interest rate throughout the entire
length of the mortgage. A stepped rate mortgage typically starts
the interest rate out below the prevailing rates and over a
period of a few years, rises each year until it peaks and levels
off. An adjustable rate mortgage (ARM) allows the interest rate
to be adjusted each and every month. The rate typically goes up
or down, depending on the prevailing mortgage rates during a
given month. A reset rate allows two different interest rates on
the mortgage; the first is a lower rate and lasts for usually 5
or 7 years, then the second rate takes over and remains until the
completion of the loan.
INTEREST RATE: This is the interest of the loan. For STEPPED,
Page 15
THE MORTGAGE ANALYZER
ADJUSTABLE and RESET types of rates, you may press the F2
INTEREST key to enter additional rates.
CLOSING DATE: This is the date that you close on the house.
Closing is the process of "signing the papers". Daily interest is
calculated and applied to the closing costs based on the
difference in days between the closing date and the origination
date of the loan. The closing date is the date that the papers
are signed and the origination date is the date that the loan
actually starts.
FIRST PAYMENT DATE: This is the date that the first payment is
due. It is the date upon which the loan schedule is created. All
payments are based upon this date--it should not be less than a
month after the closing date or more than 2 months after the
closing date.
POINTS: The points should include those for the Loan Origination
Fee and any Discount Points. 1 POINT is equal to 1 percent of
your loan. For example: 2 points on a $100,000 loan would be
$2,000. Most lenders charge a Loan Origination Fee in points. To
receive a lower interest rate on your mortgage, you can pay
points to the lender. It is the concept of buying down your
interest rate. You pay more money up front so you pay less all
the way along. If you do not plan to stay in your house for a
long period of time, then it is generally not wise to buy down
your interest rate very far.
PROPERTY TAX: This is your annual real estate tax assessment.
Assessments are usually between 0.75% to 2.0% of a home's value.
HOMEOWNERS INS: This is your yearly homeowners insurance
premium.
CLOSING COSTS: This is the amount of money to be paid to close
on your house. This amount should include such items as:
Appraisal, Credit Report, Inspection Fee, Documentation Fee,
Attorney's Fees, Title Insurance, Transfer Tax, Recording Tax,
Survey and Termite Inspection. DO NOT include the following: Loan
Origination Fee, Discount Points, Odd Days' Interest, Mortgage
Insurance, Homeowner's Insurance and Real Estate Taxes. These are
all accounted for elsewhere.
MRTGE DEFAULT INS: This is the Mortgage Default Insurance. It
insures the lender against default and foreclosure. This is
typically charged on FHA loans as a front end premium. Most
conventional loans require this insurance if the loan-to-value
ratio is greater than 80%. Annual renewal insurance is a premium
Page 16
THE MORTGAGE ANALYZER
which is added each year based on a percentage of the outstanding
loan; this is typically between 0.4% and 0.8%. Many times this
premium will be dropped once the loan value ratio drops to around
70 to 80 percent.
PREMIUM/PERCENT: This field appears if a Mortgage Default
Insurance is selected. If the "Front End Premium" is chosen, then
this is the premium which is paid up front to cover the Mortgage
Default Insurance. If the "Annual Renewal Insurance" is chosen,
then this is a yearly premium based on a percentage of the
remaining balance of the loan; this is usually between 0.4% and
0.8%.
PERCENT STOP: This field appears only if the "Annual Renewal
Insurance" has been selected as the type of Mortgage Default
Insurance--it is the loan value ratio when the mortgage default
insurance is to drop off. This is usually around 70% to 80%.
POINTS TAX DEDUCT: This determines when and if any tax deduction
is allowed on the points paid. The points are typically fully
deductible the first year on a first home. The points are
typically deductible over the life of the loan on a second home.
It is unusual for points not to be deductible.
EXTRA PAYMENT: This field appears only with the special option
of Recurring Extra Payment or Variable Extra Payment. This is an
additional amount of money which is to be applied to the
principal of the loan each month--it accelerates the mortgage and
pays it off early. For Variable Extra Payments, the F2 PAYMENTS
Key is available to add different payments.
VARIABLE AMOUNT: This field appears only with the special option
of Variable Payment. The monthly payment is normally determined
by amortizing the original principal at the given interest rate
for a given duration. The Variable Payment field, however, lets
you override the monthly payment amount. You can specify whatever
amount you want to pay towards the loan. This option allows total
flexibility in the amounts you wish to pay towards your loan. A
notation to the right of the periodic payment will indicate
either flat payments or variable payments. "Flat Payments" means
that the monthly payment shown is for every single month during
the term of the mortgage. "Variable Payments" means that it has
been specified at some point to use a different monthly payment.
Variable payments are made possible through the F2 PAYMENTS
function key.
MNTH UNTIL BALLOON: This field appears only with the special
option of Balloon Payment. It allows the number of months to be
Page 17
THE MORTGAGE ANALYZER
specified before the balloon payment is to be made.
EXTRA PAYMENT MNTH: This field appears only with the special
option of 13 Payments per year. When this option is selected,
there are 13 payments made a year. One month of the year will
have an extra payment made. This field is to specify the month
that will have the extra payment.
3 PAYMENT MONTH: This field appears only with the special option
of 26 Bi-Weekly Payments. When this option is selected, there are
26 half-payments made a year. Two months of the year will have 3
payments made and the rest will have 2 payments made. This field
is to specify one of the months that will have an extra payment
(3 payments). The other month to have 3 payments is computed
automatically at 6 months from the month chosen here.
5 PAYMENT MONTH: This field appears only with the special option
of 52 Weekly Payments. When this option is selected, there are 52
quarter-month payments made in a year. Four months of the year
will have 5 payments made and the rest will have 4 payments made.
This field is to specify one of the months that will have an
extra payment (5 payments). The other months to have 5 payments
are computed automatically at 3 month intervals from the month
chosen here.
PAYMT GROWTH RATE: This field appears only with the special
option of Growing Equity Payments. The Payment Growth Rate is the
percentage at which to increase the monthly payment each year. By
increasing the payments each year, your payment can go up with
increases in salary, etc; the extra money goes towards principal
and pays off the loan early. A 4% yearly increase will pay a
typical 30 year loan off in 15 years.
Amortization Function Keys
F2 KEY (PAYMENTS): This function key is available only if the
special option of Variable Extra Payment or Variable Payments has
been selected and the cursor is on the Extra Payment or Variable
Payment field. This pops up another screen which allows up to 100
payment inputs. Each payment is numbered. New function keys
appear, indicating how to change payments above 100. There will
be enough inputs and function keys to cover the duration
specified for the mortgage. By this method, you may enter in
different payments for the entire span of the mortgage. The new
F2 key (DUP) will duplicate the previous value and advance the
cursor--this allows easy duplication of payments without having
to rekey them.
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F2 KEY (INTEREST): This function key is available only if the
Interest Type selected is Stepped, Adjustable or Reset and the
cursor is in the Interest Rate field. For the Stepped Rate, this
pops up another screen which allows you to enter an interest rate
for each year in the mortgage. For the Adjustable Rate, this pops
up another screen which allows up to 120 interest rate inputs.
Each interest rate is numbered. By this method, you may enter
different interest rates for each month of the mortgage. The new
F2 key (DUP) will duplicate the previous value and advance the
cursor--this allows easy duplication of interest rates without
having to rekey them. For the Reset Rate, this pops up another
screen which allows you to enter two interest rates and the year
when the second rate takes over.
F4 KEY (VIEW/PRINT): This brings up the Print Schedule/Summary
Menu. This menu allows for several options on how your schedule
is to appear. Please refer to the section on this menu for more
information.
F5 KEY (SUMMARY): This function calculates the mortgage and
produces a summary page of all mortgage information selected.
F9 KEY (QUICK CALC): This simply pops up the quick calculator.
See the documentation about the quick calculator for usage.
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Print Schedule/Summary
Print Schedule/Summary Inputs
The Print Schedule/Summary screen allows for a variety of options
which affect the way the schedule and summary are to be printed.
The fields are listed below with their respective functions.
PRINT DESTINATION: This function allows you to specify where the
schedule is to be sent--it can be sent to the screen or the
printer. The schedule appears on the screen as it will appear
when it is printed. When viewing the schedule or summary on the
screen, function keys are available to send the schedule or
summary directly to the printer without having to come back and
change the print destination to the printer.
SCHEDULE DETAIL: This specifies the schedule detail--it allows
you to show each and every month or to view yearly results.
YEARLY BASIS: This function allows you to select how the
cumulative totals of the schedule are to be displayed. They can
be displayed on either a calendar or fiscal year basis. A fiscal
year basis displays the totals at exact yearly intervals. For
example, a loan paid monthly which starts in March would show
totals each March. If a calendar basis is chosen, totals would be
shown at the end of each calendar year. For example, a loan which
starts in April would show totals each December or end of the
year.
CUMULATIVE VALUES: This allows you to show each line of values
as cumulative totals from all previous years or months in the
schedule.
CUMULATIVE TOTALS: This field only applies if you are using a
monthly schedule and you are not using cumulative values.
Selecting "Yes" here will show the totals after each year as a
cumulative total. Selecting "No" will show the totals for each
individual year.
DOLLAR VALUES: This function specifies the use of dollar values
in the schedule. If "no" is selected, cents appear in the
figures. You would normally use dollar values if you prefer
working with whole numbers or if you are working with a very
large mortgage where the numbers start to merge when showing the
cents.
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THE MORTGAGE ANALYZER
DATE FORMAT: This specifies the format in which the dates will
appear in a report. For example, a date of October 23, 1992 would
appear as follows:
MM/DD/YY = 10/23/92 DD/MM/YYYY = 23/10/1992
MM-DD-YY = 10-23-92 DD-MM-YYYY = 23-10-1992
MM.DD.YY = 10.23.92 DD.MM.YYYY = 23.10.1992
MM/DD/YYYY = 10/23/1992 YY-MM-DD = 92-10-23
MM-DD-YYYY = 10-23-1992 YY.MM.DD = 92.10.23
MM.DD.YYYY = 10.23.1992 YYYY-MM-DD = 1992-10-23
DD/MM/YY = 23/10/92 YYYY.MM.DD = 1992.10.23
DD-MM-YY = 23-10-92 MMM YYYY = Oct 1992
DD.MM.YY = 23.10.92 DD MMM YY = 23 Oct 92
PAGES TO PRINT: This function allows you to specify what part of
the report you would like to view or print. You may choose either
the schedule, summary or both. The summary can be viewed directly
form the main Amortization Input screen by use of the F5 KEY.
Print Schedule/Summary Function Keys
F4 KEY (START PRINT): This function starts the actual printing
of the schedule or summary. Based on the print destination, it
either sends the schedule to the screen or the printer.
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THE MORTGAGE ANALYZER
Quick Calculator
The Quick Calculator can be selected as option three from the
main menu or by the F9 (QCALC) Key from one of the input screens.
This option is used to calculate a variety of mortgage
calculations and for simple math functions. The Quick Calculator
contains its own menu. You can select a loan value to solve for,
a four function calculator or a specific mortgage related
calculator.
Four Function Calculator
The four function calculator simply allows you to type in numbers
and add, subtract, multiply, and divide them. The result is
displayed and can then be used as one of the next numbers in a
calculation.
Solve For Missing Loan Value Calculator
This feature consists of four "solve for values". By selecting
one of these values to solve for, inputs appear which you must
enter to solve for the selected value. These values and inputs
are listed below.
PRINCIPAL: Allows you to solve for the principal amount of a
loan when given the monthly payment, duration and interest rate.
PAYMENT: Allows you to solve for the monthly payment of a loan
when given the principal amount, duration and interest rate.
DURATION: Allows you to solve for the duration of a loan when
given the principal amount, monthly payment and interest rate.
INTEREST RATE: Allows you to solve for the interest rate of a
loan when given the principal amount, monthly payment and
duration.
Points Calculator
The points calculator simply calculates the amount of money that
the points will cost based on the loan amount. The fields are
listed below. Pressing the F2 KEY will calculate the value of the
points.
PRINCIPAL: The loan amount.
POINTS: The number of points that are to be applied to the loan
amount.
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THE MORTGAGE ANALYZER
Daily Interest Calculator
The daily interest calculator simply calculates the amount of
daily interest to be paid on a given loan. The fields are listed
below. Pressing the F2 KEY will calculate the amount of daily
interest.
LOAN AMOUNT: The amount of the loan.
INTEREST RATE: The interest rate of the loan.
DAYS: The number of days for which to calculate interest on the
loan.
Loan Refinancing Calculator
The loan refinancing calculator estimates the amount of money to
be saved in the first year of the refinanced mortgage; it also
determines the number of months that it will take before the
money saved pays back the cost to refinance the mortgage. The
fields are listed below. Pressing the F2 KEY will calculate the
described values.
INITIAL MORTGAGE: The loan amount of your current mortgage.
TERM OF MORTGAGE: The original number of years scheduled to pay
off your current mortgage.
AGE OF MORTGAGE: The number of months that you have already paid
on your current mortgage.
OLD INTEREST RATE: The interest rate on your current mortgage.
REFINANCE COSTS: The cost to refinance your mortgage.
NEW INTEREST RATE: The new interest rate that you will obtain on
your refinanced mortgage.
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THE MORTGAGE ANALYZER
On-line User Manual
The Mortgage Analyzer provides the capability to review this
manual on-line. The manual review is accessed from option number
six from the main menu. Once option six is selected, the user
manual is loaded into memory and displayed on the screen; you can
scroll through at will by use of the arrow keys and PgUp and PgDn
keys. The manual can be printed by your printer by pressing the
F2 key. The file "MORT.DOC" contains the user manual--it is in
standard ASCII format and can be read in by virtually any editor
or word processor. It can be printed by simply using the Dos
Print command. (PRINT MORT.DOC)
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THE MORTGAGE ANALYZER
Configuration
The configuration section allows you to configure the program to
work with the printer of your choice, to work with the colors of
your choice, to select default schedule printing options and to
set miscellaneous options. Option number six from the main menu
brings up this menu. The menu contains four options. The first is
to allow you to change the colors used in the program. The second
is to select a printer and set up specific printer options. The
third is for selecting Schedule Printing Defaults options. The
fourth is for setting up miscellaneous functions and data in the
program.
Color Attribute Selection
Selecting the color attribute option brings up a screen with a
list of all the different areas where different colors are used
and a displayed list of color to choose from. These are listed
below with a brief description of what areas are effected by the
specified color attribute names. Listed below the attribute names
is a list of active Function Keys which can help in setting up
your colors.
SCREEN ATTRIBUTE: The color that the screen uses everywhere
except for the following special areas. This is the most common
color.
FIELD ATTRIBUTE: The color that input fields appear in while
they are not being edited. This distinguishes them from normal
text on the screen.
EDIT ATTRIBUTE: The color of an input field while it is being
edited. This helps identify where you are at on the screen.
FKEY ATTRIBUTE: The color that the FKey line appears in at the
bottom of the screen.
ERROR ATTRIBUTE: The color that error messages pop up in.
MENU NORMAL ATTRIBUTE: The color that pop up scrollable
selection windows appear in.
MENU HIGHLIGHT ATTRIBUTE: The color that the highlighted
selection of menus and pop up scrollable selections appear in.
STATUS ATTRIBUTE: The color that the screen title appears in.
Also the color of the Caps Lock, Num Lock, Insert, Scroll, and
Help status.
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THE MORTGAGE ANALYZER
F2 KEY (SHOW COLOR): Displays the current color specified in the
field where the cursor is located. The color is displayed in a
window in the bottom right corner.
F3 KEY (OTHER COLORS): There are 256 colors available, but only
128 of them are displayed on the screen at one time. The F3 Key
toggles between displaying the different sets of 128 colors.
F4 KEY (DEFAULT MONO): Automatically sets all the fields to the
default colors selected by Insight Software Solutions for a
monochrome monitor.
F5 KEY (DEFAULT COLOR): Automatically sets all the fields to the
default colors selected by Insight Software Solutions for a color
monitor.
Printer Selection
The printer selection brings up a menu which has several options.
The options are to Select A Printer, Delete A Printer, Add A
Printer, Modify A Printer, and to Alter Line Spacing and Margins.
Below the menu items is a list of the current printer
specifications.
Selecting a printer brings up a list of printers. Simply use the
arrow keys to highlight your printer type and press the <Enter>
key. If your printer is not listed, you may try several of the
printers listed to see if your printer is compatible with one of
those listed. If it is not, then you may enter your own printer
definition for your exact printer.
Deleting a printer definition should not be used very often.
Simply use the arrow keys to select the printer definition to be
deleted and press the <Enter> Key. You will be prompted to verify
that you really want to delete the printer definition.
Adding a printer definition can be difficult if you are not
familiar with printer control sequences. Selecting this option
brings up a printer input screen; it asks for a printer name
along with many different printer control sequences. The printer
control sequences need to be entered in hexadecimal notation. If
you are unable of performing this task, Insight Software
Solutions is willing to set up your printer definition for free
if you are a registered user and you send Insight Software
Solutions a copy of the control codes out of your printer manual.
Modifying a printer definition brings up the same screen as
Adding A Printer definition, you may then change any of the
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THE MORTGAGE ANALYZER
fields desired. If the printer name is changed, the changed
definition will not be overwritten but will appear as a new
printer definition--this allows you to create a similar printer
definition without rekeying all the control sequences back in.
The altering line spacing and margins allows you to specify seven
different items. These items are: the top margin, left margin,
line spacing, page pausing, IBM graphics characters, Printer Port
and printer error bypass. The illustration is automatically
centered on the page left to right starting at line one. If you
desire a top margin it can be specified. (Note: Laser printers
should not normally specify a top margin.) If a larger left
margin is desired (for punched holes, etc) then a larger left
margin can be specified. The line spacing can be sent to either 6
lines per inch or 8 lines per page if more information per page
is desired. "Pause After Each Page" allows you to insert new
pieces of paper if your printer does not have continuous form
paper. Selecting the IBM graphics characters, tells the program
to build the illustration using graphic characters for dashes and
double dashes. Using the graphic characters produces a solid
line. These characters are used under headings, etc. Some
printers do not support these characters. If you select this
option and you get strange results on your printout, then you
will need to turn this option off. You may select to have your
printed output go to either LPT1, LPT2 or LPT3; this is helpful
if you have more than one printer connected to your computer. You
may select to have the program bypass all printer error checking.
There are rare cases where the printer error checking can cause
an error message to display even though there really is not an
error. Certain hardware like an automatic printer switching box
or some software spoolers may cause this. You may turn the error
checking off by selecting "Y" here to avoid this rare problem.
CAUTION: If your system works with the error checking on, then DO
NOT turn it off. If there is a real printer problem, the computer
could get hung and require a reboot.
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THE MORTGAGE ANALYZER
Schedule Printing Defaults
The Schedule Printing Defaults section brings up a screen
identical to the Print Schedule/Summary screen. In this section,
you choose the values you want to use most frequently in the
Print Schedule/Summary screen. The values chosen here in the
Schedule Printing Defaults will be those which appear
automatically in the Print Schedule/Summary screen when the
program is initially run. Please refer to the section on Print
Schedule/Summary for more specific detail on the fields.
Miscellaneous Selection
The Miscellaneous Configuration section allows you to adjust the
program and the reports and schedules to your preference. There
are seven inputs--the first three are for permanent illustration
header lines. Typically these lines would be set to your company
name and address, but can be set to anything. These lines appear
at the top of every illustration before anything else and do not
need to be retyped each time the program is run--they are saved
and retrieved each time it is used. By selecting the "Turn Sound
Off" selection, most sound effects will not occur. If you do not
wish to see the startup logo each time you run The Mortgage
Analyzer, then you may select "Bypass Logo at Start". By
selecting "Erase Numeric Fields", the program will clear a
numeric field of its current value when you type a digit as the
first thing you do when editing the field. "Erase Alpha Fields"
is identical to the "Erase Numeric Field", but applies to fields
that allow normal alphabetic text.
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Filing System
The Mortgage Analyzer provides the capability to save and
retrieve all information that has been entered in the
Qualification and Mortgage Schedule Input Screens. To invoke this
option, select option 4 from the main menu--this will bring up
another menu. The menu allows you to load saved client
information or save out the existing client information you are
working on. Multiple clients are distinguished by the name
specified as the client. When saving client information, if a
client by that name already exists, you will be prompted to
either not save or to overwrite the existing client information.
Retrieving client information is simple. A list of all saved
client names will appear. You can scroll through the client names
and by pressing the <Enter> Key, load in the highlighted case.
Saved client information can be marked for deletion by pressing
the F2 (MARK A CASE) Key. This simply puts a little box to the
left of the client name. You can mark as many as desired for
deletion. No client information is deleted until the F3 (DELETE
MARKED CASES) key is pressed. Pressing the F3 (DELETE MARKED
CASES) Key still gives you one more chance to back out before
deletion begins.
Answers To Common Problems
Problem: The reports do not print out correctly on my printer.
Solution: Make sure that the correct printer driver has been
selected. To select a printer driver, you enter the
configuration menu. Select "Printer Selection", then select
"Select A New Printer Default". Choose the appropriate printer.
If your printer is not listed, then it is more than likely
compatible with another printer listed. Almost all printers fall
under one of the following printers: Epson, IBM Graphics Printer
or HP LaserJet II.
Problem: Every time I try to print, the program tells me that my
printer is either off-line or out of paper.
Solution: The program attempts to make sure the printer is okay.
Some networks, spoolers and hardware fool the program into
thinking that the printer is not okay. There is an option in the
program to bypass this printer error checking. You must turn it
on. To turn it on, do the following: Enter the configuration
menu, Select "Printer Selection", then select "Alter Line
Spacing, Margins & Misc". This brings up an entry screen.
Change the "Bypass Printer Check" to a "Y".
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