Amortization Chart Feature

  • Resolved Rohit Katre

    (@rohitatwp)


    4 years, 6 months ago

    Dear fellow brethren,

    I have, with the help of CFF Support, created an Amortization Chart on my site https://www.ppix.tv/calc. Kindly do take a look at the same.

    The Chart calculates the EMI and the payment schedule to my full satisfaction. However, it does not have any feature with which one can add a very important functionality to it. I wish to add a Prepayment Field which will reflect on the calculation.

    If someone is aware that some of his other investment is to mature in 4-5 years down the line and that he shall receive an X amount therefrom then he may partly want to prepay from that matured amount. This feature is presently not available. And mind you, when creating this Formulae the Form also needs to ask the user a question and act accordingly in preparing the Chart. The question being: Would you want to prepay and reduce your EMI Amount? or do you want to reduce your Loan Tenure?

    I am sorry neither am I a Coder nor a Maths wizard to be able to incorporate this feature. Can anybody here help?

    Thanks
    Rohit @ +919820048175

    • This topic was modified 4 years, 6 months ago by Rohit Katre.

    The page I need help with: [log in to see the link]

Viewing 3 replies - 1 through 3 (of 3 total)
  • Plugin Author codepeople

    (@codepeople)

    Hello @rohitatwp

    You simply should to insert a currency field in the form (to describe the process I’ll assume its name is: fieldname123, as the fields names are generated dynamically, you should to use the name of the field in your form), and edit the equation associated to the calculated field as follows:

    Edit the piece of code:

    
loan_amount = fieldname1,

    as follows:

    
loan_amount = fieldname1-fieldname123,

    and the piece of code:

    
payment = IF(roundOpt,PREC(-PMT(rate*100,nper,fieldname1,0,pmtType),2),-PMT(rate*100,nper,fieldname1,0,pmtType));

    as follows:

    
payment = IF(roundOpt,PREC(-PMT(rate*100,nper,loan_amount,0,pmtType),2),-PMT(rate*100,nper,loan_amount,0,pmtType));

    and that’s all.
    Best regards.

    Thread Starter Rohit Katre

    (@rohitatwp)

    Thanks CodePeople gentleman for the above. But I suspect you have not understood the concept at all since you are only asking me to insert 1 Field (for Prepayment) without factoring the Date of this Prepayment.
    Understand the scenario again.
    1. I am in Jan 2020 seeking a Loan and wish to calculate my EMI and need to know how it pans out over the tenure of the Loan (the Amortization Chart).
    2. But I also know that in Oct 2024 I have large sum getting matured from another investment. I will most surely want to Prepay (partly or fully or whatever much) of the Loan.

    Which means my calculation will go as present till Oct 2024 and will change from thereon by way of subtracting the amount prepaid.

    And this prepayment can be effected in 2 ways which the user should be allowed to decide on (means a 3rd choice Filed will also be needed). Firstly, the EMI Amount reduces or Secondly the EMI Amount remains the same but the Tenure of the Loan reduces.

    In your above suggested answer you are only recommending the addition of 1 field. This will not work.

    Plugin Author codepeople

    (@codepeople)

    Hello @rohitatwp

    As you can see in your equation there is an array, you can includes a counter and discount the value of H in the step of the loop that corresponds, but you will need some additional fields.

    Best regards.

Viewing 3 replies - 1 through 3 (of 3 total)
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