Mortgage (Time, Base, FromDatesInt, IntSimple, FinishRates, FromDates, AnnDebtServiceRates, AdvanceDates, NetAdvances, [LongStopRepDate], [LoanOutput], [DayCount], [DayCountInt], [Periods], [PrdsInt], [ProjMode])
Mortgage
Pro
Auto Array Function
Whats good or unique about it
Mortgage does the kind of job that you might do yourself with a loan amortisation spreadsheet. However, it dos several things that would otherwise be extremely difficult or impossible:
  • Your timebase need bear no relation to the periodicity of the interest payments. For example, you can have an annual timebase for quarterly interest payments, or the other way around.
  • You can schedule in any number of loan advances or small ad-hoc repayments through NetAdvances.
  • You have the full daycount accuracy that is usual with Business Functions, so 30/360 interest is fine.
  • Your interest rate can vary over time, too.
  • Rather uniquely and powerfully, the timing of your interest/principal repayments and the AnnDebtServiceRates need not be the same - you can quarterly reveneue servicing an annual loan.