User’s Manual

I. What can I do with VG Mortgage Auto & Any Loan Calculator?
II. How to use Loan Calculator?
III. How to print Amortization Schedule? (only available after registration)
IV. How to apply Extra Monthly Payment?
V. How to use Tool – How Much Loan (House) Affordable?
VI. How to use Tool – Should I Refinance?
VII. How to copy Amortization Schedule to clipboard and use it in other applications? (only available after registration)
VIII. How to uninstall VG Mortgage Auto & Any Loan Calculator?

I. What can I do with VG Mortgage Auto & Any Loan Calculator?
Using VG Mortgage Auto & Any Loan Calculator, you can calculate your loan monthly payment (principal and interest), total payment, total interest payment and what extra monthly payment can save you in time and interests. You can use this Loan Calculator for mortgage loan, auto loan and any fix rate loan in USA and Canada. With the Tool – How Much Loan (House) Affordable, you can find out how much loan (house) you can afford. With the Tool – Should I Refinance, you can find out how much you can save by refinancing. You can also print out the Amortization Schedule or copy it to clipboard and paste into other applications. Please note that some functionalities are only available in registerd version.

II. How to use Loan Calculator?
Using Loan Calculator is very simple. First you select the country to be USA or Canada, then fill out Loan Amount (number only without comma), Interest Rate, and Amortization Period (Loan Length). Click on Calculate button to show the Amortization Schedule.

Here are the explaination for the columns in the Amortization Schedule.

  • Month # : the # of the month in the Loan.
  • Payment: the total monthly payment, the sum of principal, interest and extra payment.
  • Interest: the amount of interest paid for that month.
  • Principal: the amount of principal paid for that month.
  • Extra Pay.: the extra monthly payment you want to add.
  • Balance: the balance of your loan left at that month.
  • Total Payment: the total payments you made for this loan up to that month (including any extra payments).
  • Total Extra Pay.: the total extra payments you made for this loan up to that month.
  • Total Interests: the total interest payments you made for this loan up to that month.


III. How to print Amortization Schedule? (only available after registration)
Select Menu File -> Print Amortization Schedule to print out the whole schedule.

IV. How to apply Extra Monthly Payment?
You can add Extra Monthly Payment to save interest payments and time for your loan. Enter the Amount (number only without comma) and when (from Month # to Month #) you want to apply. Click on Calculate button and it will tell you how much money you will save in interest payments and by how many months the loan will reduce.

V. How to use Tool – How Much Loan (House) Affordable?
Select Menu Tools -> How Much Loan (House) Affordable to evoke this handy tool.

Here are the explaination for the different items used in the calculation.

  • Annual Income: your annual income (number only without comma).
  • Interest Rate: the interest rate of the loan you will get.
  • Length of Loan: the length of loan in years.
  • Other monthly Debt: the total of all other monthly debt payments you have to make, including auto loan payment, credit card payments, student loan payment, and so on.
  • Cash in hand for Down Payment: the amount of money you have for down payment (number only without comma).
  • Property Tax Rate: when you make monthly payment, part of that goes into the escrow account for property tax and insurance payment. This is your estimated property tax rate. 1% means $1000/year for a 100k loan. If property tax does not apply, enter 0.
  • Home Insurance Rate: this is your estimated insurance rate. 0.5% means $500/year for a 100k loan. If insurance does not apply, enter 0.
  • Maximum PITI Debt Ratio: your debt can not exceed a certain ratio of your income to be considered reasonablly safe for you to pay. There are two ratios. One is the ratio of your mortgage (loan) payment to your income (usually 28%). Another is the ratio of your total debt payment to your income (usually 36%). If you are not sure about these ratios, use the default values.
  • Maximum Total Debt Ratio: see above.

Results:

  • House Value: the house you can afford. This value = Loan Value + Cash Down Payment.
  • Loan Value: the amount of loan you need to get.
  • Total Monthly Debt: the sum of all the debts including loan principal and interest, property tax and insurance, and other loans such as auto loan payment, credit card payments, student loan payment, and so on.
  • Monthly Principal + Interest: your loan principal + interest payment.
  • Monthly Prop Tax + Insurance: the property tax + insurance payment if applicable.
  • Loan to Value (LTV): Loan Value/House Value.
  • Down Payment: Cash in hand for Down Payment/House Value. If your down payment is less than 20% of the house value, you will have to pay PMI


VI. How to use Tool – Should I Refinance?
Select Menu Tools -> Should I Refinance to evoke this handy tool.

Here are the explaination for the different items used in the calculation.

Current Loan Information:

  • Loan Term: your current Loan Term.
  • Original Loan Amount: the amount of your original Loan(number only without comma).
  • Interest Rate: the interest rate of your original Loan.
  • How long you have had this loan in years and months.

New Loan Information:

  • Loan Term: your new Loan Term.
  • New Loan Amount: the amount of your new Loan(number only without comma).
  • Interest Rate: the interest rate of your new Loan.
  • Estimated Closing Cost: your estimated closing cost as a percentage of your loan amount; use 0 for no closing cost refinance.
  • How long do you plan to stay after refinance in terms of years.

Results:

  • Current Monthly Payment (Principal + Interest only): your current monthly payment on your original loan.
  • New Monthly Payment (Principal + Interest only): your new monthly payment after refinance.
  • Savings in Monthly Payment: = Current Monthly Payment – New Monthly Payment.
  • Refinance Closing Cost: = (Estimated Closing Cost %) * New Loan Amount.
  • Total Savings in Payments: your total savings in payments during your stay after refinance.
  • Total Difference in Principal Reduction: the difference between current loan Principal Reduction and new loan Principal Reduction during your stay after refinance.
  • Total Refinance Savings: = Total Savings in Payments + Total Difference in Principal Reduction – Refinance Closing Cost.


VII. How to copy Amortization Schedule to clipboard and use it in other applications? (only available after registration)
Select the part of Amortization Schedule you want to copy. If you want to select all, select Menu Edit -> Select All. Then select Menu Edit -> Copy. This will copy Amortization Schedule to the clipboard. Then you can open the appliction you want to copy to (such as Microsoft Excel) and select Menu Edit -> Paste to paste Amortization Schedule into that application.

VIII. How to uninstall VG Mortgage Auto & Any Loan Calculator?
Select Start->Settings->Control Panel. Then click on Add or Remove Programs. Select VG Mortgage Auto & Any Loan Calculator and click on Change/Remove to uninstall it.