document.write( "Question 175070: Many people can no longer afford their mortgage payment and I want to help them find a principal and interest payment they can afford. Using the current income and liabilities I can calculate the amount of payment they can afford. Now I am trying to determine the interest rate associated with this paymentand determine what is the best corse of action for them. For example, The borrower can afford a monthly payment of $2,362.00. My options are to either change their interest rate, make the term of the loan 360 OR 480 payments, forgive some of the principal or provide a combination of all three options. They currently owe $415,000 on the loan and their payment is $3112.50. I need a series of formulas to determine which is best for the borrower. \n" ); document.write( "

Algebra.Com's Answer #130175 by ankor@dixie-net.com(22740) $\"\"$ $\"About$

You can put this solution on YOUR website!
These formulas are cumbersome to calculate on paper. You would be better served
\n" ); document.write( "if you use a calc like a Ti83, financial application. With this you can enter
\n" ); document.write( "and combination of interest rate, loan amt, no. of payments, payment amt and
\n" ); document.write( "immediately determine what you want to know.
\n" ); document.write( ":
\n" ); document.write( "For instance if you have loan of 415,000 with an interest rate of 5%, and the
\n" ); document.write( "monthly payment has to be 2362, enter these values and and find the number
\n" ); document.write( " payments required to pay it off. About 317 payments or about 26 yrs. Or any
\n" ); document.write( " other combination of interest, payment amt, time, etc can be easily determined.
\n" ); document.write( ":
\n" ); document.write( "With practice you can find out anything you want about a mortgage in minutes \n" ); document.write( "

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