Combo Loan (Piggyback Loan)
04-06-2018, 01:27 PM
Post: #1
 Eddie W. Shore Senior Member Posts: 1,009 Joined: Dec 2013
Combo Loan (Piggyback Loan)

The program COMBOLOAN calculates the payments for both separate loans and combined loans. This particular loan covers of three types: 80:20, 80:15:5, and 80:10:10.
Code:
 EXPORT COMBOLOAN() BEGIN // EWS 2018-04-05 // Piggyback Loan LOCAL a,lst,k; LOCAL t1,t2,i1,i2; LOCAL d,p1,p2,p; // terms, order allows to // use eqn −5*k+25 lst:={"80:20","80:15:5","80:10:10"}; // input INPUT({a,t1,i1,t2,i2,{k,lst}}, "Payment: Combo Loan", {"Loan: ","Term1:","Rate1:", "Term2:","Rate2:","Type :"}, {"","years","","years","",""}); // calculation p1:=Finance.TvmPMT(t1*12,i1,a*0.8,0,12); p2:=Finance.TvmPMT(t2*12,i2,a*(−0.05*k+0.25),0,12); p:=p1+p2; // down payment  d:=−a*0.05*(k-1); // payment: down, total, // large, small  RETURN {d,p,p1,p2}; END;

Output: {down payment, total payment, large payment, small payment}

Examples:

Loan Amount: \$200,000.00
80% Loan: Term: 30 years, Rate: 4.5%
Small Loan: Term: 15 years, Rate 5%

Example 1: Type 80:20

Result: {0, -1,127.01, -810.70, -316.32}

Example 2: Type 80:15:5

Result: {-10,000.00, -1047.93, -810.70, -237.24}

Example 3: Type 80:10:10

Result: {-20,000.00, -968.86, -810.70, -158.16}

Sources

Calculated Industries Real Estate Master IIIX: Resident Real Estate Finance Calculator Pocket Reference Guide Calculated Industries, LLC.: Carson City, NV 2010

Mortgage-Info.com “Piggy Back Mortgage Calculator” Mortgage Info.com 2011 http://www.mortgage-info.com/mortgage-ca...lator.aspx Accessed April 4, 2018.
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