Page 84 - Chief Architect Reference Manual

Chief Architect X10 Reference Manual

Loan Calculator

Select Tools> Loan Calculator to 3 The Required Fields are the same as
open the Loan Calculator dialog. This the options in the Calculate drop-down
dialog lets you calculate different aspects of list. The option selected under Calculate will
a loan for the current plan based on a variety be inactive under Required Fields.
of parameters. • Specify the desired Loan Amount.
• Specify the desired Term, in years.
• Specify the desired Interest Rate.
• Specify the desired Monthly Payment.

4 The Optional Fields allow you to
include additional information in your
loan calculation.
• Specify the expected Property Taxes per
year.
• Specify the expected Homeowner’s
Insurance cost per year.
• Specify the expected Private Mortgage
Insurance (PMI) cost per year.
• Specify the cost of any expected Other
Fees.
When Monthly Payment is calculated, each
1 Specify what aspect of the loan you Optional value is divided by twelve (months)
and then added to the total payment.
would like to calculate from the
Calculate drop-down list: When a Calculate option other than Monthly
• Monthly Payment Payment is selected, these values are divided
by twelve (months) and then subtracted from
• Loan Amount
the specified Monthly Payment value. The
• T e r m result, which does not display, is then used to
• Interest Rate determine the Loan Amount, Term or Interest
Rate.
2 The calculation Result, based on the
information you provide, displays here.
If you make changes to any of the fields in
the dialog, click the = button to refresh the
Result.

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