The 2006 FREE Financial Calculator is the result of my own frustration in finding tools to aid in analyzing lenders. I learned a couple of things about how mortgage lenders calculate the payments and interest due. I have exposed all the formulas and details to you.

The download installs a complete working version of the calculator without any spyware or viruses. Technical support is not available for this free offering.

Down load the Financial Calculator 4.33meg

Down Load the Financial Calculator Source Code. 117 kilobytes

Send Comments about using the Financial Calculator.

The program and source code are provided free of charge to anyone interested. The source code is designed using the Microsoft Visual Basic 6 compiler. The free controls that come with Visual Basic 6 are used so that you do not need to buy anything. You may also find the code useful for first year VB programming classes. This source code is NOT designed to be used with VB Net. If you upgrade the code to VB Net and are willing to share, please let me know and I will post it here. I do plan to upgrade code to NET at some point in time.

You do not need to know anything about programming to use the financial calculator. The formulas used within the program are all detailed in help messages. You do need a basic understanding of interest problems. Can someone please explain why Mortgage companies can legally charge more than the advertised rate of interest? It has to do with I/12 and I^1/12. Why is this legal? An excellent book on the subject of interest calculation problems is the newer version of my college text book: Economic Decision Analysis by W.J. Fabrycky & G.J. Thuesen (c)1997

Users can track mortgage payments and pay additional principle using this tool. I always wanted to be able to insure that my payments were recorded accurately. When is the best time to pay your mortgage? As I start a new refinanced mortgage, I am going to be on it like white on rice. I am not sure that it will make a bit of difference, but I will let you know. The tool calculates the interest based on the payment date. Now I want to do it for my credit cards, too!! Update: So far, the mortgage company is recording the payments early and saving me interest. No I am not going to tell them.

This has worked out very well for my mortgage... no longer am I wondering if the calculation is correct. I caught two mistakes in their calculations so far. They don't like being corrected, but it gives me pleasure.

How much needs to be saved in a single amount or equal payments to realize a certain amount? The calculator is capable of computing present / future value and equal payment interest problems. The items in the red text are required and only one of the remaining black items. The remaining item(s) will be calculated.

All the formulas and methods are revealed to the user by clicking on the Question buttons.

An example of a gradient problem would be: What single series amount is the equivalent amount of an increasing series of payments? for example: 25, 50, 75, 100, 125..(12 periods @ 5%).. that would be 123.05 for 12 payments.

The lower half of this form allows the user to input a yearly interest rate and calculate the equivalent monthly interest rate using one of two methods on the left side.

Updated March 24, 2006 - Copyright 2000-2006 CorVet Systems, Inc. All Rights Reserved - Patents Pending