marleyjeanne Posts: 17, Reputation: 1 New Member #1 Oct 3, 2016, 03:03 PM
How do I recalculate amoritzation schedule because of a payment shortage?
Buyer on a owner contract made payments that were 2 cents short for first 153 months and then started paying 98 cents extra per month. How do I figure out the final payment? According to the contract final payment will be due November 2016. It was \$28,200.00 for 30 years at 9% interest with first payment of \$286.02 starting December 1st, 2001. This buyer has history with both myself and my Father anywhere from constantly claiming "the checks in the mail" to trying to pass off a different (\$40,000 less! ) agreed on selling price so I don't trust him at all. Recently he sent me a print out showing that he had paid \$287.02 every month but I pointed out what he has really paid & he now agrees. Please help me figure out the final months payment amount.
 hkstroud Posts: 11,929, Reputation: 899 Home Improvement & Construction Expert #2 Oct 3, 2016, 04:13 PM
Just an opinion.

.02 X 153 months = \$3.06
If you were to actually compute interest on that for 153 months it would come out to be something like 10 or 12 cents.
Plus you said that he paid \$0.98 extra each month but didn't say for how long. If he did that for 4 months or more you came out ahead.
Do you really want to worry about \$3.18. Not worth the ink to print out.
Forget the .02 and go to settlement. Reduce the final payment by \$0.98 times the number of months paid less 4.
 ScottGem Posts: 64,966, Reputation: 6056 Computer Expert and Renaissance Man #3 Oct 3, 2016, 04:34 PM
Do you have Excel or another compatible spreadsheet? Excel has an amortization schedule template. You can then plug in the actual payments and see what balance is due.

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