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Using HP Calc to calculate payments on a new house

The time-value-of-money (TVM) application enables you to do compound-interest, amortization, and interest-rate-conversion calculations. You can use TVM to solve virtually any financial problem involving a series of cash flows (money received or money paid) that meets the following criteria:

  • The dollar amount is the same for each payment.
  • The payments occur at regular intervals.
  • Payment periods coincide with the compounding periods.



For an example, suppose you are buying a house. The terms for the purchase are as follows:

Total price -- $27,000 Down payment -- $8,000 Mortgage -- the sellers will hold a contract for 4 years at 8.5% interest per year

You can use HP Calc's TVM application to figure out your monthly payments. To do this, follow the steps below.

1. In HP Calc, press (MENU) Applications TVM to bring up the Time Value of Money application.

2. Press (MENU) Clear Data to bring up a blank TVM template.

3. Enter the pertinent data.

a. Since you are paying the contract over 4 years, press 4*12 to get 48 months (the length of the loan), then press (F6) to enter 48 as the number of periods.

b. Enter 8.5, then press (F7) to enter the annual interest rate in the Annual interest field .

c. Enter 27,000, subtract 8,000 (total price minus the down payment = loan amount) then press (F8) to enter the total loan amount of 19,000 into the Present value field.

d. The future value of the loan will be 0 since you will be paying it off completely in the 48 month duration of the loan, so leave it at 0.

e. "Payments per year" should be set at 12 (one payment per month).

f. B/E (Beginning/End) should typically be set at End as most mortgages and real estate contracts are paid at the end of each month (the opposite of paying rent which is usually at the beginning of the month).

Finally, press (F9) to find your payments per month. You should have the negative amount -468.32, or a monthly payment of $468.32.

You can also work the equation using other variables. For example, if you want to see how low your payment would be if you extended the loan to 30 years, simply enter the amount of months (360), use the ArrowKeys to highlight the Number of Periods field, and press (ENTER). In this case your payments would go down to $146.09.

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