Loan Value
A client is looking at purchasing a house. They feel they can afford monthly interest and principal payments of $1,100. They anticipate a 30 year loan with an interest rate of 7%. How much can they borrow?
Data Entry
Use the following values for the prompts:
Prompt 
Value 

Calculation Type 
Loan 

Calculate 
Loan Value 

Interest Rate 
7 

Number of Years 
30 

Type of Payment 
Level Payments 

Payments per Year 
12 

Payment Amount 
1100 

Payments Made At 
End of Period 

Balloon Payment 
0 
The client can borrow $168,990.33 over 30 years at 7%.
If they went with a 15 year loan at 6.5%, how much would they be able to borrow?
Change the Interest Rate from 7% to 6.5%, and then change the Number of Years from 30 to 15.
The client can borrow $127,770.74 over 15 years at 6.5%.