I am building a proforma for a project which has an exit for the investor at 5 years with a refinance of the loan. Can I calculate the payoff balance for a 30 year loan at 5 years? I am using FileMaker Pro 15 if that matters.
Yes, FileMaker has an entire category of financial functions:
I would read into those and come up with a calculation that meets your needs.
You'll have to be a little tricky since payments will include interest.
Yes, I am aware of these functions. However none of them would provide me with the right calculation. For the calculation to work you have to include all of the following parameters; Begining Principal, Interest rate (Constant), Payment (constant), Term for full amortization and the term inwhich you want the balloon delivered for.
How about this custom function:
In description this looks like it would work. I am not using Filemaker Advance, how do I plug this script into a calculation? I'm pretty new at this stuff.
This is the exact description of what I am looking for, I just don't know how to plug it in to use.
FileMaker Custom Function:Amortization_CFpub ( principal ; interest ; periods ; payment; term ; currency)
Only FMP advanced can add/edit custom functions. In both the one I sent and the one you linked to, they are recursive custom functions (a function that calls itself), so you could not duplicate that in a calculation field type.
I have a developer I assume has the Advance version. Can he set it up to be used by my filemaker?
Yes he can. Advanced is needed to add a custom function to a file, but any copy of FileMaker can use the custom function once installed.
And a looping script could produce the same result as a recursive function.
Retrieving data ...