Calculated Annual Payments

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L1: Calculated Annual Payments
I will be 56 on Dec 19, 2011. I have an account balance of $714,923.25 and when doing the caculation for starting first payment in Oct. using the Amortization method with 2.28% int. rate I come up with a annual Distribution of $ 34216.05 and $2851.34 monthly.
The 12 monthly payments don’t equal the annual exactly so is this the correct way to do it or should they be rounded down. Any help would be appreciative.
2011-10-02 21:54, By: Bill, IP: [216.27.118.235]

L2: Calculated Annual Payments
I didn’t check your calculation, but 2852.34 would be the right monthly payment – .03 is close enough.
2011-10-02 22:03, By: Gfw, IP: [205.178.73.77]

L3: Calculated Annual Payments
Part 2…
Since you are going to be on a 5 year plan, use our “First Modification Date” calculatorhttp://72t.net/72t/Calculator/First/Modification/Dateand make sure that you know when your plan
will end.
If you haven’t already, also make sure that you check out our “Planning Pointers” page for some helpful tips…
http://72t.net/72t/Planning/Pointers

2011-10-02 22:28, By: Gfw, IP: [205.178.73.77]

L4: Calculated Annual Payments
Thanks for everything, Great site.
2011-10-02 23:15, By: Bill, IP: [216.27.118.235]

L3: Calculated Annual Payments
I think gfw has a typo. I divided the annual figure you posted, and I also got $ 2,851.34, not the $ 2,852.34 that gfw has in his posting.
$ 1/mo excess for 12 months would be $ 12 too much, and in actuality would bust the plan. That’s how important it is to check all calculations, usually 2 or 3 times.
2011-10-03 19:06, By: dlzallestaxes, IP: [96.227.217.194]

L4: Calculated Annual Payments
Dlz… it was indeed a typo – right number $2851.34- thanks.
2011-10-03 20:07, By: Gfw, IP: [205.178.73.77]