The formulas used in the calculations are:
\[ \text{LoV} = \text{LaV} - \text{DP} \]
\[ \text{LoP}_{\text{periodic}} = \frac{\text{LoV} \cdot i \cdot (1+i)^n}{(1+i)^n - 1} \]
\[ i = \frac{i_{\text{annual}}}{\text{pay}_{\text{freq}}} \]
\[ \text{LoP}_{\text{total}} = \text{LoP}_{\text{periodic}} \times n \]
\[ n = \text{LT}_{\text{years}} \times \text{pay}_{\text{freq}} \]
\[ \text{DP\%} = \frac{\text{DP}}{\text{LaV}} \times 100 \]
\[ \text{iPaid}_{\text{total}} = \text{LoP}_{\text{total}} - \text{LoV} \]
This calculator computes the periodic payment, total payment, down payment percentage, and total interest paid for a land loan based on the input values of land value, down payment, annual interest rate, loan term in years, and payment frequency.
Let's assume the following:
First, calculate the Loan Value (LoV):
\[ \text{LoV} = 200,000 - 40,000 = 160,000 \]
Calculate the Periodic Interest Rate (i):
\[ i = \frac{0.05}{12} = 0.004167 \]
Calculate the Number of Payments (n):
\[ n = 15 \times 12 = 180 \]
Calculate the Periodic Payment (LoP\(_{periodic}\)):
\[ \text{LoP}_{\text{periodic}} = \frac{160,000 \cdot 0.004167 \cdot (1+0.004167)^{180}}{(1+0.004167)^{180} - 1} \approx 1,264.14 \]
Calculate the Total Payment (LoP\(_{total}\)):
\[ \text{LoP}_{\text{total}} = 1,264.14 \times 180 = 227,545.20 \]
Calculate the Down Payment Percentage (DP\%):
\[ \text{DP\%} = \frac{40,000}{200,000} \times 100 = 20\% \]
Calculate the Total Interests Paid (iPaid\(_{total}\)):
\[ \text{iPaid}_{\text{total}} = 227,545.20 - 160,000 = 67,545.20 \]
Therefore, the periodic payment is $1,264.14, the total payment is $227,545.20, the down payment percentage is 20%, and the total interests paid are $67,545.20.
