MORTGAGE.EXE                                                 Version 2.0

            This program will compute the four main pieces of a mortgage.

            1) Monthly payment.  This will only calculate the principal
                        plus interest payment portion of your mortgage.
                        You may need to add the monthly escrow payment
                        for insurance and taxes if required by your loan.
                        This may have to be a rough estimate on a new
                        home, but if you are refinancing, the taxes
                        should remain the same and insurance should only
                        change if you change your policy.

            2) Loan Amount.  This is the amount you wish to borrow or
                        the maximum amount you could borrow under the
                        constraints you choose (ie. payments and life of
                        loan at the interest rate you are offered).

            3) Interest.  This is the yearly interest rate you are
                        paying with the constraints entered.  You can
                        use this the find what interest rate you need
                        to get in order to make refinancing payback.

            4) Years of Loan.  Finance texts call this the life of the
                        loan.  Typically this is either 15 years or 30
                        years but if you choose to calculate it it may
                        be much different than either.  This is useful
                        to see how long it will take to pay off your
                        loan if you make extra payments (assuming they
                        are permitted by your mortgage company).  To do
                        this, just add the extra payment to your regular
                        payment (ignoring escrow payments) at your
                        current interest rate and the value of your loan.


     In addition ot the above information, you can produce a monthly
     table of pertinent data (F9) such as beginning and ending balances.
     The amount of money paid toward the principal and interest will also
     be displayed.  Keep in mind that extra payments will reduce the
     ending balance and all remaining interest payments.  This table can
     used to compute the amount of interest you can declare on your taxes.
     BUT, timeliness of payments (when your mortgage comapny receives your
     payment) may determine whether a December or January payment goes on
     last year or next year. (ie. an early January payment may be counted
     in the prior year's interest.  This would increase the tax deduction
     for last year but lower it for the next year.  So what I am saying is,
     you can use this program for planning purposes but rely on your
     mortgage statements for your taxes.)

     If you have a non-standard monochrome monitor that somehow emulates
     color (maybe shades of gray) it may fool my program into thinking it
     is color and most of my screen displays may not show up.  To force
     MORTGAGE to display in monochrome enter MORTGAGE BW and the program
     will display correctly (but in black & white) on a monochrome screen.
     Most CRTs will display correctly without the BW parameter.


     Should you find this useful and wish to encourage me to maintain
     and update this program, please send money.  Any amount will do.
     Typically, in my line of work, consultants charge somewhere in the
     neighborhood of 5% of projected savings for 5 years.  If you save
     $100 per month on your mortgage payment that would amount to a $300
     fee.  However I am willing to except anything from $0 to several
     million.  If you send more than $10 I will put you on my mailing
     list and you will get the next version of MORTGAGE.EXE as soon as
     it is available.

     Thanks.....
                           Frederick H. Rexroad
                         152 East Limestone Street
                         Yellow Springs, OH 45387