Hi all, i am trying to write a mortgage amortization schedule calculator and am stuck. please see the code below. It appears that the principal is being counted twice before subtracting it from the balance. Any ideas on what the issue is? I am new to python:

loanAmount = input("Please enter the loan amount: ")
iR = input("Please enter the interest rate: ")
iR = float(iR)
term = input("Please enter the term: ")
monthlyRate = iR/(12 * 100)
loanTerm = term*12
monthlyPayment = loanAmount * (monthlyRate/(1 - (1 + monthlyRate)** -loanTerm))
monthlyPayment = float(monthlyPayment)
monthlyPayment = round(monthlyPayment, 2)
interest = loanAmount*monthlyRate
balance = loanAmount - monthlyRate


print "PmtNo\t\tInterest\tPrincipal\tBalance"

for i in range (1, loanTerm + 1):
    pi = balance*monthlyRate
    monthlyPayment = loanAmount * (monthlyRate/(1 - (1 + monthlyRate)** -loanTerm))
    prepay= monthlyPayment - pi
    balance = loanAmount - prepay
    remaining_balance = balance - prepay
    if balance < 0:
        pi = balance*monthlyRate
        balance = loanAmount - prepay
        prepay = monthlyPayment - pi   
        remaining_balance = balance - prepay
        print "%d\t\t%0.2f\t\t%0.2f\t\t%0.2f" % (i, pi, prepay, 0)
        break
    print "%d\t\t%0.2f\t\t%0.2f\t\t%0.2f" % (i, pi, prepay, remaining_balance)

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All 4 Replies

I would suggest that you first write it out on paper with 2 or 3 actual examples of what you want and then see how the program differs from the actual examples. For example, balance and remaining balance never change, why? How would you keep track of remaining balance when doing it by hand?

Line 7 is needlessly duplicated inside the loop at line 18.

I suggest to calculate it in a spreadsheet (excel) before you program it. The first x rows will be the conditions, then every row is a date where a payment is due. The columns will be the variables you are using in the program.

Let me inform you, that this calculation is far from the real world loan calculation. Bicycle-car comparison comes to my mind. Both are vehicles. But this may not matter for you....

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