MORTGAGE.EXE

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

            1) Monthly payment.  You will need to add the monthly escrow
                        payment which may be required for insurance and
                        taxes.  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 will 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.


     If you do not have a color monitor (or shades of gray) you should
     use the black and white equivalent program MORTBW.EXE.

     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
