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I am trying to figure out an amortization table for a mortgage that is being paid to 3 different people with 3 different terms. The same rate applies.
Here’s the situation:
1) One mortgage split 3 ways = $60,000 by 3 people, so $20,000 per
2) The term (number of years to pay off) = person A is 5 years, B is 7 years, and C is 10 years
3) The rate (interest) is 5.000%
This is pretty easy to figure out separately, but I need to split A’s payment between B and C after their mortgage is paid off. This will speed up the payment schedule since B and C will receive larger principal payments after 5 years.
That is my problem, how to calculate the P&I for B and C after the first 5 years with and additional amount added to the payments every month. Now, once B is paid off, then C will receive a large P&I payment since they will receive the payment A and B were getting all to themselves.
I am looking for a formula here, not long hand math. I can do that to figure it out, but I need a formula I can plug into some PHP code to make a little mortgage script.
I’m lost, any ideas? Do I need to explain anything else? What I wrote makes sense to me but you may be thinking, WTF is that!!