Notice: The LoanMaker 27B is no longer available for sale -- Palm has discontinued the machines that this program is designed to run on and the newer machines are not compatible. This page is left here for reference purposes only.

Loan Routines
Sample Loan Disclosure

Fuel Cost Comparison Routine

Lease Routines
Sample Lease Disclosure

Setup & Configuration Screen

Software Updates

The LoanMaker has very complete loan calculation routines: you can calculate monthly, weekly and biweekly payments. Through the setup screen, you can select a variety of interest calculation methods, the use of prepaid charges, and two types of balloon loans in addition to conventional retail installment loans.











For retail installment contracts, the program will calculate loans with sales tax (all states), detailed unpaid balance calculations including cash down payments, cash rebates, and trade-in allowances with optional payoff amounts. The sales tax can be financed or paid at signing.

Using the Short Loan option, you can skip the unpaid balance calculation and enter the amount directly. This makes for very fast and easy calculations.







Tapping the "Calc Loan" button computes the payment and displays an abbreviated summary of the loan.







Tapping the "Details..." button provides a complete Truth-in-Lending disclosure of the loan.  (See "Loan Details" screen image below.)

Once you've found the payment, Tapping the "Am Schedule..." button generates a complete amortization schedule of the loan.  (See "Amortization" screen image below.)

Interest is calculated by the U.S. Escrow Rule using any of three different calendar systems: Federal (360) calendar, Actual/ 365, or Actual to 1st.  (See Samples.)

The resulting payment can be truncated or rounded, enabling you to match most payment calculation systems.

A loan fee (prepaid finance charge) can be included in the loan calculation and the A.P.R. is calculated.

The loan is amortized using the calendar system selected on the Setup screen (see below).

The payment dates are shown in the left column, and the balance after the payment is made in the right column.  Loans up to 360 months can be amortized.

You can scroll up and down the schedule to look at any portion of the loan.

By tapping "Copy" at the top of the screen, the entire schedule is copied to the Palm clipboard.

You can then paste it into a Memo or email message, and print it if your Palm is connected to a PC.

This routine enables you to quickly calculate the savings by moving to a vehicle with better mileage. The savings is calculated by comparing two vehicles.

Based on the annual miles driven, the routine computes the annual amount of fuel for each vehicle and the annual costs. The savings per year and per month is calculated.

Even though the monthly payment on a new vehicle may be higher, the borrower could have a net savings because of a reduction in monthly fuel costs.

In the example at the left, there is a savings of $51.16 per month by moving from a 20-mpg vehicle to a 28-mpg one.

The routine can also be used to illustrate that fuel savings of small vehicles can be illusionary if too much of a premium is paid for the vehicle. A larger vehicle with poorer mileage but with a substantial discount and/or cash back may be a better choice.

The LoanMaker 27B lease routines are based on our highly successful LeaseMaker 627B Handheld Calculator.

They support numerous lease companies including the major captive finance companies as well as a variety of simple-interest leases.

The most popular features of earlier LeaseMaker calculators are present: ability to jump from one state to another, change lease companies quickly, solve for the payment or for the vehicle price based on a specified payment.

The leasing routines have the sales tax rules for all 50 states.  You can easily select or change the state through the list box (shown at left) that shows all the states.

The sales tax rate and other tax options are remembered for each state so you can jump between states and not have to keep reentering the sales tax rate.

Sales tax can be computed and capitalized into the lease or paid at signing (drive-off).  You can also capitalize the sales tax due on a downpayment if you wish.

The calculated payment (or price) is shown in a simple popup window.  To get full details on all the calculations, just tap the "Details..." button.  (See below for a sample.)

A separate screen for entering the Cap Cost details allows you to select whether to tax and/or capitalize the Bank Fee (Administration Fee).  The Bank Fee is remembered for each of the leasing companies so you don't have to reenter it when you change from one lease company to another.

A Rebate can be applied to the Cash Down Payment (or applied to the drive-off due at signing).  

Some states don't tax a Rebate used as part of the downpayment and you can select that option on this screen.

These selections are remembered on a state-by-state basis so you can jump quickly from one state to another without having to reset these options.

The Residual Value screen is used to enter the details of the residual value calculation.

The screen remembers the last six residual values used - you can pick any of them from a popup list or enter a new one.

A disposition fee can be entered - this is added to the adjusted residual value to determine the purchase option.

Provisions are included for excess mileage charges and the cost per mile is remembered for each lease company.

This shows a segment of the full lease details - you can scroll up and down the complete details by dragging the scrollbar at the right with your stylus.

Tapping on "Copy" at the top of the screen copies all the details to the Palm clipboard.  You can then paste them into a memo or email message, or print them if your Palm is connected to a PC.

The Setup screen has several options for both leases and loans.  Extensive help is built right into the program which provides a detailed explantion of the various setup options.

There are several choices for loans:

You can elect to calculate two different types of balloon loans as well as regular installment loans. Traditional as well as "Plus" balloons (one extra monthly payment) can be calculated.

You can select amongst three interest calendars: Actual/365 (for simple interest), Actual-to-First, or Federal Calendar (often used for precomputed and indirect loans). All interest calculations are done by the US Rule which requires that unpaid interest be held aside and not compounded.

The computed payment is truncated to the lower whole cent by default -- this is to make sure that the entered interest rate is not exceeded even if only by a fraction. By checking the "Round Pmt" box, you can elect to round the computed payment to the nearest whole cent.

By enabling the Prepaid Charge option, you can use a loan or prepaid finance charge on a loan. The APR and Finance Charge are adjusted to reflect the prepaid charge. (Note that not all states allow a prepaid finance charge.)

By default the loan routine is designed to compute conditional sales contracts, including downpayments, rebates, sales tax and so forth. By selecting the "Short Loan" option, you can eliminate these extra items.

Detailed information on both the loan and lease options is available through the Help button at the top of the screen.

• Actual/365
• Actual-to-first-payment
• "Fed" Calendar.

To illustrate the differences, we've selected the following sample loan and have computed it using each of the three systems:

• Loan: $125,000
• Term: 180 months
• Rate: 15.000%
• Loan Date: 5/25/04
• First Due Date: 7/1/04
• Payment is Rounded (not truncated)

The following table shows the payment calculated by each of the three calendar systems.

The $1000 rebate is applied to the cash downpayment and is not taxed.

The $50 Loan Fee is a prepaid finance charge and affects the A.P.R.

        4.977  % APR
      3475.68  Finance Chg
     25727.80  Amt Financed
     29203.48  Total Pmts
     42103.48  Total Sale Price

           38  Monthly Payments
       322.46  Payment Amount
     16950.00  Final Payment

      7/29/04  Loan Date
       9/1/04  First Due
      11/1/07  Maturity Date
           39  Term (months)

     37500.00  Price
    -21000.00  Trade
     11800.00  Payoff
     -2700.00  Cash Down
     -1000.00  Rebate (not taxed)
        40.00  Other-1 (taxed)
      1087.80  CO 7.000% Tax
        50.00  Loan Fee

     25777.80  Note Amount
        4.900  % Interest Rate

     37500.00  MSRP
           53  RV Percent
        18000  Expected Mi/yr
        12000  Allowed Mi/yr
        19500  Tot excess miles
      2925.00  Excess chg @ 0.15
     16950.00  Final Pmt

     15540.00  Taxed Amount

      2700.00  Cash Down
      1000.00  Rebate
      3700.00  Total Drive-off

The disclosure will vary from state to state based on their sales tax laws.

    37500.00 Price
     1922.83 NY 8.125% Tax
      325.00 NY 8.125% Tax (on downpayment)
      120.00 Other-1 (taxed)
      650.00 Other-2 ~ (not taxed)
      499.00 Bank Fee
    41016.83 Gross Cap

     2000.00 Cash Down
     2000.00 Rebate
     2250.00 Trade Equity
     6250.00 Cap Reduction
    34766.83 Adjusted Cap

    37500.00 MSRP
      800.00 Hard Adds
          53 RV Percent
    20299.00 Adj Residual
    14467.83 Depreciation

    55065.83 Cap + Resid
     0.00500 Factor
    10737.87 Total Rent

    25205.70 Tot Base Pmts
          39 Term
      646.30 Total payment
     7/28/04 Lease Date
    10/28/07 Matures

    20299.00 Purchase Opt

     6250.00 Cap Reduction
      646.30 Adv Payment
     6896.30 Total Drive Off

Notice: The LoanMaker 27B is no longer available for sale -- Palm has discontinued the machines that this program is designed to run on and the newer machines are not compatible. This page is left here for reference purposes only.

This is a list of the most recent changes together with the date they were made and the software version.  The most recent version is at the top of the list.