If you are an MBA student having Real Estate Finance as one of the major courses, you are familiar to the difficulties in calculating the IRR of mortgage loans. Excel 2003 cannot solve these IRRs, and sometimes provides inaccurate results. Having a financial calculator is perhaps the best option. However, if you do not have a financial calculator, you may try out this program.
This Windows based program calculates the IRR (internal rate of return) of mortgage loan with good accuracy. It only works for EMI or equal monthly installment loans (also known as CPM or constant payment mortgage), which is the most common type of mortgage loan. This software should not be used for CAM (constant amortization mortgage, which is far less common) loans, because that kind of loan requires a completely different formula to find out their IRR.
It requires these variables to find out the IRR: (1) Net PV or NPV, (2) loan maturity in month, (3) monthly payment or installment, and (4) Loan Closing Fees.
Requirements:
Visual Basic 6.0 run-time
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