Interest only calculator with compounding feature

[Mark Cashin]

Hi
We are trying to make a comparison calculator for Reverse Mortgages.
Depending on the lending institution they calculate interest differently.
Wondering if anyone knows if there is an off-the-shelf calculator available?
Needed
- Interest-only
- Interest-only compounded daily (365 days)
- Interest-only compounded monthly (12 months)

The years of the term can vary from 1 year to 5 years

Thank you in advance.

 

[Mark Cashin]

The issue seems to be with the exception of annually the banks are doing a semi-annual calculation in addition to the daily and monthly compounding.
However for modeling, the above should work.

once again thank you!

 

[Mark Cashin]

Looking for help with building these calculators.
Happy to pay for the work on this and another calculator.

 

[Dave Patton]

Please check posts 8 and 9. Post 9 uses semi-annual compounding.