Question

I need to create a Mortgage Calculator for my Java class, and I have been racking my brain all DAY about how to remove the first line of the results. I need to write a program in Java (without a graphical user interface) using a loan amount of $200,000 with an interest rate of 5.75% and a 30 year term. Then I need to display the mortgage payment amount and then list the loan balance and interest paid for each payment over the term of the loan.

How do I make it so it calculates the monthly payments starting at month 1 and NOT at month 0? I want to remove the first line $0, $0, $200,000.

import java.text.*;     // Import text formatting classes

public class MortgageCalculator {

    public static void main(String arguments[]) {

        //Variables
        double loanAmount = 200000; // Amount borrowed
        int loanTerm = 360; // Total months of term
        double loanInterest = 0.0575;   // Yearly interest in decimal form

        double monthlyRate = (loanInterest / 12);   //calculate monthly rate

        DecimalFormat df = new DecimalFormat("$###,###.00");    //Formatting the results to decimal form

        // Assign calculation result to monthlyPayment
        double monthlyPayment =
            loanAmount *
            (monthlyRate * Math.pow((1 + monthlyRate), loanTerm)) /
            (Math.pow((1 + monthlyRate), loanTerm) - 1);

        //Print Loan Amount, Interest Rate, Loan Term and Monthly Payment
        System.out.println("The loan amount is: " +
                df.format(loanAmount));

        System.out.println("The intrest rate is: " +
                loanInterest * 100 + "%");

        System.out.println("The term of the loan is: " +
                loanTerm / 12 + " years" + "\n");

        System.out.println("Monthly Payment: " +
                df.format(monthlyPayment) + "\n");

        // New variables

        double balance = loanAmount;
        double monthlyInterest = 0;
        double principal = 0;

        // display 20 lines of results at one time

        // provides columns
        System.out.println("\n\n\nPrincipal\tInterest\tBalance");
        System.out.println("Payment\t\tPayment\t\tRemaining");
        System.out.println("--------- \t--------- \t---------");

        // Start Looping

        int i;

        while (balance > 0) {

            for (i = 1; i < 10; i++) {

                // Display interest, principal, and balance
                System.out.println(df.format(principal) +
                           "\t\t" +
                           df.format(monthlyInterest) +
                           "\t\t" + df.format(balance));

                // New calculations
                monthlyInterest = (balance * monthlyRate);
                principal = (monthlyPayment - monthlyInterest);
                balance = (balance - principal);

            }   // end loop i
            //Pauses screen
            try {
                Thread.sleep(1500);
            }
            catch(InterruptedException e) {
            }
        }       // end while statement

        //Stops loop statement
        if (balance <= 0) {
            System.out.println("The loan balance is: $0.00");
        }
    }
}

Answer 1

To remove the first line just do the calculations before the println method is called.

For example:

         for (i = 1; i<10; i++) {

             // New calculations
             monthlyInterest = (balance * monthlyRate);
             principal = (monthlyPayment - monthlyInterest);
             balance = (balance - principal);

             // Display interest, principal, and balance
             System.out.println(df.format(principal) + "\t\t" + df.format(monthlyInterest) + "\t\t" + df.format(balance));

         } // end loop i

You also need to adjust i in the for-loop accordingly. I think this is what you were asking?