Simultaneous comparison of mortgage information and asset accumulation information

• US 20030229579A1
• Filed: 06/10/2002
• Published: 12/11/2003
• Est. Priority Date: 06/10/2002
• Status: Abandoned Application

• Current Assignee: SmartReply, Inc. (Genesys Cloud Services Incorporated)
• Original Assignee: SmartReply, Inc. (Genesys Cloud Services Incorporated)
• Inventors: Savage, David T., Wexler, Gregory S.
• Application Number:
  US10/166,494
• Publication Number:
  US 20030229579A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A computer-implemented method of assisting a consumer in deciding whether to prepay his/her loan comprises first determining total loan cost reduction due to the prepayment or prepayments. Second, a return on investment resulting from investing the prepayment or prepayments is estimated. Finally, the consumer is provided with a side-by-side comparison of the total loan cost reduction and the estimated return on investment.

Claims

1. A computer-implemented method of assisting a consumer in deciding whether to make one or more optional prepayments on a loan, the method comprising:

determining an amount by which a total cost of the loan is reduced due to one or more optional prepayments on the loan,

predicting an estimated return on investment resulting from investing the one or more optional prepayments, and

outputting a comparison of the amount by which the total cost of the loan is reduced with the return on investment.

2. The method of claim 1, wherein the total cost of the loan comprises a total amount of interest paid during repayment of the loan.

3. The method of claim 2, wherein the total cost of the loan further comprises a point payment.

4. The method of claim 1, wherein the total cost of the loan is reduced by prepayment of principal on a periodic basis.

5. The method of claim 4, wherein the periodic basis is a monthly basis.

6. The method of claim 1, wherein the estimated return on investment is predicted using market historical data.

7. The method of claim 1, wherein the comparison is provided on a display unit as part of a graphical user interface.

8. The method of claim 1, wherein the comparison is a side-by-side comparison.

9. A computer-implemented method comprising:

collecting loan information and investment information associated with a user,

calculating monthly savings information based on the loan information,

calculating interest savings information based on the monthly savings information and the loan information,

calculating asset accumulation information based on the monthly savings information and the investment information, and

providing the user with a comparison of the interest savings information and the asset accumulation information.

10. The method of claim 9, wherein the loan information is selected from the group consisting of:

loan principal amount, loan interest rate, interest compounding period, loan repayment period and points paid.

11. The method of claim 9, wherein the investment information is historical market performance information.

12. The method of claim 9, wherein the loan information and the investment information are collected from the user.

13. The method of claim 9, wherein the loan information and the investment information are collected from a database.

14. The method of claim 9, wherein the monthly savings information comprises an amount saved on a monthly basis due to payment of a point.

15. The method of claim 9, wherein the interest savings information comprises an amount saved during repayment of a loan due to a series of principal prepayments.

16. The method of claim 9, wherein the asset accumulation information comprises an amount accrued due to a series of payments to an investment account.

17. The method of claim 9, wherein the comparison is provided on a display unit as part of a graphical user interface.

18. The method of claim 9, wherein the comparison is a side-by-side comparison.

19. The method of claim 9, further comprising:

collecting revised loan information and revised investment information based on the comparison, and

providing the user with a revised comparison based on the revised loan information and revised investment information.

20. A computer-implemented system comprising:

a program module configured to collect loan information and investment information associated with a user,

a program module configured to calculate monthly savings information based on the loan information,

a program module configured to calculate interest savings information based on the monthly savings information and the loan information,

a program module configured to calculate asset accumulation information based on the monthly savings information and the investment information, and

a program module configured to provide the user with a comparison of the interest savings information and the asset accumulation information.

21. The system of claim 20, wherein the loan information is selected from the group consisting of:

loan principal amount, loan interest rate, interest compounding period, loan repayment period and points paid.

22. The system of claim 20, wherein the investment information is historical market performance information.

23. The system of claim 20, wherein the loan information and the investment information are collected from the user.

24. The system of claim 20, wherein the loan information and the investment information are collected from a database.

25. The system of claim 20, wherein the monthly savings information comprises an amount saved on a monthly basis due to payment of a point.

26. The system of claim 20, wherein the interest savings information comprises an amount saved during repayment of a loan due to a series of principal prepayments.

27. The system of claim 20, wherein the asset accumulation information comprises an amount accrued due to a series of payments to an investment account.

28. The system of claim 20, wherein the comparison is provided on a display unit as part of a graphical user interface.

29. The system of claim 20, wherein the comparison is a side-by-side comparison.

30. The system of claim 20, further comprising:

a program module configured to collect revised loan information and revised investment information based on the comparison, and

a program module configured to provide the user with a revised comparison based on the revised loan information and revised investment information.