Amortization Schedule Report
This prints a complete amortization schedule based on the information entered
in the window.
Balance/Amount of Loan
Enter the BEGINNING BALANCE or original loan amount for this amortization report. Do not enter dollar
signs or commas. An entry up to nine characters maximum is required.
EXAMPLE: 950.69
10000
145500.52
Number of Payments
Enter the total number of payments required to fulfill the contract term. For
example, a thirty year mortgage would have a term of 360 monthly payments. An
entry up to four characters maximum is required. Once an entry into this field
has been saved, it is protected and cannot be changed. You can calculate the
contract term by calling the LOAN PARAMETERS CALCULATION window with the CALCULATE PMT button (located in the lower left hand corner of the window), if you already
know the payment amount, interest rate and payment frequency.
Payment Frequency
Select the appropriate code from the drop-down list to specify the frequency
of payments. A default of MONTHLY is provided. You can determine the frequency by calling the LOAN PARAMETERS CALCULATION window with the CALCULATE PMT button (located in the lower left hand corner of the window), if you already
know the payment amount, interest rate and term of the contract.
Heading to Appear on this Report
Enter any text that you want to print on the top of this report. An entry up
to 60 characters maximum is optional.
Interest Setup
Interest Calc Method
Select the appropriate radio button for the interest calculation method to be
used. You must decide on one method for each contract. Once your choice has
been saved, this information is protected and cannot be changed.
FIXED LENGTH INTEREST is calculated each period for the same number of days in each period. The MONTHLY payment frequency is calculated using 30 days for each month.
VARIABLE LENGTH INTEREST is calculated from the date of the last payment until the date of the current
payment. For example, if the payment frequency is monthly and a payment was
made on January 1 and the next payment was made on February 10, interest would be
calculated on 40 days.
RULE OF 78'S—FRONT-LOADED INTEREST requires that you enter total interest for the full term of the contract in
the BEGINNING INTEREST field (#21). Each payment then reduces the interest balance based on the RULE OF 78'S method.
FIXED INTEREST - FIXED PRINCIPAL is calculated each period for the same numbers of days in each period. The MONTHLY payment frequency is calculated using 30 days for each month. The principal
amount is a fixed amount for each payment, while the interest amount accrued is
variable as based on the balance of the contract.
Calc Interest on a 360 Day Year 365 Day Year
Select a radio button to determine whether the interest on the contract is
calculated based on a 360 day year (30 days to a month) or a 365 day year. This
choice will depend on the type of contract. For example, a mortgage will usually
be calculated on a 360 day year, while commercial loans are usually calculated
on a 365 day year.
Compute as
Select a radio button to determine whether interest will be calculated as
Simple or Compound. Simple interest means that interest will only be charged on
unpaid principal, and not on unpaid interest. Compound interest will count unpaid
interest as principal and charge interest on it.
Payment Interest Schedule
Use this schedule to enter variable payment contracts and to record any
variations in an established payment schedule. For example, if taxes or reserves
increase yearly you can enter the new payment due each year. Or use the schedule to
set up a graduated or fluctuating payment or interest rate structure.
We suggest that the new payment amounts be entered as soon as possible to
reduce any potential for mistakes. There is no limit to the number of times
payments can be changed or to the number of pre-loaded variations.
That is, if one or more variations are known at the time of loan origination,
these should be specified when the contract is first entered into the system so
that no further intervention is necessary later. New rates or payment amounts
will be enforced automatically on their PAYMENT EFFECTIVE DATES.
Int Start
Enter the date that the interest will begin calculating on.
Pmt Eff
The system supplies a default for the first entry in this multi-valued field.
You may enter any date necessary in MM/DD/YYYY format.
Each time the PAYMENT amount or INTEREST RATE changes, new EFFECTIVE DATE and PRINCIPAL AND INTEREST figures must be established. EFFECTIVE DATES must be entered in chronological order. If contractual variations are known
when the contract is first set up, they should be entered at that time.
Pmt Amt
Enter the amount of the payment that is to be applied toward PRINCIPAL AND INTEREST only. This amount is used by the PAYMENT ENTRY SCREEN as the default amount for the PRINCIPAL AND INTEREST portion of each payment. To calculate this amount, you can use the CALCULATE PMT button in the lower left hand corner. This will bring up the LOAN PARAMETERS CALCULATION window.
Interest Rate
Enter the INTEREST RATE to be charged. Enter the rate as a percentage. For example, enter 10.125 for an interest rate of 10.125%. Rates can be entered with a maximum of four
decimal places.