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FAQ - Frequently Asked Questions
How Do I Calculate Interest Only Loan Payments?
What If I Don't Know My Original Loan Amount?
How Is Interest Calculated?
How Can I Compare Different Scenarios?
How Can I Save $1000s In Interest?
Can I Export To A Spreadsheet?
How does Amortizer compare with Amortizer Pro?
How Do I Calculate Interest Only Loan Payments?
Check the "Payment Type" checkbox labeled "Interest Only". Each payment amount will only reflect the interest being charged. Since no principal will be paid off, the full loan amount will be due at the end fo the payments.
What If I Don't Know My Original Loan Amount?
You can use your current loan balance (found on your latest statement), but you will need to know the number of payments you have left in order to correctly calculate your current payment. If you know when you made the first payment, just add up the number of months since that first payment.
How Is Interest Calculated?
The annual interest rate is divided by the type of period and then applied to each payment period. Thus a 12% annual interst rate would be 1% per month, 3% per quarter, or 12% per year.
How Can I Compare Different Scenarios?
The best way to compare different scenarios is to set up the first scenario, select the [Print Amortization Schedule] button and go to the last page of the report. Record the "Accumulated Interest" amount and the 'Payment Year/#". Then enter the values for your next scenario and do the same. Comparing the two sets of values will show you how much less or more interest you will pay and how much less or more payments you will make.
How Can I Save $1000s In Interest?
After viewing the amortization schedule without an extra payment, try adding an extra $50 or $100 payment. Then go to the last page of the Amortization report to see how much interest you will save and how many fewer payments you will need to make. On home loans people can save $1000s even $10,000s just by making extra monthly payments.
Can I Export To A Spreadsheet?
The Amortizer does not export data to external files. If you need this function please review at our Amortizer Pro product.
How does Amortizer compare with Amortizer Pro?
Click here to view a comparison chart.
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