If you have a question about the calculator or about amortization, attach a comment to this page. But please, be sure you’ve checked the FAQ Page first. (You’ll need to create an account to post a comment.)
First, THANK YOU for providing this calculator! Second, is there any way to get a calculation of interest only (compounded monthly) for the first 6 months, then principal and interest compounded monthly thereafter? Any creative suggestions would be appreciated!!!
Hi, Trish. The calculator does not presently accommodate the scenario I think you’re describing. Let me make some clarifying assumptions here: Let’s assume that you wish to have a 30-year amortization, monthly payments, for which the first six payments will be interest-only.
In this case, you really have a 354-month amortization (instead of 360). If you are making interest-only payments for the first 6 months, the principal balance doesn’t change at all. The interest-only payment amount will be on the first line of the amortization schedule, under the “Interest” column. After the first 6 interest-only payments, the payment amount would increase to the “Regular Payment” amount, and the amortization begins.
If you’re not making *any* payments for 6 months and you wish to accrue the the unpaid interest as additional principal for when payments start, there’s a formula for calculating the new principal (see Additional Payment Tweaks for info).
I am a Realtor who is currently (and unsuccessfully) attempting to build my first professional website. I would really like to use your calculator on my page or link to your page. My site will have a disclaimer so you would be covered from that. Would this be ok?
Hi, Colleen. Knowledge is power, and I’m delighted that folks are able to use information the calculator provides to avoid becoming victims of unscrupulous lenders.
I can’t take credit for the tongue-twisting password, though. The blogging software hands those out automatically. But I suspect you may be able to change your password if you edit your profile. (I don’t see the same screens you do, so I’m not sure where to tell you to look.)
Thanks….this is a great tool. Some of my borrowers wish to make additional payments to principal from time to time. How can I refigure the schedule,or can I? I sure hope so, because I don’t want to hand calculate….if even I could figure out how!
First, see the FAQ, Question #7 for part of the answer if the extra payment is consistent.
If the extra payment is irregular, then you will either have to use a spreadsheet to generate the table, or you could use the calculator, resetting the principal amount after each extra payment and running the scenario again. This doesn’t allow you to run a whole schedule, just parts of the schedule at each run.
I have used your site for amoritzation calculator and what I liked alot better than others it printed a lot larger than others. I went to print another schudule today and it was only half the size as the last one. I have my computer set on the largest print but it still didn’t print as large as the last one I printed on 1/9/2007. Is it my new printer or have you changed the size of the print? Is their anything I can do to make it print larger because I really do require the larger print. Thank you so much for your site Edna