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Hi, Mo. I don’t think I fully understand the situation as you’ve described it, and neither do I have a clue where to find a formula for this type of loan scenario.

Good luck!

Bret

Hey Bret 🙂

Thanks for hosting the calculator on the net. Your application is what I’ve been checking my amortization calculations for years!

I’ve ran into a bit of a situation, which from what I can see your calculator doesn’t handle. Do you know how to calculate a loan which has multiple interest rates? For instance:

the first 100 dollars of principle amortized @ 15% using 5 payments

the second 100 dollars of principle amortized @ 35% using 5 payments

the third 100 dollars of principle amortized @ 40% using 5 payments

for a total of a 15 payment loan. Terms can be monthly, weekly, bi-weekly, etc..

Do you know where I could find a formula which in layman’s terms explain the calculations? Im trying to program an amortization formula which will handle the loan above.

Mo

Hi, ybynum. It is always a relief to have information validated from another source. I’m glad, for your sake, that you’re not being cheated, and I’m pleased to know that the calculator has been helpful in this regard.

And hello to you, Jennie! Nice to hear from someone so far away! So what happened to two of the Apostles? Have they become heretics and banished from the coast? 😉 or has a rising sea from climate change consumed them?

Hello Bret, Greetings from Australia. I use your amortization calculator all the time, and it’s spot on! I was unable to find an Aussie calculator that was easy to use. So congratulations! Also note you use the 12 Apostles picture (located in Victoria) at the start of your blog. (Although there is only 10 now). All the best Jennie

I want to thank and commend you on your calculator. I have entered “amoritization table” in the search engine for many months, today was the first time your site popped up. On first use I was able to get exactly what I wanted. My mortagers have been losing and misapplying my mortgage payments for months and I wanted to make sure I wasn’t beeing cheated. It appears my balance due after a year and a half is about on target. I will be using your site in the future.

Hi, David. I believe I have seen a commercial product that does what you require, but I don’t remember what it is off-hand. I’m sure it will turn up with enough googling.

I need an ammortization calculator that will enable me to enter all of the criteria (original principal balance, interest rate, term, etc.) and will also allow me to enter the actual amount paid and the date that the payment was actually posted. The ammortization would need to recalculate the remaining balance each time a payment and amount are entered. The interest rate also needs to be able to be changed periodically as the loan has re-set provisions.

Do you know where I can find this type of ammortization schedule?

thanks for your response Bret. I realize you may not be able to comment on specifics. I just wanted to be sure my understanding of the math was correct. It would seem to me that if the oposite were correct it would be an interest free loan until the first payment was made.

God bless and thanks again for creating the calculator.

Hi, DJBertus. I’m sorry, but I don’t know that I can comment on your situation. I am not a lawyer or a banker, and this seems more a question of terms of contract than of mathematics. Perhaps you should consult with a lawyer or accountant.

But as to the question about the amortization process, the interest part of the payment covers the span of time between payments (or the start of the loan). So the payment due in January includes interest covering the period from 10/1 to 1/1. If that payment is not made in time, then the calculation of interest for the next payment will be incorrect, since it was determined based on the projected outstanding principal if the first payment had been made as scheduled.

Good luck!

Hi, JJM. I’m flattered that you think well of what I’ve written, and I thank you for taking the time to let me know.

Learning to transcribe music is a skill that may take some time to master. To start, it would help to have a basic knowledge of music notation, and I’d recommend that you find a book on learning to read music, or find a patient musician friend or relative who would be willing to teach you.

While you’re working on your musicianship skills, I’d also recommend that you start to record your songs. It doesn’t take much equipment. Even with the basic sound card on your computer, you may be able to simply plug in a microphone and start recording your songs digitally. In this way, the definitive rendition is available to posterity, but the transcription process can develop at your leisure.

Best wishes!