We have developed a clear, easy to use mortgage amortization table generator designed for Real Estate Sales Professionals, Lenders and individuals who want clear, easy to use, yet complete, calculations pertaining to all mortgages.
It seems that no other amortization sheet ever did what we needed it to do. Here's one suiting a private lender.
1. know annual interest income easily (totals for Dec. 31 not 12 months),
2. adjust the start date and know its cost effect (interest adjustment date)
3. set the monthly payment or the amortization at will
4. produce a discharge statement with per diem in any period.
5. determine adjusted cost base from principal reduction in the calendar year. (The accounting page does this for you)
6. calculate monthly or semiannually (Canadian mortgages) interest as needed.
7. calculate and print as many payments as you want
8. accurately deal with irregular prepayments
9. select any length amortization by 1 month increments
10. pick a rate to 2 decimals
11. account for renewal fees properly in your tax calculation
Naturally, the software provides monthly and semiannual calculation options. Canadian home mortgages are calculated semiannually by law so most amortization software available on the web is not suitable for Canadian use. You can see the appearance of the output as a PDF file on the link. Link to output All the inputs are on the input panel.
FOR THE REALTOR
You know how important it is to be have professional tools when discussing financing matters with your clients. This program generates a competent looking personalized payment table, easy to print in color or black on white to review with your clients when they ask advice about the benefits of ownership Vs renting or on choosing an amortization designed to enhance wealth. Working easily from your laptop this tool demonstrates your superior insight into the cost of home ownership.
FOR THE PRIVATE LENDER
The software generates a two page output. The first is the schedule while the second gives you annual income totals by calendar year for tax purposes. It also calculates the taxable benefit of lenders bonus in the appropriate year when multiple renewals, each with a fee, need to be accounted for at the proper time. Discharge statements are easy when you apply the per diem calculated. Taxable income calculations show differently depending on whether the loan spans the year end, was advanced during the current year or was discharged during the current year. Even with typical amortization calculators much output manipulation is needed each year to account for income, maintain accurate adjusted cost base and attribute lenders fees properly. Amortize eliminates hours of manual calculation from your year end.
Generated information handles prepayments made at any time and annual adjusted cost base calculations which allow principal, prepayments and fees to be taken into account. Length of tables generated is fully adjustable to suit the loan through multiple terms. Save schedules by client name and add renewal details for each client in every subsequent year until discharge. A real time saver.
FOR THE HOMEOWNER/LANDLORD
Experimenting with the input fields helps you decide the best prepayment alternative meeting your financial resources.
If you borrow for an investment property, the income for the lender also represents your deductible borrowing expense. Worthwhile to know at tax time.
Why use a web based simple calculator when you can have the full story from a lender's perspective?
The program runs on a spreadsheet template and operates in either a Microsoft windows or Linux environment using the free spreadsheet software called Open Office.org calc which is free to download at this link. http://www.openoffice.org/
It took a lot of time and effort to create a financial tool that actually does what you need it to do without someone trying to sell you a loan.
If you want this for your computer we will e-mail it to you for $29.95 You may order it here by paypal secure payment.