Questions

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.)

199 Replies to “Questions”

  1. Bret, I can’t tell you thank you enough. I too, like many others, have been using this calculator in my mortgage business since it became available on the web. I’ve found nothing comparable and as easy to use. I couldn’t do my work without it. Thank you and cheers!

  2. I’ve used your calculator for probably 10 years now. I’ve used it to get myself out of debt, thoughtfully and effectively. I have since shared your site with my wife and we actively use it when we combined households. Thanks again. And thanks for the mobile update. That was a pleasant surprise!

  3. Hi Bret,

    Thank you for providing this service. I have been using your calculator for years. Is there a way that I can send a donation to help you maintain this wonderful tool?

    1. I’m always delighted to know that the calculator has been useful to folks. Thank you for letting me know.

      I’m also gratified that you’d like to make a donation to support the calculator. Since I have
      enough income for my needs, you could contribute to a local food charity in your area instead.

  5. Just wanted to add to the chorus of “thank yous.” I have been using your amortization calculator for years and I recommend it to all my friends. Your great tool and your willingness to share it are part of what makes the Internet great. Thank you!

  6. Hi Brett,
    Do you have a tool that can analyze approximately 20,000 loan accounts and generate a spreadsheet with the balance remaining on all accounts at maturity?
    The Amortization Calculator can perform this task one loan at a time; however, i’m looking for a tool where I can enter the data (i.e. principal, payments per year, annual interest rate, number of regular payments, payment amount, etc.) for 20,000 loans all at once and have the program generate a spreadsheet with the Baloon Payment results for the loans.

    Thanks.
    KD

    1. Hi, Kurt. Sorry, I don’t have any pre-built tools like that. I’d write a script for myself, but as a programmer, that’s my solution for everything. 😉

  7. I think that I need a loan calculator with an amortization scheduler.
    There are only 5 payments in total. See below.

    Out of 120 proposed payments he paid the following;

    Sept, 2008 250.00
    April 2012 $ 18,572.35
    June 2013 550.00
    July 2013 621.14
    Total paid $19,993.490

    .

    Loan principal amount: $56,413.07 Annual loan payments: $120
    Annual interest rate: 4% Monthly payments: $
    Loan period in years 10
    Base year: 2008
    Loan start date: Sept 26/08
    Start of first payment Sept 26/08

    This is a one-time calculation for a close friend. I am the lender

    I am not concerned with absolute accuracy and your help will be appreciated. Hope you can help.

    Thank you.
    Earle

    1. Because the payments are so irregular and few, you could do this with a simple calculator.

      Interest due is based on the principal remaining and the length of time. So for example, after the first payment of Sept 08 on the loan date, the remaining principal balance is $56,413.07 – $250.00 = $56,163.07.

      To illustrate the process, it looks like the next payment is 3 years and 7 months later. If interest were not compounded, then I would estimate the interest as 4% times 3.5833 years times the outstanding principal of $56,163.07 = $8,049.97. Subtract that amount from the next payment of $18,572.35 to get a principal reduction of $10,522.38. So the remaining principal is $56,163.07 – $10,522.38 = $45,640.49. And so on. (You shouldn’t rely on my numbers here: I just did some quick calculations to demonstrate how I’d go about this.)

      The numbers would be different if you are compounding interest.

  8. Hi Bret,

    I just downloaded your amortisation spreadsheet and IT IS AWESOME.

    I have been trying to find a good amortisation calculator, but nothing has as good as yours.

    I really appreciate you have been sharing this to others.

    Kind Regards,

    Chris.

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