Friday, April 24, 2009

Free Loan Calculation Utility

If you are not rich enough to buy everything you need for cash – houses, cars, study tuitions, etc. – you can borrow money from the government or private lenders. The trick is that you will have to pay eventually not the original amount, but much higher, paying the lender for the opportunity to use the money for your purchase.

An amortization schedule is a table detailing each periodic payment on a amortizing loan as generated by an amortization calculator. While a portion of every payment is applied towards both the interest and the principal balance of the loan, the exact amount applied to principal each time varies (with the remainder going to interest). An amortization schedule reveals the specific monetary amount put towards interest, as well as the specific put towards the Principal balance, with each payment. Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal.

Amortization schedules run in chronological order. The first payment is assumed to take place one full payment period after the loan was taken out, not on the first day (the amortization date) of the loan. The last payment completely pays off the remainder of the loan. Often, the last payment will be a slightly different amount than all earlier payments.

In addition to breaking down each payment into interest and principal portions, an amortization schedule also reveals interest-paid-to-date, principal-paid-to-date, and the remaining principal balance on each payment date.

Serious buyers will not risk borrowing the funds, if they are not sure if they can pay for it. But, your payment and amortization calculation is not easy, and you do not want taking a risk to make incorrect decision. The free small utility will help you to perform the necessary evaluation every time you need to take the loan, to pay the outstanding balance, or to refinance on supposedly better terms.

Loan calculator is completely free & user-friendly amortization software. It makes loans management and repayment a more predictable and informed process.

There could be times when it feels you are paying towards a loan without making any progress towards reducing the liability. This free and reliable software works out your repayment plan in order to work out a loan management plan. The loans that you need to manage are generally on your house, car or a loan taken to refinance an existing loan. These loans can span from varying time periods and this software takes care of all time spans be it one month or fifty years. The efficiency and reliability of the tool are least effected by the time period for which it is calculated. You get a fair idea of your loan repayment pattern in order to manage your finances accordingly. The input required by the program is basic loan information such as principle, interest rate, and time span.

Once the resultant screen is displayed you can choose to either transfer it to an excel sheet or HTML.


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