Hi Josh,
I'm attempting to set up a standard amortized loan. The loan is amortized for 180 monthly payments but is expected to be paid in full (i.e. balloon payment) at or before 5 years. I can't seem to find where to setup the loan duration that won't affect the amortization. What am I missing?
What I've done for now is created the loan payment as monthly with an occurrence count of 180. Then calculate the payment amount and then adjust the occurrence to 60. I expect there is a better way.
Please advise.
Thanks,
Bob
Amortized loan with balloon pmt expected
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wtech_josh
- Site Admin
- Posts: 110
- Joined: Tue Jul 30, 2019 7:17 pm
Re: Amortized loan with balloon pmt expected
Hey Bob,
You figured it out on your own. When you want a balloon, and the payment is amortized over some longer period of time, in the loan wizard:
-Set the number of payments to the amortized period (like 180).
-Click Next.
-Set the payment to one of the Amortized Payment options.
-Click Back.
-Change the number of months to the lower number (like 60) and Moneylender will make the total outstanding balance due on the final scheduled due date.
And, of course, if you already know the payment amount, you can set the payments to 60 and type the payment amount from your loan contract into the box.
Doing it the first way also helps check if you have the info in the previous steps set correctly, Moneylender should be showing you the payment amount you expect as one of the calculated payment suggestions.
All the best,
Josh
You figured it out on your own. When you want a balloon, and the payment is amortized over some longer period of time, in the loan wizard:
-Set the number of payments to the amortized period (like 180).
-Click Next.
-Set the payment to one of the Amortized Payment options.
-Click Back.
-Change the number of months to the lower number (like 60) and Moneylender will make the total outstanding balance due on the final scheduled due date.
And, of course, if you already know the payment amount, you can set the payments to 60 and type the payment amount from your loan contract into the box.
Doing it the first way also helps check if you have the info in the previous steps set correctly, Moneylender should be showing you the payment amount you expect as one of the calculated payment suggestions.
All the best,
Josh