Mortgage amortization software functions as a mortgage and loan management tool for those who need to track mortgages and loans as well as generate amortization schedules for planning purposes. It is available in different versions designed for different entities such as finance professionals, individuals, and government agencies.
The software has different tools that allow users to view any number of extra payments made during the loan repayment period and individually override any payment amount. Users can also effect changes in equated monthly installments (EMI) to see the affect of different payment frequencies and interest rates on the overall interest costs and loan retirement time.
It allows users to generate different amortization tables based on different EMI amounts that can be saved and stored for future referrals. It helps in selecting the best available mortgage amortization plan available in the market by comparing loan amounts, interest rates, payment frequency including accelerated payments, interest compounding frequency, and principal/ interest breakdowns along with running totals of interest paid and principal owing. Users can check the effects of changing payment amounts and extra payments that are made weekly, monthly, or yearly during the loan repayment period.
It allows users to print mortgage amortization schedules for the complete repayment period in multiple formats or specify a date range for printing schedules limited to a certain period. Users have the option of specifying a start date for the schedule or use generic time references from any of the numerous day-count conventions enabled by the software. Compounding methods used for generating amortization tables are based on US and Canadian mortgage rules and regulations.
The software is also capable of generating negative amortization schedules and handling different payment types such as normal, interest only, fixed principal plus interest, increment by dollar, and increment by percentage. It is compatible with all versions of windows operating systems and requires a minimum of 45 MB free disk space to function properly.
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