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Updated almost 6 years ago, 03/02/2019
Loan Amortization Software
Does anybody know of any good Loan Amortization software solutions out there?
I've been using Loan Amortizer Enterprise (loanamortizer.com) on my PC for several years. It's a pretty decent program and it gets the job done most of the time, but it's also a pretty old piece of software and it doesn't seem to work on a Mac - which is a little problematic.
I know there are dozens of smart phone apps that can do the basic amortization calculations these days (mostly - generating amortization schedules and calculating loan payments) and I'm sure there are probably dozens of other highly sophisticated loan management software solutions out there (I know even Microsoft Excel has a standard amortization template), but I just need something that can do the following:
- Generate a full amortization schedule based on loan amount, interest rate, number of payments, balloon payments, additional monthly fees, etc.
- Generate payment coupons and/or reminders that can be mailed/emailed to the borrower each month.
- Track loan payments and determine past due amounts and late payment fees, if needed.
- Generate year end interest paid statements.
I'm not a big loan servicing outfit, so it doesn't need to to be overly complex and have ALL the bells and whistles. I'm just a one-man shop trying to manage a small handful of seller financed properties in-house.
If anybody knows of a good software solution that might be a good fit for someone in my situation, I'd love to hear about it!