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Updated almost 6 years ago,
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!