Loan Amortization Software

[Seth Williams]

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!

[Brian Gibbons]

Download

https://app.box.com/s/luhx9hupby8w7ll59fn7b42uicvb...

Excel Sheet

@Seth Williams Thank you for all you do :)

[Seth Williams]

Thanks for sharing @Brian Gibbons!

Does anybody else know of any good loan management / amortization software solutions out there?

[Josh Norris]

@Seth Williams

Seth,

Did you ever find any other software?  Looking for something mac friendly.

[Seth Williams]

Good question @Josh Norris. It's been surprisingly difficult to find any good information out there, especially for mac-based software. One I'm looking into right now is called ZimpleMoney, which looks like it could be promising - but I still don't know enough to have any solid opinions on it.

If you're willing to install Windows on your Mac (like this), then a lot of additional software options will open up for you...  but even so, I'd love to find something that's either web-based or compatible with the Mac system. For all the Apple computers in the world, it seems like there's got to be something out there.

[James Maher]

Sean,

The formulas for loan amortization are pretty simple and most of the time you can just use factor table that is based off of easy to calculate values (example $100,000).  You then just multiply that time the factor that would get you to your actual loan amount.  Anyways, I think it's helpful to understand how the math works, so run a few calculations yourself, you'll find it's really easy I believe.  It will help you in the long run.

[Seth Williams]

Thanks @James Maher - but we're actually talking about much more than just a loan amortization formula. We're looking for a full, all-encompassing software solution... something that allows users to add monthly servicing fees, generate closing statements, payment coupons, track payments, factor in partial payments, calculate late fees and much more.

I can certainly appreciate what you're saying, but the loan amortization numbers are just a small part of the overall solution.

[Roy N.]

Seth:

Veritex has a handful of excel spreadsheets which will provide you with full amortization scheduled for various types of loans.   There is not much in the way of handling administration/service fees.

[Josh Norris]

@Seth Williams Check out https://www.autopalsoftware.com/index.html, I just downloaded the demo and it seems to have everything that I am looking for plus more.  It is web based so mac friendly (so far).  The costs seem a bit high but maybe its just me being frugal:)  There is a one time set up fee that is $2500 and then a monthly cost based on how many loans you are servicing, $99 per month for 1-50.  Maybe bigger pockets should work some magic on the advertising side and get the members a deal;)

Let me know your thoughts if you decide to check it out.

Note:  I am not affiliated with autopal in any way.

[Seth Williams]

Thanks for the heads up @Josh Norris - that's good to know. 

I agree, that cost does seem a bit high for most smaller operations, but the fact that it's mac-compatible is a nice perk (since nobody else seems to have gotten on the mac bandwagon). I suppose the cost would be easy to justify once you have a handful of loans paying for it, but I can see how it would be difficult for someone to shell out that kind of cash when they've got nothing and they're starting from scratch.

Nevertheless, that's a good option to know about. Thanks again for sharing!

[Joe Kooner]

@Seth Williams I think Steve Butala uses Mortcare. Might be worthwhile to connect to with him and see if it works for you.

[Anthony Patrizi]

@Seth Williams another web based sure you might like is rentecdirect. I have used it in the past and I believe has everything you want or at least mentioned. The site could definitely be setup a little clearer for my liking but see what you think. There is a free trial FYI.

Good luck, Tony

[Seth Williams]

Thanks for your input @Joe Kooner and @Anthony Patrizi!

[Joe Kooner]

@Seth Williams No worries, please let me know what you find as I'm looking to transition in the future as well.

[Account Closed]

Originally posted by :

...you might like is rentecdirect. I have used it in the past and I believe has everything you want or at least mentioned. 

I can't find any mention at https://www.rentecdirect.com/ of amortization.  Does anyone know if they offer it?

[Account Closed]

https://www.rentmanager.com/ seems to be a superb product at a very fair price.  I'm getting a live demo soon to check it out.

[Robyn J.]

Seth - have you looked at T-Value. Check out timevalue web site for more info.

[Lazar Hausman]

Any update on this subject?  I am a one-man shop with seller-financed properties as well.  I do have a master amortization in excel that calculates the basic payments for me, but I need something where I can enter extra principal payments when the borrow pays extra.  I am aware that I with a few small modifications I could do this within the excel sheet I currently have, but I'd prefer to use software if there is something out there that is reasonable.

[Seth Williams]

Hi @Lazar Hausman - yes actually... I did a pretty deep dive into an online service called ZimpleMoney earlier this year. It's basically a cloud-based loan amortization software that not only calculates the payments, but can even collect them automatically from your borrower via ACH and email notifications to all parties when needed. 

Honestly, it's WAY better than any other standalone software package I've ever seen, because in a way, it acts like a full-blown loan servicing solution, by collecting the payments and notifying all parties if/when payments are missed (which happens much less often, because the payments come out without anybody thinking about it).

[David Fligor]

This is a very old thread, but TValue now has an online version that works on Macs, iPads, iPhones, etc. Price is very reasonable at $60 per year. See  https://www.timevalue.com/tvalue-online. I have not tried it, but it looks better than trying to build everything you would need in Excel.