Upgraded to support Android SDK 29
Home loan amortization scheduler provides below set of features as a part of yearly/ monthly subscription including free trial period! You can cancel the subscription anytime during the trial period without any charges.
You can create multiple Amortization Schedules by creating new Cases for yourself or for your customers. And you will be glad to know that these schedules are editable. Yes, you can add prepayment or change Rate of Interest by editing any Installment from the schedule chart!
Features-
You can find out monthly installment (EMI) amount for given principal, interest rate and chosen term of loan (in months).
Also the app allows you to select start month and year before calculating whole amortization schedule.
Most important feature as stated above is, you can edit individual installment in a schedule chart and update any of the following fields
- Interest Rate
- Pending EMIs
- Monthly Premium
- Prepayment
Once you update any installment, application will automatically recalculate the schedule and show updated chart.
For example,
1. If you prepay some amount to the lender, all subsequent EMIs will change as now you will pay less interest on pending principal, resulting in less number of pending EMIs.
2. If you change pending EMIs field (want to close loan in next x months) then system will automatically adjust your monthly premium and update schedule chart accordingly.
3. If the lender changes interest rate, then the number of pending EMIs will change accordingly.
4. If you decide to change premium, then system will adjust pending EMIs accordingly.
Application will also remember the status and complete customized charts for you even if it is restarted.
You can even email the schedule charts to anyone.
Application also provides the Loan Account Summary with below details
- Total Interest Paid
- Total amount paid in EMIs
- Total prepayment etc.
This will help you to analyze and optimize the loan calculations.
PLEASE NOTE THAT -
Although we have tried our best to test the calculations for their accuracy, please consult with financial professional before making any decisions. This application is for guideline purposes.
Depending upon prevailing rules, prepayment done in the middle of the month may require you to pay prorated interest for that particular month. Our application assumes prepayment is done on the first day of the month in order to avoid complexity.
