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A self-amortized loan is a loan in which the payments consist of both principal payments and interest payments. The way this loan is set up involves a payment system that will allow the loan to be paid off by the end of a scheduled term
The most important feature of a balloon loan comes at the end of the payment term. At the end of the term, the borrower will be expected to make one payment that is usually quite a bit larger than their usual month-to-month payment.
In an interest-only loan, the borrower will only pay the interest each month. They will not be putting any money towards the principal payment. This kind of loan possesses the biggest risk for both lender and borrower because the lender does not have added security of diminishing loan amount.
LoanAssistant™, is the only loan servicing add-on for QuickBooks® that allows you to efficiently manage multiple loans and credit lines. With LoanAssistant™, your loan data will show up in QuickBooks® without double entry. LoanAssistant™ is a flexible and intuitive software that helps companies in various industries manage their loan portfolios. Seamlessly integrated with QuickBooks®, LoanAssistant™ gives you the power to service and track all your loans in one easy-to-use tool. Its built-in features provide full servicing, comprehensive reporting and tax filing, making LoanAssistant™ the ideal choice for QuickBooks® users in the lending industry.