There are many loan calculators available on the internet for so called “free use.” They are mostly used by mortgage bankers as marketing tools for their main product, mortgages. Integrated Accounting Solutions is proud to have developed a free online self-amortized, interest only or balloon interest only loan calculator which does not have any strings attached. Now, you can easily log onto our website and start the process of calculating the terms and the loan amortization schedule of a loan. This requires absolutely no installation, no fees, and no headaches! On top of that, our interest only loan calculator has more features besides calculating regular loan amortization schedules used by mortgage banks. For example, users can setup loan type they would like to work with. You can select “Self-Amortized,” “Amortized Balloon,” or “Balloon Interest Only.” The available of 2 types of interest only loans is a great tools for many users.
Once you have selected your preferred type of loan, you will be greeted with easy to follow entry fields. You will begin by simply inputting the amount of the loan you would like to calculate. After that, you can select the interest rate, the rate basis of the loan, and the compounding options of the loan. Next, enter the closing date of the loan and the maturity date of the loan. You can also input the number of payments. This will automatically calculate the loan’s maturity date. Finally, you can select how frequently you would like the loan to be paid. In less than a few minutes, you will have successfully calculated what a prospective loan will look like in our easy to use online application.
Once you calculate the loan, you will be greeted with an easy to read grid of information. This grid will show you the pay date, payment amount, rate, interest payment, principal payment, and remaining balance of your loan for each payment. At the bottom of the grid, you will see how much money will be paid over the course of the loan, and how much of that payment is interest. The ability to see all of this information quickly is an invaluable tool for borrowers and lenders alike. You will receive a clear picture of what the loan schedule will look like, the breakdown between interest and principal in each payment, and the total amount of interest you will make as a lender or pay as a borrower.
Not only that, but you can quickly generate and print payment coupons. With one click, you will be given loan payment coupons that include the amount due, the due date of the payment, the address of your borrower, and the address that the borrower needs to send the payment to. It is simple, easy to read, and even easier to keep track of.