You are here: Amortizations > Amortizations

AMORTIZATIONS
Function 
To project repayment options including itemized principal and interest.


Operating Instructions 
From the GMS-RLSS Main Menu, select Amortizations.

​

Amortization Tab ​
Loan Amount

Months Amortized


Payment Amount


Interest Rate %

Payments Per Year

No of Payments


Each Payment


Add'l Service Fee

Total Payment

Note Date

First Payment Due

​
​Final Payment Due
Enter the amount of the projected loan.

Enter the term of the loan in months (ex: 2-yr term would be entered as 24 months) 

If "Months Amortized" is unknown, enter the amount of one payment 

Enter the interest rate (ex: 5.75% is entered as 5.75) 

Use the combo box to select the frequency of payments. 

Automatically calculated by the program if you entered the Payment Amount rather than Months Amortized. 

Automatically calculated by the program if you entered Months Amortized rather than Payment Amount 

If service fees are applicable, enter the amount in this field. 

Automatically calculated by the program 

Select the potential closing date from the calendar. 

Select the date the first payment is due (see Things You Should Know) 

Automatically calculated by the program. ​
Note: The final payment may be edited to create a balloon payment at the end of the loan. If edited, the day of the month on which the final payment is due must coincide with the first due date. Example: first due date is 04/01/09, so final payment must be due on the 1st of the month also.

Edit Amortization Schedule Tab 

After Printing the Amortization schedule from the Amortization tab, you may then select the Edit Amortization Schedule tab to edit the payment amount if it is to change mid-term. Only the Payment Amount may be changed and after you do so, your cursor must exit that box for the recalculation to take place. Should this new payment amount be smaller than the original payment amount, a balloon payment will be listed as the final payment. The length of the loan will not be extended. You may wish to create a second amortization schedule with this balloon amount if the term needs to be extended.

Things You Should Know 
  • Schedules may be prepared, printed, saved, retrieved, edited and deleted with no impact on Loan Master files. 
  • “Payments per Year” determines the frequency of payments. 
  • Upon selecting to Print your Amortization Schedule, you will be given the opportunity to enter an Optional Message to appear on your schedule. 
  • If the “first payment due” date is edited, the screen message “Since you have changed the first payment due date, do you wish to adjust interest in the first payment?” will appear. 

Responding “Yes” will adjust the interest portion of the initial payment to the amount of interest that will accrue between the note date and first due date. If the first due date is extended beyond the regular payment’s ability to cover accrued interest, you will see that interest reflected in the final column. As future payments are made, this accrued interest is collected.

Responding “No” will result in the first payment calculating the interest portion of the initial payment as one payment cycle’s interest, normally one month’s interest.
​
  • Balloon payments may be created by editing the final payment due date to a date prior to the one automatically calculated by the program. 
  • When amortization schedules are saved, a loan number and/or name is required. That name or number is then used to retrieve the saved schedule. 
  • If you entered a "Payment Amount" rather than "Months Amortized", the final payment may be a small amount. Should you wish to include this amount into the payment immediately before, you may either select the Edit Amortization tab and change that payment amount or rerun your amortization schedule changing the final payment date to one payment earlier.