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To project repayment options including itemized principal and interest.
From the GMS-RLSS Main Menu, select Amortizations.
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
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.