Loan Simulator 2.4
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Loan Simulator is a simple and powerful application for simulating loan scenarios, from auto loans to home mortgages.
Loan Simulator offers an unparalleled feature set at an unbeatable price. But it doesn't stop there. Loan Simulator is customer driven. Since its introduction, more than 75% of new features have been requested by customers! The best keeps getting better!
The following types of loans can be simulated:
-Conventional, simple-interest loans (the "standard" loan)
-Canadian-style loans (interest is compounded semiannually regardless of payment frequency)
Furthermore, a "balloon" amount can be set for each loan type except for interest-only. This is the final balance once all payments are made. Most loans have a final balance of zero and this is the default value.
The following payment frequencies (and compounding frequencies) are supported:
-Biweekly (every two weeks - a fortnight)
Loan Simulator allows an extra amount to be added to a payment. This extra amount is applied directly to the loan principal for each payment. The extra amount can be specified so it applies to:
-A single payment
-A range of payments
Extra amounts added to the payments can be specified in two ways:
-Add the total desired payment into the Periodic Payment box. The extra amount is automatically calculated and entered into the Extra Payment box.
-Add the desired amount into the Extra Payment box.
Double-clicking an individual payment amount in the amortization table allows setting a payment amount specific to that payment. The loan is re-amortized automatically. If multiple payment rows are selected, the edited payment value is applied to all of the payments.
To simulate an adjustable-rate loan, set the initial interest rate and the full loan term. To change the interest rate for a period of time, select all of the payment rows for that period of time and double-click on the rate column for any of the rows. Set the new interest rate and it will be applied to all of the payment rows. The required payment for that period of time will be re-calculated.
Hovering over a payment in the amortization table will bring up a tooltip that displays that total principal and interest up to and including that payment. If multiple payments are selected, the tooltip will display the total principal and interest for only the selected payments.
When simulating an interest-only loan, the Balloon Amount is ignored.