Amortization schedule
The amortization schedule shows, installment by installment, how much of each payment goes to interest and how much goes to principal. It only exists for Amortized loans.
See it while creating the loan
When you choose Amortized in Loan Type, you have two places to see it:
- In the Loan Information card, tap Amortization Schedule. It turns on once you have picked the customer and entered the amount. The full schedule opens with a summary at the top (Loan Amount, Fixed Payment, Total Interest and Total Payments) and a Confirm & Create button at the bottom, in case you want to create the loan from there.
- Or tap Continue and, in the summary, tap Amortization Schedule to expand it. Above the table you have the icons to Print or Share the schedule as a PDF.
See it on an existing loan
- Open the loan and tap its card to see the Options.
- Tap Print / View.
- In the loan report, below the loan information, you'll find the Amortization Schedule section.
- At the bottom you have Share and Print to send or print the full report as a PDF.
How to read the columns
- No.: the installment number.
- Date: the date that installment is due.
- Balance: the principal owed at the start of that period.
- Interest: the interest for that installment, calculated on the Balance.
- Amortization: the part of the installment that reduces principal.
- End Balance: the principal left after that installment is paid.
The installment is the sum of Interest and Amortization. Because interest is calculated on what's left, each installment carries less interest and more principal than the one before. The last installment closes out the exact balance, so it may differ by a few cents.
The schedule is a projection built from the loan's amount, rate and number of installments. It doesn't change with the payments you record: if the customer pays more, less, or pays down principal, the real interest on the following installments will be different. To see what was actually paid, use the payment history.
The calculation in detail, with an example, is in Installments and interest.
On the web
On loanadmin.app, click Amortization Schedule while creating the loan to open it full screen, with a Total row at the end. On the detail page of an amortized loan, the Amortization Schedule appears directly on the page.