Amortization Calculator

For small to mid-sized financial institutions, the Amortization Calculator empowers customers to quickly and accurately determine how much each payment will go toward principal and interest and what the long-term interest costs will be. This calculator works for any loan with fixed monthly payments and defined end date. The schedule can help borrowers determine equity, consider refinancing options, or be used by lenders in servicing loans. Easily integrate the Amortization Calculator into the current LOS or Core systems.

Installing App Store Applications

1. Navigate to the App Store in the Folders tab.
2. Search for the Amortization Calculator in the Not Installed section and select Details. 
3. On the App Details Page, select INSTALL.
   

What's Included

Below is a list of items included in the Application. Hidden items are marked with an asterisk. 

Flows

• Amortization Calculator [Primary]
• Amortization Calculation
• Get Interest and Principle Paid for Current Year
• Set Unit Term for Value
• Build Data For Amortization Schedule
• Calculate Interest Paid From Monthly Interest Rate
• Calculate Realy Balance List
• Create Line Definitions List
• Full Calculations for Amortization
• *[AFF] Calculate Principle and Interest Paid
• *[AFF] Show/ide View Charts buttons with labels
• *[AFF] Validations on Form Controls
• *[AFF] Clear Validations on StartUp
• *[AFF] Rest Loan Amortization Calculator
• *[AFF] Set Current Date
• *[AFF] Set Loan Start Date

Forms

• Amortization Schedule
• Loan Amortization Calculator
• Loan Amortization Graphical Representation

Diagram Tile

• Loan Amortization Bar Graph

Rule

• Loan Amount, Interest rate, Term in Months are null

Data Structure

• AmortizationReport

Glossary of Terms

Configuration

No additional setup is required once the Application is installed. Follow the below sections on Implementation to embed or run from a URL as a service.

Embedding the Form

The Form can be used on an external Page. Follow the article on Embed a Form in a Web App to achieve this implementation.

Run the Flow from a URL

Flows can be run using a URL. This can be accomplished on the Primary Flow Amortization Calculator. Follow the Running a Flow from a URL article to achieve this.

Amortization Calculator [Primary Flow]

This Flow runs the Amortization Calculator Form, which computes their total payback and interest by giving the inputs such as loan amount, interest rate  (APR%), and term in months to the calculator.

1. In the Loan Amount Currency Box, enter the total loan balance. This is a required field.
2. In the Interest Rate Number Box, enter the current interest rate in the market. This is a required field. 
3. In the Term in Months Number Box, enter the time to repay the loan in months. This is a required field. 
4. By default, the Loan Start Date will always be the current date; the end user can change this. 
5. Select CALCULATE or hit the "Enter" key. This will populate Total Payback and Total Interest in the results fields. 
6. Select View Chart to be redirected to another Form that contains a bar chart displaying the amount of Interest, Principle, and Payback that will be paid over the repayment period. 
7. Clicking on the VIEW SCHEDULE button will display the Amortization Schedule data.
8. Clicking the BACK button will return the end user to the calculator form. 
9. Select RESET to clear all Form Fields.
10. Clicking the 'X' button will end the Flow.