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How do I create a custom amortization schedule?

Q: I need to create a custom amortization schedule for a $20,000 loan, 7% interest, first year monthly payment of $200, $300 per month thereafter. I need a complete schedule and final payoff date. Can you help?

A: HSH.com's Homebuyers Calculator Suite allows for complex amortization. You need to first change the term until you find a $200 per month payment (or close to it); in this case, it is about 150 months. Then, you'll start prepaying the loan by an additional $100 per month starting in month 13. That chops the total term down to 91 months, with a total interest cost of just over $6,000 for the term. You should download a copy of the calculator so that you can create and print the schedule you need.

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