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Wondering what's been happening with home values? See home value trends in more than 400 metro areas with HSH's Home Value Tracker.

Wondering what's been happening with home values? See home value trends in more than 400 metro areas with HSH's Home Value Tracker.

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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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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