AnsweredAssumed Answered

Loan Amortization Schedule

Question asked by Chris on Jun 11, 2011
Latest reply on Aug 21, 2013 by BretMiller


Loan Amortization Schedule



I'm trying to build a Auto Loan Finance system and I'm working with Filemaker 11's PMT function successfully, however, I am building an amortization schedule to calculate balloon payments (eg. 60month term OVER 84 month amortization). I have a script that runs and generates the proper amount of records for each period or month and calculates the Interest, Cumulative Interest, Principle Balance, Payment Date, and Days Since Last Payment. What I've found is my system being out cents at the end of the loan and I believe this is because of some months being longer than others. I changed my calculations to calculate interest daily to compensate for this, however, I'm out a few dollars now.

It seems that when I was calculating it monthly it was closer to all the calculations that I was comparing to an online amortization schedule calculator. The first month's interest was out $.72 and every month here and there was out a penny.

I don't understand why? Am I missing something obvious?

I'm using the following data:

Principle Balance: 10500; Interest Rate:6%, Term & Amortization: 60 Months (keeping it simple before I get into balloon payments)

I've attached a copy of my script I'm working with. Note: The payment stays the same therefore I use 'Get Value from Previous Record'.