Loan Data Screen
 

Date Loan was Issued:
 

• Enter the date the loan was issued. If prepaid interest was collected be sure to fill in the Date Interest Prepaid To field.
   
• If the date loan was issued is unknown, try setting the date to one period before the date of first payment.  For example: If the 1st payment on a monthly note was 3/1/02, try using 2/1/02 as the issued date.
   
• A pull down calendar is available by double clicking the Date Loan was Issued field.
   

Date Interest Prepaid To :
 

• If prepaid interest is collected, enter the date that interest is paid to.
   
• Enter NONE if no prepaid interest is collected.
   
• If a date is entered, it will become the date that interest starts to accrue.
   
• A pull down calendar is available by double clicking the Date Interest Prepaid To field.
   

Date of Balloon Payment:
 

• Enter date when BALANCE of loan is due (Balloon Date).
   
• Enter NONE if no balloon is scheduled.
   
• Should you wish to schedule several Balloon payments, you may schedule these using Enter/Edit EXTRA PAYMENTS & CREDITS.
   
• A pull down calendar is available by double clicking the Date of Balloon Payment field.
   

Initial Principal Amount:
 

• The Principal is the amount of the loan, mortgage or trust deed.
   
• The amount must be between $0.01 and ($100,000,000,000,000.00).
   
• You may enter a number or a calculation with or without separators. For example: $1,200*12 or $14,400 or $14,400.00
   
• Currency sign and separators are automatically inserted by EXEC-AMORT and do not have to be entered.
   

Future Value:
 

• The Future Value is the amount remaining on the loan or mortgage after all payments have been applied. Many loans have a Future Value of 0.
   
• You may enter a number or a calculation with or without separators. For example: $45,000-$18,000 or $27,000 or 27000 or $27,000.00
   
• Currency sign and separators are automatically inserted by EXEC-AMORT and do not have to be entered.
   
   

Date of Initial Payment:
 

• For all loans this is the date when the first payment or deferred payment is due.
   
• All future payment dates are based on this date.
   
• You may select a date different than that chosen by EXEC-AMORT simply by typing over it. (Type the complete date MM DD YYYY).
   
• A pull down calendar is available by double clicking the Date of Initial Payment field.
   
   

For an Adjustable loan:
 

• At the Loan Data tab, after you have entered the initial loan information, click on the Add button.
   
• After clicking the Add button, a new adjustment section opens that allows you to change loan parameters such as:
   

1. Interest Computation
2. Interest Rate
3. Payment Scheduled
4. Payment Calculation Mode
5. Periods Amortized Over
6. Payment per Period
    

• The changes to the above parameters will be effective for the remainder of the loan or until the next adjustment date.
   
• There are two methods to view the different adjustments you have made to a loan,
   
• Click the Next or Previous button to move between adjustments.
   
• Click the Table View button that shows you in table view the adjustments to the loan.
   

Interest Rate Adjustments:
 

1. Start by entering in your initial loan data information
    
2. Include the Date of Initial Payment
    
3. Include Interest Rate Per Year (the interest rate that the loan started with).
    
4. To make interest rate adjustments, after you have entered the starting loan information, click the add button.
    
5. In the Date of Adjustment #x (x is the adjustment number), insert the payment date that the new interest rate would affect, this would be the date the first payment of the new adjustment is Due. The interest rate for a new adjustment begins calculating on the date of the previous scheduled payment.
    
6. A new Date of Adjustment needs to be entered for each subsequent interest rate change. 
    
7. The rate in effect, continues until either a new rate becomes effective or until the loan ends, whichever occurs first.
    
8. Next, select the interest computation mode, the factory default is set to Ordinary Method.  NOTE:  If you have started the loan with in interest computation method other than the Ordinary method (such as Actual/365 or Actual/360), you mayl need to adjust this field to match your initial selection, unless you are changing the method of interest calculation.
    
9. Next, insert the new interest rate
    
10. There is no need to make any other changes for an interest rate adjustment, leave the other loan parameters as they stand.
     
     

Customizing a loan through an Adjustment:
 

• In addition to interest rate changes, a very useful way to customize a loan is through an ‘Adjustment’ to the originally input loan parameters. 
   
• The loan parameters that can be customized and adjusted include:
  • Interest Rates
  • Interest Computation Mode
  • Payment Scheduling
  • Payment Calculation Mode
  • Periodic Scheduling
  • Skipped Payments
  • Re-Amortization length
     
• Exec-Amort, being a date senstitive program, places all changes so that they occur in the date order specified, no matter if the user put the information into the computer non-date sequenced, the software re-orders the input date to occur in sequence. 
   
• Other items that you can adjust can include interest rate changes, period changes and re-amortization length.
   
• The changes or adjustments that are made to the automatic portion of Exec-Amort continue until either a new rate becomes effective or until the loan ends, whichever occurs first. 
   

Changes in Interest Computation Mode
 

• Ordinary
   
• Actual / 365
   
• Actual / 360
   
  NOTE:  When mixing interest computation modes within a loan, mortgage or trust deed, the APR reporting function is disabled.

Changes in Payment Scheduling
 

• Monthly
   
• Quarterly
   
• Bimonthly
   
• Triannually
   
• Semiannually
   
• Annually
   
• Weekly
   
• Biweekly
   
• Every 4 weeks
   
• Every 13 weeks
   
• Every 26 weeks
   

Changes in Payment Calculation Mode
 

• P+I = Principal plus Interest
   
• FP+I = Fixed Principal plus Interest
   
• IO = Interest Only
   
• D = Deferred / skipped payments
   
• P+I S = Principal plus        
   
• FP+I = Fixed Principal plus Interest
   
• Deferred or Skipped Payments:
   

Adjustments can also be in the form of skipped payments (also known as deferred payments):
 

To create a loan amortization to show when a client has skipped payments:

1. If the client has only skipped a few payments you can easily make the adjustments in the Loan Data Entry screen
    
2. Enter the initial loan data
    
3. When the client starts to skip payments, the date for the first payment skipped begins at the Date of Adjustment x and continues to skip until another adjustment date is entered that re-starts the payment stream or until a balloon date is reached if you selected a balloon date.
    
4. Select Deferred as the Payment Calculation mode.  This shuts off the automatic payment from occurring.  Note that on the amortization report, a printed line that includes a date and an interest charge for the period(s) missed will appear.
    
5. A new date of adjustment needs to be entered for each time that payments start back up.
    
6. Should the payments begin skipping again, a new date of adjustment needs to be entered when the skip started.  Select Deferred as the payment calculation mode.
    
7. Should irregular payments come in during a skipped payments session, you can enter those payments through the Extra Payments tab.
    
8. When you have skipped payments and wish to keep the original amortization length, the new amount of payments that correctly amortize the loan under the original amortization length are properly recalculated upon re-start of the automatic payment stream.
    

Erratic Payments:

If payments for a loan are erratic, where some payments are made on time, other times payments are missed, and /or payments are made at varying times and varying amounts, it is best to:

1. Set the loan Payment Calculation Mode to Deferred.
    
2. Set a balloon date that would terminate the loan at a certain date, otherwise the loan continues to infinity and you will receive an error message from Exec-Amort indicating the loan data is incomplete or has errors.
    
3. Enter any payments received under the Extra Payments portion of Exec-Amort.  Here you can record the date payment was received, how much was paid and how you want the payment distributed.  When payments are recorded in this way, by default, any accumulated interest  is paid off first with the remaining amount being applied to the principal.  For more details on how to distribute extra payment moneys see Extra Payments section.
    
4. You can save the loan to a data file, retrieve a saved file, post payments and re-save the file.  This helps to eliminate re-creating the loan each time payments or adjustments to the loan need to be made.

Interest Computation Mode:
 

Use the pull down arrow at the end of the field to select from the following three modes:
 

• Ordinary   Method: Interest calculation is based on a 360 day year. Each period is treated as having equal number of days.
  When Ordinary Interest is selected the interest due is calculated based on equal length periods regardless of the actual length of the period. If the first period is not a full period then the first period interest and/or payment amount will be adjusted according to the options selected for LONG PERIODS and SHORT PERIODS under Report Calculation Options.
   
• Actual/365 Method: Interest is based on a 365 day year. Interest is based on the actual number of days in each period.
  When Actual/365 Interest is selected the interest due is calculated for each period on a per diem basis. The interest amount calculated is based on (actual elapsed days)/365*(ANNUAL INTEREST RATE). For Example:  A loan is issued on March 15th with monthly payments due beginning May 1st. The interest amount due on May 1st would cover 46 days.
   
• Actual/360 Method: Interest is based on a 360 day year. Interest is based on the actual number of days in each period.
  When Actual/360 Interest is selected the interest due is calculated for each period on a per diem basis. The interest amount calculated is based on (actual elapsed days)/360*(ANNUAL INTEREST RATE). For Example:  A loan is issued on March 15th with monthly payments due beginning May 1st. The interest amount due on May 1st would cover 46 days.
   

Interest Rate per Year :
 

The interest rate entered must be the effective annual or yearly rate. Any value between 0% and 1000% can be directly entered. The interest rate may also be entered as an expression like: 13 3/4% or 12*1.5%  If you enter the PERIODS AMORTIZED and toggle the PAYMENT CALCULATION MODE  to P+I S and leave the INTEREST RATE blank, EXEC-AMORT will solve for the unknown interest rate when making the amortization report.
 

Payments Scheduled (Payment Scheduling Options): [eleven way switch]:
 

Use the pull down arrow at the end of the field to select from the following eleven modes:
 

• Monthly = (12 payments per year)
  There will be a payment scheduled every month, 12 payments per year, beginning on the DATE OF INITIAL PAYMENT. If you have selected monthly payments, each year has TWELVE (12) PAYMENT periods  A loan amortized over one year will have exactly TWELVE (12) payment periods. You  may enter the actual number of payment periods, or you may use the built in calculator. For example: 240  or  20*12.
   
• Bimonthly = (6 payments per year)
  There will be a payment scheduled every two months (Bimonthly), 6 payments per year, beginning on the DATE OF INITIAL PAYMENT. By selecting bi-monthly payments, each year has SIX  (6)  PAYMENT periods. A loan amortized over one year will have exactly six  (6)  payment periods. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 120  or  20*6
   
• Quarterly = (4 payments per year)
  There will be a payment scheduled every 3 months (Quarterly), 4 payments per year, beginning on the DATE OF INITIAL PAYMENT. By selecting quarterly payments, each year has FOUR  (4) PAYMENT periods. A loan amortized over one year will have exactly four  (4) payment periods. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 80  or  20*4
   
• Every 13 weeks = (4 Payments per year)
  There will be a payment scheduled every 13 weeks, 4 payments per year, beginning on the DATE OF INITIAL PAYMENT. When you select this option, payments will be due on the same day of the week. For example: On Mondays. Each year there are 4 PAYMENT periods.  The periods amortized over need only be specified for the first interest step.
   
• Triannually = (3 payments per year)
  There will be a payment scheduled every 4 months (Triannually), 3 payments per year, beginning on the DATE OF INITIAL PAYMENT. By selecting Tri-Annual payments, each year has THREE (3) PAYMENT periods. A loan amortized over one year will have exactly three (3) payment periods. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 60  or  20*3
   
• Semiannually = Every 26 weeks (2 payments per year)
  There will be a payment scheduled every 6 months (Semiannually), 2 payments per year beginning on the DATE OF INITIAL PAYMENT. By selecting Semi-Annual payments, each year has TWO (2) PAYMENT periods. A loan amortized over one year will have exactly two (2) payment periods. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 40  or  20*2
   
• Annually = (1 payment per year)
  There will be a payment scheduled every year (Annually), one payment per year, beginning on the DATE OF INITIAL PAYMENT.
  If payments are scheduled less than once per year, enter them using Enter/Edit EXTRA PAYMENTS & CREDITS selection. By selecting Annual payments, each year has ONE (1) PAYMENT period. A loan amortized over one year will have exactly one (1) payment period. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 20  or  20*1
   
• Weekly (52 Payments per year)
  There will be a payment scheduled every week, 52 payments per year, beginning on the DATE OF INITIAL PAYMENT.
  When you select this option, payments will be due on the same day of the week. For example: On Mondays. By selecting weekly payments, each year has 52 PAYMENT periods. A loan amortized over one year will have exactly 52 payment periods.  You may enter the actual number of payment periods, or you may use the built in calculator. For example: 1040  or  20*52
   
• Biweekly (26 Payments per year)
  There will be a payment scheduled every two weeks, 26 payments per year, beginning on the DATE OF INITIAL PAYMENT.
  When you select this option, payments will be due on the same day of the week. For example: On Mondays.  By selecting bi-weekly payments, each year has 26 PAYMENT periods. A loan amortized over one year will have exactly 26 payment periods.  You may enter the actual number of payment periods, or you may use the built in calculator. For example: 520  or  20*26
   
• Every 4 weeks (13 Payments per year)
  There will be a payment scheduled every 4 weeks, 13 payments per year, beginning on the DATE OF INITIAL PAYMENT.
  When you select this option, payments will be due on the same day of the week. For example: On Mondays.  By selecting every 4 weeks payments, each year has 13 PAYMENT periods. A loan amortized over one year will have exactly 13 payment periods.  You may enter the actual number of payment periods, or you may use the built in calculator. For example: 260  or  20*13
   
• Every 13 weeks (4 Payments per year)
  There will be a payment scheduled every 13 weeks, 4 payments per year, beginning on the DATE OF INITIAL PAYMENT.
  When you select this option, payments will be due on the same day of the week. For example: On Mondays.  By selecting payments every 13 weeks, each year has FOUR (4) PAYMENT periods. A loan amortized over one year will have exactly 4 payment periods.  You may enter the actual number of payment periods, or you may use the built in calculator. For example: 80  or  20*4
   
• Every 26 weeks (2 Payments per year)
  There will be a payment scheduled every 26 weeks, 2 payments per year, beginning on the DATE OF INITIAL PAYMENT.
  When you select this option, payments will be due on the same day of the week. For example: On Mondays. By selecting payments every 26 weeks, each year has TWO (2) PAYMENT periods. A loan amortized over one year will have exactly two (2) payment periods. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 40  or  20*2
   

Payment Calculation Mode : [six way switch]
 

Use the pull down arrow at the end of the field to select from the following six modes:
 

• P+I (Auto Calculate) =  Principal plus Interest     (Level or Equal Payments)
  The payment amount is automatically determined by EXEC-AMORT such that each payment,  except possibly the last,  will be the same.
   
• FP+I (Auto Calculate) = Fixed Principal plus Interest    (Declining Payments)
  The payment amount is automatically determined by EXEC-AMORT such that each payment consists of a fixed principal payment and the interest due.
   
• IO (Auto Calculate) = Interest Payments only  (Interest Only)
  The payment amount is automatically determined by EXEC-AMORT such that each payment consists of a zero principal payment with the interest amount only due.
   
• Deferred (Auto Calculate) =  Deferred Payment (Zero Payment)
  The payment amount is zero. The interest accrues for later payment. Use this option when using adjustable rate loans to delay payments, yet accumulate the interest that is due. The interest amount is automatically determined by EXEC-AMORT.
   
• P+I  S (You  Specify  ) = Principal plus Interest     (Level or Equal Payments)
  The TOTAL payment per period is SPECIFIED BY THE USER. The interest portion is automatically determined by EXEC-AMORT. This could be an existing mortgage/loan or what the payor can afford or wishes to pay.
   
• FP+I S (You  Specify  ) = Fixed Principal plus Interest   (Declining Payments)
  The payment per period consists of a USER SPECIFIED Principal Payment along with any interest due.
   

Periods Amortized Over:

This is how many periodic payments you want the loan principal and interest charges to be made. You may enter the actual number of payment periods, or you may use the built in calculator. For example: 240 or 20*12. 

Extra Payments:
 

Extra payments can be used to account for a multitude of unique loan requirements. When combined with the standard loan parameters, using extra payments can provide the flexibility necessary for creating most any custom loan.
 
Extra Payments can be in the form of  Items such as:
 

• Manual irregular payment amounts at irregular times
   
• Automatically scheduled extra payments at regular intervals
   
• Escrow fees
   
• PMI charges
   
• Direct principal payments
   
• Direct add, where the extra payment is added to the standard payment amount
   
• Negative payments (increases principal)
   
• Scheduling a series of extra payments to occur on certain dates.
   

Entering Extra Payments:

Press the Extra Payments tab at the Loan Data Entry /Edit screen.
 

• Date of Payment (for Extra Payment):
   
  • This is the date that the extra payment (or draw) is scheduled.
     
  • For each Extra Payment or draw, a separate date entry is required.
     
  • A pull down calendar is available by double clicking the Date Loan was Issued field.
     

Extra Payment Type:
 

• Extra Principal Payment or Credit:  Any interest due at the time the extra payment is made will be deducted first. The remainder, if any, will be applied against the principal balance. Use this option if you want a separate detail line for every extra principal payment to appear on the amortization report. The total extra payment amount will be applied against the principal balance regardless of any interest due.
   
• Blended (Add-on) Extra Payment or Credit: Use this option if you want to combine an extra payment with a regularly scheduled loan payment. To have the amount of the extra payment combine with the regularly scheduled payment, the dates for both have to line up to be the same.
   
• Blended (Add-on) Extra Principal Payment or Credit: Use this option if you want to combine an extra principal payment with a regularly scheduled loan payment. The extra payment amount will be applied against the principal balance regardless of any interest due.
   
• Private Mortgage Insurance Charge: Use this option to add a FEE onto the regularly scheduled loan payments. This charge will not affect the principal balance nor any interest due. It will affect the APR, Yield, Loan Price, and/or NPV. This fee can be any reoccurring charge such as escrow fees, insurance fees, and/or taxes.

Extra  Payment or Credit Amount:
 

• Enter the amount of the Extra Payment you wish to schedule.
   
• Currency sign and separators are optional and need not be entered.
   
• You may also schedule credits & charges (which INCREASE the principal) by entering a "-" minus sign before the amount drawn. For Example:
   -15000  (for a $15,000 draw).
   

Extra Payment Memo or Reference Number:
 

• The memo is an optional field that can contain any information you want. Up to 32 key strokes may be entered.
   

Number of Extra Payments:
 

• Enter the number of extra payments to be made.
   
• Placing the digit ‘0’ (zero) payments means forever or until the next INITIAL PAYMENT DATE becomes effective.  In other words, an extra payment amount will automatically occur for each periodic scheduled day for the life of the loan or until the principal balance equals zero, at which the loan amortization schedule ends.
   

Extra Payments Scheduling.
 

• For scheduling of automatic reoccurring extra payments Exec-Amort will create a stream of payments that recur based on the number of extra payments to be made or until the principal balance is paid off.
   
• The scheduled extra payment stream will stop at which ever occurs first, either the number of payments specified or a zero principal balance.
   
• Select the periodic scheduling method that extra payments will be made for the automatic extra payment stream.
   
  • Weekly (52 payments per year)
  • Bi-Weekly (26 payments per year)
  • Every 4 weeks (13 payment per year)
  • Every 13 weeks (4 payments per year)
  • Every 26 weeks (2 payments per year)
  • Monthly (12 payments per year)
  • Bimonthly (6 payments per year)
  • Quarterly (4 payments per year)
  • Tri-Annually (3 payments per year)
  • Semi-Annually (2 payments per year)
  • Annually (1 payment per year)

Making additional Extra payments in addition to Automatic Extra Payments:
 

• With the exception of PMI Charges, the automatic payment stream will be stopped in the event that an additional extra payment is made outside of the automatic stream.  PMI charges will continue until the specified number of PMI payments have been made.
   
• To re-start the automatic payment stream, re-input the extra payment information with a date on or after the date that the automatic payment stream was stopped.
   
• If you selected a certain number of payments to occur on the original extra payment stream, you would need to specify the remaining number of payments. This action will then re-start the automatic extra payment stream.
  
   

Points, Fees, Prepaid Interest, Yield / IRR, Loan Price:
 

Points:

These are fees that are stated as POINTS or a percentage of the principal amount that are charged in connection with the issuance of a mortgage. Points effectively raise the interest rate (APR). 1 point is equal to 1% of the mortgage (Principal) amount.

Fees:

• Fees are stated as a value amount
   
• Fees can be charged in connection with the issuance of a mortgage
   
• Fees can effectively raise the interest rate (APR).

Prepaid Interest: 

• EXEC-AMORT automatically calculates the prepaid interest charge if INTEREST PAID TO DATE field is filled in with a date different than the DATE LOAN WAS ISSUED. The interest method used to calculate the prepaid interest charge is determined with the ODD DAY CALCULATION METHOD under report options. You may override the calculated amount with a user specified entry.

Yield / IRR

• Enter the desired YIELD (also known as INTERNAL RATE of RETURN or IRR). This is the rate of return that a loan or note offers or is desired. Skip this field if you are going to solve for the yield.
   

Loan Price

• Enter the desired LOAN PRICE. This is the value that you paid or are being asked to pay for a loan or note. Skip this field if you are going to solve for the loan price. A built in calculator is available if you need it. For example: $100,000*103%+$200
  
   

Titles & Comments:

• Report Title: (Optional) You may title the report. This may be useful identifying what type of loan this is.
   
• Name of Payor: (Optional) You may name who is responsible for paying the loan.
   
• Loan Number: (Optional) You may enter a loan number for the loan and it will appear on the report. By default, when you insert a loan number, it appears on the first page of the report. If you want the loan number to appear on all the pages, click Report, Click Layout and Format and then click the checkbox under Report, Layout and Format.
   
• Comments: (Optional) You may enter up to five (5) comment lines. These comment lines will appear on the amortization report. This may be useful in spelling out specifics regarding the loan.
  
   

Reports:
 

Range & Type:
 

Payment Number Range:

• With this option you can control how much payment detail the amortization report shows. Any payment activity before the starting number and/or after the ending number will appear in the annual summary information. Enter the starting and the ending payment numbers you want detailed on the amortization report.

Fiscal Year Reporting:

• A fiscal year can be alternately be selected by clicking Report, Calculation Options and filling in the Beginning of Fiscal Year field. The amortization report will be arranged and subtotaled by fiscal year.

Detailed Amortization Report:

• Shows complete loan amortization detail payment by payment, period by period, interest changes etc.
• Report shows all the items selected under the with manual settings (set-up at the Layout and Format tab) or as pre-set by the default (set-up under Tools, Options).
• APR calculations and the APR detailed payment stream also appear if selected under the default settings.
• Default report titles also appear, unless manually overridden at the Titles & Comments tab.

Summary Amortization Report:

• Shows an annual summary of all report columns year by year. By default, a calendar year is used.

APR Only Report:

• Shows only the APR, Finance Charge, Amount Financed, Total of Payments, Number of Payments

Layout and Format of Report:
 

A fantastic feature of Exec-Amort is in the reporting capabilities. Exec-Amort allows you to customize your loan amortization report to include or exclude the following information:
 

Show Payment Number Column:

• Select Checkbox if you want the PAYMENT NUMBER column to appear on the loan amortization report.
   
• Leave checkbox unselected if you DO NOT want the PAYMENT NUMBER column to appear on the loan amortization report.

Show Memo Column:

• Select Checkbox if you want the memo column to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you DO NOT want the memo column to appear on the printed loan amortization report.
   

 Force Display of payment column:

• Select Checkbox if you want the PAYMENT COLUMN always to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you want EXEC-AMORT to decide if the PAYMENT COLUMN should appear on the printed loan amortization report.

Show Interest Accrual Column

• Select Checkbox if you want the Interest Accrual Column to appear only on an "As Needed" basis on all reports.
   
• Leave checkbox unselected if you DO NOT want the Interest Accrual Column to appear on all reports.

Display Annual Percentage Rate (APR)

• Select Checkbox if you want an APR (Annual Percentage Rate) statement to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you DO NOT want an APR (Annual Percentage Rate) statement to appear on the printed loan amortization report.
   

Show File Name in Report Footer

• Select Checkbox if you want the loan data file name printed at the end of the report
   
• Leave checkbox unselected if you do not want the loan data file name printed at the end of the report
   

Show Paid to Date Running Totals

• Select Checkbox if you want the amortization report to show PAID TO DATE summaries.
   
• Leave checkbox unselected if you DO NOT want the amortization report to show PAID TO DATE summaries.
   

Show Report Title on All Pages

• Select Checkbox if you want the Report Title to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you DO NOT want the Report Title to appear on the printed loan amortization report.
   

Show Name of Payor on all pages

• Select Checkbox if you want the Name of Payor to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you DO NOT want the Name of Payor to appear on the printed loan amortization report.
   

Show Loan Number on all pages

• Select Checkbox if you want the Loan Number to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you DO NOT want the Loan Number to appear on the printed loan amortization report.
   

Show Comments on all pages

• Select Checkbox if you want the Comments to appear on the printed loan amortization report.
   
• Leave checkbox unselected if you DO NOT want the Comments to appear on the printed loan amortization report.
   

Display Yield with Loan Price:

• Select Radio Dial if you want the Yield with Loan Price to appear on the printed loan amortization report.
   
• Leave Radio Dial unselected if you DO NOT want the Yield with Loan Price to appear on the printed loan amortization report.
   
• The YIELD calculation is the Internal Rate of Return of all the cash flows as shown on the amortization report.
   
• The LOAN PRICE, if specified, will replace the INITIAL principal balance for YIELD calculations.
   
• The LOAN PRICE that is used to calculate the YIELD will be shown on the printed report unless you have selected: Display Yield Only.
   

Display Yield Only:

• Select Radio Dial if you want the Yield to appear on the printed loan amortization report.
   
• Leave Radio Dial unselected if you DO NOT want the Yield to appear on the printed loan amortization report.
   
• The YIELD calculation is the Internal Rate of Return of all the cash flows as shown on the amortization report.
   
• The LOAN PRICE, if specified, will replace the INITIAL principal balance for YIELD calculations. The LOAN PRICE used to calculate the YIELD will not be shown on the printed report when the Display Yield Only is selected:
   

Display Loan Price with Yield:

• Select Radio Dial if you want the Loan Price with Yield to appear on the printed loan amortization report.
   
• Leave Radio Dial unselected if you DO NOT want the Loan Price with Yield to appear on the printed loan amortization report.
   
• The LOAN PRICE calculations are based on all the cash flows, EXCEPT the INITIAL principal balance, discounted to the desired YIELD.
   
• The YIELD used to calculate the LOAN PRICE will be shown on the printed report unless you have selected: Display Loan Price Only.
   

Display Loan Price Only:

• Select Radio Dial if you want the Loan Price to appear on the printed loan amortization report.
   
• Leave Radio Dial unselected if you DO NOT want the Loan Price to appear on the printed loan amortization report.
   
• Select this option to solve for the LOAN PRICE. The LOAN PRICE calculations are based on all the cash flows, EXCEPT the INITIAL principal balance, discounted to the desired YIELD.
   
• The YIELD used to calculate the LOAN PRICE will not be shown on the printed report.
   

Display NPV:

• Select Radio Dial if you want the NPV Net Present Value to appear on the printed loan amortization report.
   
• Leave Radio Dial unselected if you DO NOT want the NPV Net Present Value to appear on the printed loan amortization report.
   
• The NPV calculations are based on ALL the cash flows, including the INITIAL principal balance, discounted to the desired YIELD.  A NPV above zero is indicative that doing the deal is preferable, in practice the benchmark NPV to beat is not zero but how much the investment could have earned as compared to alternative projects. 
   
• On the printed report the YIELD used to calculate the NPV will also be shown.
   

Report Calculation Options:

The most fantastic features of Exec-Amort are in its ability to customize and account for the many unique ways of treatment and calculating interest and clearly showing such in a loan amortization report. Exec-Amort allows tailoring the loan to match your exacting loan and interest calculation requirements.

Fiscal Year:

• This is the first day of your tax year.
   
• The most common fiscal period is the calendar year, from the 1st of January to the 31st of December.
   
• A complete date with the month, day, and year must be entered if your fiscal year is different than the calendar year. Reports will show the summary totals based on when your fiscal year begins and ends.
   

Interest Accrual Method:

• No Interest on Interest
   
• Interest on Interest (Compound Interest)
   
• Add Interest Accrual into Principal (Compound Interest)
   

Future Value to be treated as:

• Balance Remaining: Future Value is the principal balance left on amortization report AFTER the last payment has been made.
   
• Last Payment: Future value IS the last payment
   

Short Period Payment Method:

Select the way you want the payment handled on a Short First Period.

• Reduce 1st Payment only: Select this short period option if you want to reduce the first payment such that the principal payment portion does not exceed that of a full period. The total periods amortized over will then be maintained.
   
• Reduce all Payments: Select this short period option if you want to reduce ALL payments such that each payment is the same (except possibly the last). The total periods amortized over will then be maintained and you will have LEVEL payments.
   
• No Reduction: Select this short period option if you want the full payment applied. The principal portion may exceed that of a full period which may then reduce the total periods amortized over.
   

Short Period Interest Calculation Method:

Select the way you want the interest handled on a Short First Period.

• Actual Days Interest Charge: Select this option when you want the interest charge on a short period to be based on actual days interest. This option is valid only when using the ORDINARY METHOD. The PER DIEM RATE is SIMPLE INTEREST, 360-365 day year as selected under the ODD PERIOD INTEREST CALC METHOD.
   
• Actual Days Limited to Period Length: Select this option when you want the interest charge on a short period to be based on actual days remaining in the fixed length period. This option is valid only when using the ORDINARY METHOD. The PER DIEM RATE is SIMPLE INTEREST, 360-365 day year as selected under the ODD PERIOD INTEREST CALC METHOD.
   
• Prorated Interest Charge: Select this option when you want the interest charge on a short period to be prorated. This option is valid only when using the ORDINARY METHOD. Interest Charge = [(full period interest charge)*(actual interest bearing days)] / (actual days in period)
   

Long Period Payment Method:

Select the way you want the interest payment handled on a Long First Period.

• Interest Amortized over Life of the Note
   
• Interest Collected with First Payment
   
• Interest Collected as Prepaid Interest

Odd Period Interest Calculation Method

• No Odd Day Interest
   
• Simple Interest 365 Day Year
   
• Compound Interest 365 Day Year

Force Payment Proof on ALL Loans:

• Select YES if you ALWAYS want to verify that the payment calculated by EXEC-AMORT is the least amount that will amortize out over the desired number of periods.
   
• Select NO if you want EXEC-AMORT to decide when to verify the payment.
   
• Payments are always automatically verified on: Actual/36x notes, most notes with long or short periods, and notes with Skipped Payments.

Allow Negative Principal Balance:

• Select YES if you want the amortization report to continue until all EXTRA PAYMENTS are used.
   
• This may cause the PRINCIPAL BALANCE to go negative!
   
• Select NO if you want the amortization report to stop when the PRINCIPAL BALANCE is less than or equal to the FUTURE VALUE (usually zero).

File Features:

New:

• Opens a fresh screen for loan data entry
   

Open:

• Allows you to obtain an existing saved Exec-Amort loan file.
   
• You can type the name directly to the “File name” field or you can use the “Look in” feature to find the file on your system
   

Save:

• Saves the loan file you are working on.
   
• Uses standard Windows file naming techniques.
   

Save As:

• Saves the loan file you are working on.
   
• Use the “Save As” file feature in the event you open an existing Exec-Amort loan file and you want to re-save it under a different file name.
   
• Uses standard Windows file naming techniques.
  
   

Default Program Options:

Accessible under Tools, Options, the values placed in this section become effective after you close the program and restart the program. The values are factory pre-set and can be modified. 

Default settings allow you to set certain parameters that are tailored to the way you do business.  When a default is set, the Exec-Amort program uses the default settings each time a new loan is started.  In the event a default setting needs to be changed for a particular loan, users have the ability to manually override many of the default settings at the loan data entry points.

Modification of the default values may affect the way Exec-Amort calculates, rounds numbers, shows information, report titles etc. One may want to modify the default values to match the way certain calculations are performed by a financial institution. Setting defaults helps to assure that results will be consistent within your organization.

Program Configuration Options:

Interest Rounding Method:

• Round Off : (Factory Set Default) The number is rounded up if the fractional part is greater than or equal to 0.5 otherwise it is rounded down.
   
• Round Up : The number is rounded up to the highest number if the fractional part is non-zero otherwise the number is left alone.
   
• Round Down: The fractional part is always truncated.
   

Actual/36x - Decimal Places/Diem:

(Factory set Default=16).  Enter the number of decimal places to use when computing the INTEREST DUE PER PERIOD when using the ACTUAL/365 or the ACTUAL/360 interest modes. You may choose decimal places 1 through 16.

• INTEREST CHARGE PER DIEM=(PRINCIPAL BALANCE)*(ANNUAL INTEREST RATE)/36x
   
• INTEREST CHARGE PER DIEM rounded to DECIMAL PLACES PER DIEM places
   
• INTEREST DUE PER PERIOD=(DAYS IN PERIOD)*(INTEREST CHARGE PER DIEM)
   

IRR/APR/YIELD Rounding Method:

• Round Off (factory default): The number is rounded up if the fractional part is greater than or equal to 0.5 otherwise it is rounded down.
   
• Round Up : The number is rounded up to the highest number if the fractional part is non-zero otherwise the number is left alone.
   
• Round Down: The fractional part is always truncated.
   

IRR/APR/YIELD Decimal Places:

• Enter the number of decimal places to be shown on IRR, APR, & Yield values. (You may choose decimal places 1 through 16; Default=4)
   

Initial IRR/APR/Interest Guess:

• Enter the initial IRR guess.
   
• This value is used as starting point in IRR, yield, solve for interest, and APR calculations.
   
• The default guess is 10%. Values higher or lower than this may be needed if EXEC-AMORT cannot find a solution in IRR, yield, solve for interest, and APR calculations.
   

Maximum # of Cash Flow Streams:

• Factory default set for 2,977
   
• Values below 360 may hamper proper operation of certain functions of EXEC-AMORT.
   
• A maximum of 32,767 different cash flow streams, interest rate steps, and extra payment entries can be performed for any loan.
   

Maximum # of Interest Steps

• Default is set for 400, (maximum is currently coded as 32,767, increased upon request - limited by how much memory you have in your computer).

Maximum # of Extra Payments

• Default is set for 400, (maximum is currently coded as 32,767, increased upon request - limited by how much memory you have in your computer).

Path to Data Files:

• Enter the Drive and/or Directory Path to EXEC-AMORT data files.
  
   

Default Loan Data Options:

Default settings allow you to set certain parameters that are tailored to the way you do business.  When a default is set, the Exec-Amort program uses the default settings each time a new loan is started.  In the event a default setting needs to be changed for a particular loan, users have the ability to manually override many of the default settings at the loan data entry points.
 

1st payment day of month (Program Default):

• Factory set default is the 1st day of the month.
   
• Select a calendar date 1 through 31.
   
• This date will be used for all loans once the default is set. Note that payment dates using day 29, 30 or 31 that for months with less days, a payment date using last day of that month will automatically be selected by the Exec-Amort program.
   
• Whether the loans are scheduled monthly or greater, the date set by default here will be the day of the month that a payment would be scheduled.
   

Interest computation mode (Program Default):

• Ordinary 360 day (factory set default)
   
• Actual / 365
   
• Actual / 360
   

Interest rate per year (Program Default):

• Blank (factory set default)
   
• Enter an interest rate from 1% to a maximum of 1000% along with any fraction amount if any expressed as an amount beyond the decimal.
   

Payments Scheduled (Program Default):

Select one from the eleven available.
 

• Monthly (factory set default)
   
• Bimonthly
   
• Quarterly
   
• Triannually
   
• Semiannually
   
• Annually
   
• Weekly
   
• Biweekly
   
• Every 4 weeks
   
• Every 13 weeks
   
• Every 26 weeks
   

Payment Calculation Mode (Program Default):

Select one from the six modes available:

• P+I Auto Calculate (factory set default)
   
• FP+I Auto Calculate
   
• IO
   
• Deferred Auto Calculate
   
• P+I S You Specify
   
• FP+I You Specify
   

Default Periods Amortized Over (Program Default):
 

• Blank (factory set default)
   
• Any number of periods can be input up to 32,767
   
• Any numbers set for Periods Amortized Over beyond the decimal are rounded up or down to a whole number
   

Report Titles and Comments (Program Default):

• Each line has a Factory set defaults set to blank. This allows users to fill in these areas at the time of making the report.
   
• Note that Report Titles and Comment items that are input here will print on the Amortization schedule and APR statements unless overridden manually at the Titles and Comments tab entering the Amortization information.
   
• Items you can set for default Report Titles and Comments include:
  • Title on Report
     
  • Name of Payor
     
  • Loan Number
     
  • Comments

Default Report Calculation:

Beginning of Fiscal Year (Program Default):

• (January 1, xxxx factory set default).
   
• This is the first day of your tax year.
   
• The most common fiscal period is the calendar year, from the 1st of January to the 31st of December.
   
• A complete date with the month, day, and year must be entered if your fiscal year is different than the calendar year.
   
• Reports will show the summary totals based on when your fiscal year begins and ends.
   

Interest Accrual Method (Program Default):

• No Interest on Interest (factory set default)
   
• Interest on Interest (Compound Interest)
   
• Add Interest Accrual into Principal (Compound Interest)
   

Future Value To Be Treated As (Program Default):

• BALANCE REMAINING: (Factory set default) Future Value is the principal balance left on amortization report AFTER the last payment has been made.
   
• LAST PAYMENT: Future Value IS the LAST PAYMENT.
   

Short Period Payment Method (Program Default):

• Reduce 1st Payment only (Factory set default):
  • Select this short period option if you want to reduce the first payment such that the principal payment portion does not exceed that of a full period. The total periods amortized over will then be maintained.
     
• Reduce ALL Payments:
  • Select this short period option if you want to reduce ALL payments such that each payment is the same (except possibly the last). The total periods amortized over will then be maintained and you will have LEVEL payments.
     
• No Reduction:
  • Select this short period option if you want the full payment applied. The principal portion may exceed that of a full period which may then reduce the total periods amortized over.
     

Short Period Interest Calc Method (Program Default):

• Prorated Interest Charge: (Factory set default)
  • Select this option when you want the interest charge on a short period to be prorated. This option is valid only when using the ORDINARY METHOD. Interest Charge = (full period interest charge)*(actual interest bearing days) / (actual days in period)
     
• Actual Days Interest Charge:
  • Select this option when you want the interest charge on a short period to be based on actual days interest. This option is valid only when using the ORDINARY METHOD. The PER DIEM RATE is SIMPLE INTEREST, 360-365 day year as selected under the ODD PERIOD INTEREST CALC METHOD. Interest Charge=(actual interest bearing days)*(per diem rate)
     
• Actual Days Limited to Period Length:
  • Select this option when you want the interest charge on a short period to be based on actual days remaining in the fixed length period. This option is valid only when using the ORDINARY METHOD. The PER DIEM RATE is SIMPLE INTEREST, 360-365 day year as selected under the ODD PERIOD INTEREST CALC METHOD.
     

Long Period Payment Method (Program Default):

• Interest Amortized Over Life of Note (Factory set Default), (only on Auto Calculate Modes)
   
• Interest Collected With First Payment
   
• Interest Collected As Prepaid Interest
   

Odd Period Interest Calc Method (Program Default):

Select one of the following ODD DAY Interest Calculation Methods:

• Simple Interest 360 Day Year (Factory set Default)
   
• Compound Interest 360 Day Year
   
• No Odd Day Interest
   
• Simple Interest 365 Day Year
   
• Compound Interest 365 Day Year
  
   

Default Report Layout and Format:
 

Show Payment # Column on Report (Program Default):

• Select checkbox (Set as factory default) if you want the PAYMENT NUMBER column to appear on the loan amortization report.
   
• Deselect checkbox if you DO NOT want the PAYMENT NUMBER column to appear on the loan amortization report.
   

Show Memo Column on Report (Program Default):

• Select checkbox (Set as factory default) if you want the memo column to appear on the printed loan amortization report.
   
• Deselect checkbox if you DO NOT want the memo column to appear on the printed loan amortization report.
   

Force Display of Payment Column (Program Default):

• Select checkbox if you want the PAYMENT COLUMN always to appear on the printed loan amortization report.
   
• Deselect checkbox (Set as factory default) if you want EXEC-AMORT to decide if the PAYMENT COLUMN should appear on the printed loan amortization report.
   

Show Interest Accrual Column (Program Default):

• Select checkbox (Set as factory default) if you want the Interest Accrual Column to appear only on an "As Needed" basis on all reports.
   
• Deselect checkbox if you DO NOT want the Interest Accrual Column to appear on all reports.
   

Display ANNUAL PERCENTAGE RATE (Program Default):

• a. Select checkbox (Set as factory default) if you want an APR (Annual Percentage Rate) statement to appear on the printed loan amortization report.
   
• b. Deselect checkbox if you DO NOT want an APR (Annual Percentage Rate) statement to appear on the printed loan amortization report.
   

Show File Name on Report (Program Default):

• Select checkbox (Set as factory default) if you want the loan data file name printed at the end of the report
   
• Deselect checkbox if you do not want the loan data file name printed at the end of the report
   

Show PAID TO DATE Running Totals (Program Default):

• Select checkbox (Set as factory default) if you want the amortization report to show PAID TO DATE summaries.
   
• Deselect checkbox if you DO NOT want the amortization report to show PAID TO DATE summaries.
   

Show Report Title on All Pages (Program Default):

• a. Select checkbox (Set as factory default) if you want the amortization report to show REPORT TITLES on all pages.
   
• b. Deselect checkbox if you DO NOT want the amortization report to show REPORT TITLES on all pages.
   

Show Name of Payor on All Pages (Program Default):

• Select checkbox if you want the amortization report to show the name of the Payor on all pages.
   
• Deselect checkbox (Set as factory default) if you DO NOT want the name of the Payor to show on all pages.
   

Show Loan Number on All Pages (Program Default):

• Select checkbox if you want the amortization report to show the name of the Loan Number on all pages.
   
• Deselect checkbox (Set as factory default) if you DO NOT want the name of the Loan Number on all pages.
   

Show Comments on All Pages (Program Default):

• Select checkbox if you want the amortization report to show the COMMENTS on all pages.
   
• Deselect checkbox (Set as factory default) if you DO NOT want the COMMENTS on all pages.
   

Customize Memo Column Titles (Program Default):

• Enter the title you want to have appear above the memo column.
   
• Up to three title for the Memo Column Line 1, Line 2, Line 3:
  
   

Report Titles (Program Default):

The factory default settings are blank for each of these. Items input here will print on each report printed, unless manually overridden at the loan data entry and report making.

• Title on Report: You may create a default title that would appear on all reports unless overridden manually at the Report button. This may be useful for identifying what type of loan this is.
   
• Name of Payor: You may name who is responsible for paying the loan.
   
• Loan Number: You may enter a loan number. This number would be a default number that would appear on all reports unless overridden manually at the Report button.
   
• Comments: You may enter up to five (5) comment lines. These comment lines will appear on the amortization report. This may be useful in spelling out specifics regarding the loan.
  
   

Multi-User License Manager:

1. Click Tools, then Multiuser License Manager
    
2. Read and give your consent that you agree to the terms of the license by clicking OK
    
3. Your Exec-Amort serial number is displayed on the top of the screen
    
4. You may enter your activation code – this determines how many simultaneous users can operate Exec-Amort at the same time.
    
5. For additive licenses, you may enter up to ten activation codes.
    
6. Activation codes can be purchased separately as an additive  license bump that effectively up’s the number of users that can use Exec-Amort simultaneously in your business.
   
    

How to schedule a loan that has irregular payments amounts at irregular dates:

1. If the client is paying on time with the correct payment amounts, you can set up the schedule as normal.
    
2. When client payments are late and / or irregular payment amounts are made, enter the original loan parameters as usual.
    
3. Put in a balloon date – this is a date in the future when you expect the loan to terminate. (If you do not have a known balloon date, we suggest you set the original date the loan was to terminate as the balloon date. Some people may select today as the balloon date as they want to get a snapshot as to how much is owed if the loan were to terminate today.  If a balloon date is not put in, the loan may run to infinity and you would receive an error message when you run the report).
    
4. Select DEFERRED as the Payment Calculation Mode.  (When DEFERRED is selected, an automatic payment of $0 is made for each of the automatically scheduled dates until an adjustment is made or until the loan terminates).
    
5. Select the Extra Payments tab and begin inserting the payment information that is known, such as date payment received, how much was paid etc.
    
6. Under Extra Payments, for payment type, select how you want the payment to be applied to what is due. The most common is Extra Payment or Credit. By using this method, any accrued interest since the last payment is paid off first and the remaining balance of the payment is applied to the principle.
    
7. As an alternative, one could apply the extra payment(s) directly to the principal and let the interest continue to accrue. This would reduce the principal balance as well as reduce future interest charges against the outstanding principal balance.
    
8. When you print the amortization report, the payments you recorded under the Extra Payments tab are shown as entries in date order on the report.
    
9. When viewing an irregular payment report, payment lines are shown for when payments were scheduled and payment lines are shown for when the payment is actually is recorded as made or received.  For example, if you had scheduled payments monthly and selected deferred payments, the report would have a line entry for each month, showing a zero payment amount on the date a payment was to have been made, there is also a column for interest charge and accrued interest.
    
10. When a payment is actually made or received, the amortization report will show line for each payment that was made.
     
11. The accrued interest amount interest increases when payments made are not enough to cover the interest charge for the period. Any payments made that exceed the interest charge for the period begin to pay down the accrued interest charge column.
    
     

Setting up Twice Monthly Payments:

For twice monthly payments, you will need to set-up two payment streams

1. To set-up two payment streams, for each payment stream you would need to specify the payment amount. Exec-Amort will not automatically determine the payment amount for the twice monthly type of scheduling.  See step #7 for assistance in determining the payment amount.
    
2. The first stream would be set-up through the standard loan data entry screen
    
3. Example, payments made on the first of the month would be set-up here.
    
4. The second payment stream would be set-up through extra payments, example, payments made on the 15th of the month, payment scheduled monthly.
    
5. When entering in the extra payment information, for number of payments, enter the digit 0.
    
6. By entering in the digit 0 for number of payments, the payment amount specified will automatically re-occur on the date specified and the scheduling method specified. For our example case, a specified payment would occur on the 15th of each month until the loan is paid off.
    
7. To determine a payment amount that would pay off the loan using twice monthly, one would have to go through iterations (simulated payments).
   1. Attempt to cut a regular monthly payment amount in half as a starting point
   2. Insert the payment amount in both the loan data entry screen and the extra payments screen
   3. Run the amortization report and examine how much carry over or under this payment makes the loan amortize over
   4. Adjust the payment amount up or down, insert the adjusted payment amount in both the loan data entry screen as well as the extra payments screen
   5. Run the amortization report and check to see how much carry over or under the payment adjustment makes the loan amortize over
   6. Re-do step d. and step e., adjusting your figures up or down until your report amortizes correctly.
   7. Usually, one can get the correct payment amount to the penny within ten iterations of these steps.