Skip to the main content.
Request a Demo
Request a Demo

2 min read

Calculating Amortization Schedules in CIM GOLD

Calculating Amortization Schedules in CIM GOLD

Opening a new loan isn’t always an exact science. Savvy customers will likely want to see how different terms, down payments, or interest rates affect their monthly payment amount before making a commitment.

While some lucky math wizards out there can make such calculations on the fly, the rest of us mere mortals require some sort of amortization calculator in order to keep up with our customer’s questions. Fortunately, CIM GOLD provides just such a feature on the new Loans Account Information Amortization Schedule screen (starting in version 7.9.4).

amortization-schedule

This screen can be used to:

  • Calculate, create, and print a theoretical alternate amortization schedule for a current customer’s account.
  • Calculate, create, and print a theoretical amortization schedule not related to an existing account (to help a potential customer, for example).
  • Calculate unknown pieces of hypothetical loan information. For example, you could determine what the interest rate would be given a certain principal and interest amount and loan term.

No actions performed on this screen permanently affect any account information, so feel free to play around with as many settings as it takes until all your customer’s concerns are addressed.

Here’s how it works:

  1. Access this screen under Loans Account Information (see example above). If you have a customer’s account open in CIM GOLD, this screen will be filled with that account’s information. If you don’t have a customer account open, this screen will be blank.
  2. Adjust the information in the Payment Information fields according to the discussion you are having with your customer. This information includes payment method, frequency, term, principal, PI payment, rate, and interest calculation method.
  3. If necessary, use the Calculate Missing Fields button to fill any blanks (see the third bullet point above).
  4. If your customer uses (or will use) ARM fields, enter that information in the fields on the right half of this screen. These fields will only be available to certain customers.
  5. Once all the necessary information has been indicated, click the Calculate Schedule button at the bottom of the screen.

The system will calculate the amortization schedule and display it on the Amortization Schedule tab (see example below). This tab displays a list of all payments that will be made on the hypothetical schedule, each accompanied by its hypothetical due date, interest information, and remaining balance. This information can be printed and given to the customer for reference.

amortization-schedule

Remember: You can create “what if” scenarios on this screen as much as you like, because nothing that happens here will change actual account information. Use this screen to effectively engage with your customers and prove that you can give them the deal they’re looking for!

What Are GILA Loans?

What Are GILA Loans?

If you spend any amount of time looking over GOLDPoint Systems documentation, you’ve probably come across the term GILA Loan once or twice. But what...

Read More
Amortization Methods: Why Bother?

Amortization Methods: Why Bother?

In today’s world, where sophisticated computers effortlessly crunch numbers and calculate complex payment structures, it might seem redundant for...

Read More
Breaking News: First G/L Platinum Client Live!

Breaking News: First G/L Platinum Client Live!

On Thursday, January 25th, one of our clients fully converted to G/L Platinum, becoming GOLDPoint Systems’ first client to go live! The conversion...

Read More
Eight Keyboard Shortcuts for CIM GOLDTeller that You’re Sure to Use

Eight Keyboard Shortcuts for CIM GOLDTeller that You’re Sure to Use

CIM GOLDTeller® is GOLDPoint Systems transaction application that allows quick processing of loan payments, deposits, withdrawals, and any other...

Read More
Promised Payments

Promised Payments

Tracking Collection Efforts Nudging borrowers to make payments is a necessary part of the lending process. Sometimes a soft reminder works best....

Read More
What is the Payment Application and Why You Should Care

What is the Payment Application and Why You Should Care

Most borrowers understand they must meet the minimum payment amount by the payment due date, or their account may incur a late charge. However, what...

Read More