The Payment Calculator window is found by clicking “Click for Calculated Amounts” from the Regular Payment window.
This window will use the settings on your loan and the settings in the payment window to suggest some payment amounts.
Amortized Repayment – this is the amount that will pay the balance in full by the end of the scheduled payments in the payment window in roughly equal installments. Click to set the number shown as the payment amount on the payment dialog.
Interest Only – this is the payment amount that is enough to just pay the accumulating interest amounts on the loan. Click to set the number shown as the payment amount on the payment dialog.
When this window is opened on an existing loan and not on the first payment setting, the calculator will display two sets of payment choices. In this case, the first choice will be recommendations based on the actual performance of the loan - using the loan's current balance as the basis for the calculations. Thus, the first set of options is applicable when changing the loan at the present moment for the future.
The second set of payments will be determined by running the amortizer on the loan to determine the projected balance at the date chosen in the Regular Payment window. This balance is used as the basis to determine the recommended payment amounts.
Which should I use? If you're adjusting a loan because of circumstances that arose during repayment, use the top choices. If you're setting up a loan with terms that define a change of payment amount at some future point in time, use the second choices.