What's so hard about an amortization schedule?

Posted: June 13, 2013

DEAR HARRY: I am unable to get an amortization schedule from my mortgage lender, who bought the mortgage several years ago. The original lender told me the same thing. I cannot understand why. My mortgage payment is a little different than usual. Instead of a uniform monthly payment for its lifetime, I pay a fixed amount of principal each month together with interest on the unpaid balance of the mortgage for that month. I cannot see why this should create an insurmountable problem for them. There must be some nonsuper mathematician who can figure out how to get one for me. Any ideas?

WHAT HARRY SAYS: The schedule can be assembled either manually or by computer, and it's not tough to do. The easiest way is to do it by calculating the 360 payments (for a 30-year mortgage) and setting up your own table. After you have obtained the first three or four payments, you'll notice that the interest amount declines by the same amount each month. Knowing that makes the job a breeze, even if it's time-consuming. I was unable to find a computer program that would do this and print it out. I was able to get my computer to do the computations, but not print them out in an intelligible table. With all the computing power that banks have, I can't understand why they are not set up to do this. When you get your table, send the toads at the bank a copy.


Email Harry Gross at harrygrossDN@gmail.com, or write to him at Daily News, 801 Market St., Philadelphia, PA 19107. Harry urges all his readers to give blood. Contact the American Red Cross at 1-800-Red Cross.

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