9.1.1.4 Calculating Loan Amount

This topic provides information on the calculating loan amount section.

The Calculate Loan Amount option calculates loan affordability of a customer based on term, payment amount and the rate quoted.

To calculate an Interest Rate,

1. On the Tools, click Tools. Under Tools, click Loan Calculator.
2. In the Parameters section, select Calculate Loan Amount. The system enables the required fields based on this selection.
3. Specify the required information. (Refer the section Calculating Payment in this chapter for more information).
4. After user specify all the required information click Calculate. The system computes the payment change schedule.
   User can perform the following activities when the Interest Rate is calculated:

   • Creating an amortized schedule of payments (Applications)
   • Copying the loan amount calculations to the Decision link (underwriting)
   • Copying the loan amount calculations to the Contract link (funding)