There are significant financial advantages that borrowers can achieve by increasing their monthly payments. There is a need for a clear and concise solution within Encompass to showcase the power of increased monthly payments and empower informed borrower decisions.
Our custom Encompass amortization calculator delivers real-time insights into how increased monthly payments can significantly reduce loan terms and save borrowers thousands on interest. This powerful tool integrates seamlessly within the existing Encompass environment, allowing an Encompass user to perform quick and accurate calculations directly within loan files.
Benefits for Encompass Users:
- Effortless Calculations: Eliminate the need for manual calculations or external spreadsheets. Our calculator integrates seamlessly within Encompass, allowing you to perform calculations directly within loan files.
- Real-Time Results: Instantly visualize the impact of increased monthly payments on loan terms. This empowers you to have data-driven conversations with borrowers about potential savings opportunities.
- Seamless Data Integration: Calculation results seamlessly integrate with your existing Encompass data, allowing you to effortlessly incorporate them into reports and loan documentation.
Example:
For all the scenarios, we have assumed that the interest rate is 6.25% and the loan term is 360 months. The additional payment amount is $700 and can be applied from different months for each loan scenarios.
Scenario 1:
Loan amount = $ 300,00
Additional payment amount is applied from 37th month onwards.
Renewed loan term = 208. This will be directly calculated within Encompass. Screenshot below:
Scenario 2:
Loan amount = $ 300,00
Additional payment amount is applied from 1st month onwards.
Renewed loan term = 183. This will be directly calculated within Encompass. Screenshot below:
Designed specifically for lenders, this innovative tool equips you with the ability to:
- Visually demonstrate savings potential: Run quick and easy calculations within Encompass, allowing you to instantly showcase the impact of increased monthly payments on loan terms. This empowers borrowers to make informed financial decisions about their mortgage.
- Optimize loan terms for borrower benefit: Identify opportunities to shorten loan terms and reduce overall interest costs for your borrowers. This translates to happier clients and fosters stronger long-term relationships.
- Streamline the workflow: The calculator integrates seamlessly within the existing Encompass environment, eliminating the need for manual calculations and saving you valuable time.
- Increase borrower engagement: Offer a dynamic tool that allows borrowers to explore different payment scenarios and see the tangible benefits of increased payments. This fosters trust and transparency throughout the loan origination process.