Bret Whissel Amortization

Bret Whissel’s Amortization Calculator is a trusted tool that allows users to calculate mortgage and loan amortization schedules. Developed by Bret Whissel in 1986, this calculator has been re-engineered for web use, making it accessible to a wide range of individuals and professionals in the financial industry.

The Bret Whissel Amortization Calculator is designed to handle various scenarios, including balloon payments, negative amortizations, and extra payments. With its user-friendly interface, individuals can easily input loan parameters such as the principal amount, annual interest rate, payments per year, number of regular payments, and balloon payment (if applicable).

The calculator then generates accurate amortization schedules, providing users with a clear breakdown of each payment and the remaining balance over time. Whether you’re a borrower looking to understand your loan repayment progress or a financial professional assisting clients in analyzing loan options, the Bret Whissel Amortization Calculator is an invaluable tool.

Key Takeaways:

  • Bret Whissel’s Amortization Calculator enables users to determine mortgage and loan amortization schedules.
  • It was developed by Bret Whissel in 1986 and re-engineered for web use in 1994.
  • The calculator can handle various scenarios, including balloon payments, negative amortizations, and extra payments.
  • Users can input loan parameters and obtain accurate amortization schedules.
  • Financial professionals can utilize this tool to assist clients in analyzing loan options and creating personalized amortization schedules.

How to Use the Bret Whissel Amortization Calculator

The Bret Whissel Amortization Calculator is a powerful tool that allows you to easily calculate mortgage and loan amortization schedules. Whether you’re a homeowner looking to understand your loan repayment progress or a financial professional helping clients analyze loan options, this calculator is essential. To use it effectively, follow these simple steps:

  1. Enter the principal amount: This is the initial amount borrowed or the current outstanding balance.
  2. Input the annual interest rate: This is the rate at which interest accrues on the loan.
  3. Specify the number of payments per year: This refers to how often payments are made (e.g., monthly, quarterly).
  4. Provide the number of regular payments: This is the total number of payments to be made over the loan term.
  5. If applicable, enter a balloon payment: This is a large lump sum payment due at the end of the loan term.

Once you’ve entered all the necessary information, the Bret Whissel Amortization Calculator will do the rest. It will calculate the payment amount and generate an amortization schedule that details the breakdown of each payment, showing the portion that goes towards the principal and the portion that goes towards interest.

Using the Bret Whissel Amortization Calculator has made it incredibly easy for me to understand my loan repayment progress. I can input different scenarios and see how they affect my payments and the overall length of my loan. It’s a valuable tool for anyone looking to make informed financial decisions.
– satisfied user

Here is an example of an amortization table generated by the calculator:


Payment Number Payment Amount Principal Interest Balance
1 $1,200 $500 $700 $199,500
2 $1,200 $505 $695 $199,000
3 $1,200 $510 $690 $198,490

As you can see from the example above, the amortization table provides a clear breakdown of each payment, including the amount applied to the principal, the amount applied to interest, and the remaining balance after each payment. This information is crucial for understanding how your loan is being paid down over time and making informed decisions about your finances.

Bret Whissel Amortization Calculator

Remember, it’s always a good idea to consult with a financial advisor before making any major financial decisions. The Bret Whissel Amortization Calculator is a valuable tool, but professional guidance can help you navigate the complexities of your unique financial situation.

Understanding Amortization with Bret Whissel

Amortization is a fundamental concept in the world of finance, particularly in mortgage and loan repayment. When you borrow money, whether it’s for a house or a car, the lender typically requires you to make regular payments over a set period of time. These payments consist of both principal and interest, with the goal of gradually paying off the loan balance.

The Bret Whissel Amortization Calculator provides a comprehensive understanding of how amortization works. By inputting key loan parameters such as the principal amount, interest rate, and number of payments, the calculator generates an amortization schedule. This schedule outlines the breakdown of each payment, showing the portion that goes towards the principal and the portion that goes towards interest. It allows users to visualize how their loan balance decreases over time as they make regular payments.

To illustrate the power of the Bret Whissel Amortization Calculator, let’s consider an example. Imagine you took out a $200,000 mortgage with an interest rate of 4% and a term of 30 years. Using the calculator, you can see that your monthly payment would be $955. Each month, a portion of that payment goes towards reducing the principal, while the rest covers the interest. Over the course of 30 years, you would gradually pay down the loan until it is fully repaid.


Month Payment Principal Interest Balance
1 $955 $189 $766 $199,811
2 $955 $191 $764 $199,620
3 $955 $193 $762 $199,426

The Bret Whissel Amortization Calculator not only helps individuals understand their loan repayment journey but also empowers them to make informed financial decisions. By exploring different scenarios, such as increasing monthly payments or adding extra payments, users can see how these choices impact their amortization schedule. This tool is a valuable resource for anyone looking to manage their loans effectively and achieve financial stability.

Benefits of Using the Bret Whissel Amortization Calculator

The Bret Whissel Amortization Calculator offers several benefits for individuals and professionals in the financial industry. Whether you’re a borrower or a financial advisor, this tool can help you make more informed decisions about mortgages and loans. Here are some key advantages:

Accurate Payment Calculation:

With the Bret Whissel Amortization Calculator, you can accurately calculate your monthly mortgage or loan payments. By inputting the principal amount, annual interest rate, and number of regular payments, the calculator provides you with the precise payment amount. This is crucial for budgeting purposes and ensuring you can meet your financial obligations.

Comprehensive Amortization Schedule:

The calculator generates a detailed amortization schedule that shows the breakdown of each payment. It highlights the portion of the payment that goes towards the principal and the portion that goes towards interest. This information helps you track your loan progress, understand how your payments are reducing the principal balance over time, and identify the total interest paid over the life of the loan.

Flexibility and Customization:

The Bret Whissel Amortization Calculator allows you to explore different scenarios and customize your loan parameters. If you have a balloon payment or plan to make extra payments, you can input these details into the calculator to see the impact on your amortization schedule. Additionally, you can adjust the number of payments per year to accommodate unique payment schedules.

Using the Bret Whissel Amortization Calculator empowers you to have a clearer understanding of your loan repayment progress and make better financial decisions. Whether you’re a homeowner, prospective buyer, or financial professional, this tool can provide valuable insights into your loan options and help you plan for the future.

Payment Number Payment Amount Principal Portion Interest Portion Remaining Balance
1 $1,000 $200 $800 $9,800
2 $1,000 $205 $795 $9,595
3 $1,000 $210 $790 $9,385
4 $1,000 $215 $785 $9,170
5 $1,000 $220 $780 $8,950

Historical Background of the Bret Whissel Amortization Calculator

The Bret Whissel Amortization Calculator has a rich history dating back to its initial development by Bret Whissel in 1986. Originally created for personal use, the calculator quickly gained popularity due to its accuracy and effectiveness. In 1994, it was re-engineered for web use and hosted on a server in the FSU Meteorology Department. This transition allowed users to access the calculator online and perform calculations conveniently.

Over the years, the Bret Whissel Amortization Calculator continued to evolve and improve. In 2008, it was migrated to its own dedicated website, ensuring a seamless and reliable user experience. Bret Whissel has always been committed to maintaining and updating the calculator to meet the changing needs of its users.

Bret Whissel Amortization Calculator

“The Bret Whissel Amortization Calculator has been a valuable tool for individuals and professionals in the financial industry. Its historical background showcases the dedication of Bret Whissel to providing a reliable and user-friendly tool for calculating mortgage and loan amortization schedules.”

Continual Growth and Adaptation

Throughout its history, the Bret Whissel Amortization Calculator has undergone numerous updates and enhancements. User feedback has played a crucial role in driving these improvements. Bret Whissel encourages users to provide suggestions and report any issues they encounter, ensuring that the calculator maintains its high level of accuracy and reliability.

The Bret Whissel Amortization Calculator remains a trusted tool, widely used by individuals and financial professionals alike. Its historical background is a testament to its enduring value and effectiveness in assisting users with their amortization calculations.

Year Milestone
1986 Initial development of the Bret Whissel Amortization Calculator by Bret Whissel for personal use.
1994 Re-engineering of the calculator for web use and hosting on a server in the FSU Meteorology Department.
2008 Migration of the calculator to its own dedicated website, ensuring a seamless user experience.

Special Features and Customization Options of the Bret Whissel Amortization Calculator

The Bret Whissel Amortization Calculator offers a range of special features and customization options that make it a versatile tool for calculating mortgage and loan amortization schedules. Whether you’re an individual looking to understand your loan repayment progress or a financial professional assisting clients with loan options, these features provide valuable insights and flexibility.

Balloon Payments, Negative Amortizations, and Extra Payments

With the Bret Whissel Amortization Calculator, users can easily calculate scenarios involving balloon payments, negative amortizations, and extra payments. This means you can accurately assess the impact of these factors on your overall loan repayment schedule and make informed financial decisions accordingly.

Flexible Payment Schedules

One of the key customization options offered by the calculator is the ability to adjust the number of payments per year. This allows for flexible payment schedules that align with your unique financial situation or loan terms. By inputting the desired number of payments per year, you can easily see how it affects your amortization schedule and plan your payments accordingly.

Detailed Amortization Table

The Bret Whissel Amortization Calculator provides a comprehensive and detailed amortization table that breaks down each payment, showing the portion that goes towards the principal and the portion that goes towards interest. This table allows you to track your loan progress over time and gain a clearer understanding of how your payments are contributing to paying down the principal amount owed.

Overall, the Bret Whissel Amortization Calculator offers a powerful and user-friendly tool for calculating mortgage and loan amortization schedules. Its special features and customization options provide valuable insights and flexibility, empowering individuals and professionals in the financial industry to make informed decisions and plan for the future.

The next section will discuss the future updates and enhancements planned for the Bret Whissel Amortization Calculator, ensuring that it remains a reliable and up-to-date tool for calculating amortization schedules.

Future Updates and Enhancements for the Bret Whissel Amortization Calculator

As the creator of the Bret Whissel Amortization Calculator, I am committed to providing users with a reliable and user-friendly tool for calculating mortgage and loan amortization schedules. I understand the importance of continuously updating and enhancing the calculator to meet the changing needs of its users.

Your feedback and suggestions are highly valuable in this process. I encourage you to visit our website’s feature request page to provide feedback and suggest new features that you would like to see in future updates. I take each suggestion into consideration and strive to implement enhancements that will further improve the calculator’s functionality and usability.

Over the years, the Bret Whissel Amortization Calculator has evolved to accommodate various scenarios, such as balloon payments, negative amortizations, and extra payments. As technology advances and new requirements emerge, I am committed to ensuring that the calculator remains up-to-date and relevant.

Rest assured, I will continue to maintain and update the Bret Whissel Amortization Calculator to ensure its accuracy and effectiveness. Your trust in this tool is of utmost importance to me, and I am dedicated to providing a reliable and efficient solution for all your amortization calculation needs.

FAQ

How do I use the Bret Whissel Amortization Calculator?

To use the Bret Whissel Amortization Calculator, simply enter the principal amount, annual interest rate, payments per year, number of regular payments, and balloon payment (if applicable). The calculator will then generate an accurate amortization schedule for your loan or mortgage.

What is amortization?

Amortization is the process of paying off a loan or mortgage over a fixed period of time through regular payments that include both principal and interest. The Bret Whissel Amortization Calculator helps you understand how your loan is being paid down over time by providing a detailed schedule.

What are the benefits of using the Bret Whissel Amortization Calculator?

The Bret Whissel Amortization Calculator offers several benefits, including the ability to accurately calculate mortgage and loan payments, customize amortization schedules, and analyze different scenarios with features like balloon payments and extra payments. It helps you make informed financial decisions and track your loan progress.

How long has the Bret Whissel Amortization Calculator been in use?

The Bret Whissel Amortization Calculator was initially developed by Bret Whissel for personal use in 1986. It has since been transformed into a web-based calculator and gained popularity among individuals and professionals in the financial industry.

Can I customize the amortization schedule with the Bret Whissel Amortization Calculator?

Yes, the Bret Whissel Amortization Calculator offers customization options. You can input different loan parameters and adjust the number of payments per year, allowing for flexible payment schedules. The calculator provides a detailed amortization table that shows the breakdown of each payment and the remaining principal balance over time.

Is the Bret Whissel Amortization Calculator regularly updated?

Yes, the Bret Whissel Amortization Calculator is continuously maintained and updated by Bret Whissel. Users can provide feedback and suggest new features through the website’s feature request page. The calculator will likely receive updates in the future to meet the changing needs of its users.

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