This may sound dumb, but if I give someone an amoritzation schedule, shouldn't the last payment zero the balance out or be reflected in the last payment to show that the balance is zero? Our system conflicts by leaving a balance after the last payment and it just doesn't seem right to me or am I all wrong??

Thanks

It could be your system telling you that those payments at that rate will not "am" out by maturity, and it adds a final balloon payment of the remaining.

Could be the way the loan input set up. Our am software will also add another payment when loan amount, number of payments and payment amount don't am out by that maturity date. We usually find it is because we've told it we want the payments to be a specific amount rather than letting the software calculate the payment amount, thus resulting in the addition of one final payment of the balance due.

ok

Just wondering if you have cross checked your system's payment calculation with an HP or with EXCEL. I know that with the parameters that have been set in our ARTA system [which is to be replaced later this month] I cannot obtain a true "mortgage style" amortized payment; in our case, the derived P&I is somewhat higher, which results in a slighly more rapid amortization.
I have created my own EXCEL spreadsheet amortization, and usually the final balance is shown at $0, or is within a very few cents if there is any difference due to rounding.

Thanks for the info