- Loan type
- Choose installment loan a that is fully amortized over the term. This option will always have a term that is equal to the amortization term. Choose balloon to have a loan with a balloon payment where the term of the loan will be shorter than the amortization term. Choose interest only to make interest only payments. Choose Principal + Interest for a loan that has a fixed principal payment plus accrued interest.
- Payment frequency
- Frequency of your payments. The default is monthly. Other options include quarterly, semi-annual and annual payments.
- Amount of loan
- Total amount of your loan.
- Financing start date
- This is the first day that interest will begin to be charged to your loan balance. This is also typically the same date that funds are distributed to the borrower.
- Interest rate
- Annual interest rate for this loan. Interest is calculated monthly at 1/365th of the annual rate times the number of days in the month on the current outstanding balance of your loan. If you have a loan with a payment frequency of quarterly, semi-annually or annually interest will accrue monthly increasing your principal balance until the next regular payment is received.
- Loan term
- Number of payments for this loan.
- Amortization term
- The number of payments over which your loan payment is calculated.
- Interest only term
- The number of payments where the initial payments are interest only.
- First payment date
- This is the date of your first payment. The default first payment is the first of month after one full payment period has elapsed, but can be any date on or after the financing start date. The period of time before your first payment is not considered part of the loan term.
- Final payment date
- This is the date of final payment.
- Payment
- The payment for this loan each period.
