Difference between revisions of "Loan Payoff Calculations"
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=='''Overview of IL427'''== | =='''Overview of IL427'''== | ||
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| + | The Loan Payoff Calculation screen allows you to estimate what a borrower's payment amount will have to be in order to pay off their loan by a certain date. It is a projection estimate only, and does not update the loan information. To use the Payoff Calculations: | ||
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| + | * From the DDI Connect main menu, double-click Financial Services | ||
| + | * Double-click Financial Inquiry | ||
| + | * Look up the loan you wish to perform the calculations on | ||
| + | * When the Detailed Loan Inquiry screen appears, click the View button and select Payoff Calculations: | ||
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| + | [[File:Payoff Calculations 1.png]] | ||
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| + | The Payoff Calculations screen will appear: | ||
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| + | [[File:Payoff Calculations 2.png]] | ||
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| + | The only field you have the option to modify is the Payoff Date. Enter the desired payoff date in a mm/dd/yyyy format or click the calendar icon to select the date. Then, click Estimate. The system will utilize the loan's existing interest rate and computation method to determine what the total payoff amount would be if the loan were to be paid off on the selected date: | ||
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| + | [[File:Payoff Calculations 3.png]] | ||
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| + | You can modify the date and click Estimate again to update the projected numbers. | ||
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[[Category:Loans]] | [[Category:Loans]] | ||
Revision as of 15:05, 15 March 2012
Overview of IL427
The Loan Payoff Calculation screen allows you to estimate what a borrower's payment amount will have to be in order to pay off their loan by a certain date. It is a projection estimate only, and does not update the loan information. To use the Payoff Calculations:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Financial Inquiry
- Look up the loan you wish to perform the calculations on
- When the Detailed Loan Inquiry screen appears, click the View button and select Payoff Calculations:
The Payoff Calculations screen will appear:
The only field you have the option to modify is the Payoff Date. Enter the desired payoff date in a mm/dd/yyyy format or click the calendar icon to select the date. Then, click Estimate. The system will utilize the loan's existing interest rate and computation method to determine what the total payoff amount would be if the loan were to be paid off on the selected date:
You can modify the date and click Estimate again to update the projected numbers.
