Loan Calculator
Overview of IL508
The Loan Calculator is a tool that your organization can use to project the principal value, payment amount or remaining number of payments for a specific loan. You can run numerous projections, and can set up an amortization table that you can then provide to your borrower. The projections are hypothetical, and do not result in modifications to the actual loan information. To use the Loan Calculator:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Financial Inquiry
- Look up the loan you wish to work with
- From the Detailed Loan Inquiry screen, click View and select Loan Calculator from the drop down list:
The Loan Calculator screen will now launch:
You have the following options:
| Field | Description |
|---|---|
| Payment frequency | Click the drop down arrow to select the payment frequency for the loan. This list is based on the codes established by your organization for regular payment frequency. To configure the frequency codes, please reference this page: Loan Regular Payment Codes |
| Interest computation | Click the drop down arrow to select either 30/360 or actual/actual. Note: If actual/actual is selected, the Start date field is required |
| First payment date | Enter the date that the first loan payment will be made. You can type it in a mm/dd/yyyy format, or click the calendar icon to select the date |
| Start date | This field is only required if calculating interest based on the actual/actual method. Enter the date in a mm/dd/yyyy format or click the calendar icon to select the date that interest will begin accruing |
| Principal | Current principal balance of the loan |
| Payment amt | The regular monthly payment for the loan |
| Number of payments | The total number of payments to be made on the loan |
| Interest | Interest rate on the loan |
| Rollup | Percentage of the loan-payment amount up to and including which a small final payment will be rolled up with the previous full payment. If the normal payment amount is $1,000, for example, a final payment of $10 could be included with the last full payment amount instead. So instead of there being a 23rd payment of $1,000 and a 24th payment of $10, there would be only a 23rd payment of $1,010 |
NOTE: You must have at least 2 of these 3 fields populated with information: Principal, payment amount and number of payments
When you have finished entering the information, click Estimate. The system will populate the other fields, and the bottom of the screen:
If you click the View button on the toolbar, you will see the projected amortization schedule, based on the information you have entered:
From this screen, you can click the Report button to display a pdf file that you can then print or save and email to the borrower. Click below to view a sample of a loan amortization schedule.
