Next Due Date (NDD) Calculation
Updated 2 years ago
General
The Next Due Date (NDD) option is only available when Interest Application is set to Between transactions. It gives the choice between two calculation methods for amount past due. The amount past due helps determine the days past due and the next due date on the loan.
Standard
This option will calculate the amount past due as the amount that has come due on the loan minus the amount paid. The amount that has been paid doesn’t include principal-only payments. This is the typical setting for all loans except interest-only loans.
Interest Only
This option is typically only used for interest-only loans. Under this option the amount past due is calculated as the amount of interest that has come due minus the amount of interest that has been paid.