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Loan Calculations

APR

Introduction. While APR does stand for annual percentage rate, it can mean different things in different circumstances. Some people think that APR only means the annual interest rate charged on a loa…

Updated 1 week ago by Sloan

APR Targeting

General. The APR Targeting tool lets you choose an APR amount and then it will adjust either the loan interest rate or the total escrow amount, whichever you choose, in order to get the loan as close…

Updated 1 week ago by Sloan

Calculation Type

Introduction. There are several ways that the interest portion of a payment can be calculated on a loan. LoanPro currently gives four options for calculating the interest portion of a payment: Intere…

Updated 1 week ago by Cole

Days In Year

General. The typical loan payment calculation doesn’t take into account non-uniform payment periods. In reality, all months don’t actually last 30 days and there are 52 weeks and one day in a year (t…

Updated 1 month ago by Sloan

Discount Calculation

General. Discount or lenders fee is a fee typically charged to a dealership in order to accept a loan from that dealership or the difference between the amount paid for a loan note and the face value…

Updated 3 months ago by Sloan

Extra Towards Mapping

General. In LoanPro, when a payment is applied, you have the option to decide how the portion of that payment that exceeds the amount due on the account will be applied. Not all options for applying…

Updated 1 month ago by Sloan

First Period Days

General. Often when a loan is given, the first payment period (period starting when the loan is given until the first payment comes due) is a little longer or a little shorter than a standard payment…

Updated 9 months ago by Darrin Wray

Force Payments

General. The force payments option is designed to give you quick access to both the schedule roll and the schedule round tools in a single location. How To. Using the force tool is easy and can be do…

Updated 1 year ago by Sloan

History and Dates

General. The concept of history and dates is probably confusing since it is unique to LoanPro. History and dates are settings that can be turned on or off for a loan. History refers to the history of…

Updated 9 months ago by Sloan

Interest Application

General. Interest application lets you choose how interest accrues. Most LMS users will choose to base that accrual on transactions, but it can only be based on payment periods. These options will no…

Updated 1 month ago by Sloan

Last as Final

General. The last as final setting lets you decide whether the originally-calculated last payment on a loan should remain the last payment regardless of the payment history unless the loan is paid of…

Updated 1 year ago by Sloan

Next Due Date (NDD) Calculation

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…

Updated 2 years ago by Cole

Payment Date Application

General. The payment date application gives you the option to have payments apply either based on the actual payment date, or the scheduled payment date. See Log a Payment for information about how p…

Updated 9 months ago by Sloan

Payment Frequencies

General. LoanPro has several payment frequencies. Some of them may be somewhat difficult to understand, so here is an explanation of each frequency. Monthly. This is the most common payment frequency…

Updated 7 months ago by Sloan

Roll Payment

General. In a typical loan the payment amount is calculated using the term of the loan, the present value of the loan (loan amount) and the interest rate of the loan. But, sometimes it’s helpful to t…

Updated 1 year ago by Sloan

Round Payment Schedule

General. LoanPro offers many options to accommodate many loan types. We also try to make it as easy as possible to move loans to LoanPro from other systems. To accommodate this, it is possible in Loa…

Updated 1 year ago by Sloan

Smooth Payments

General. The typical way that payments are calculated doesn’t take into account irregular first payment periods. Because of this, if your first payment period is longer than a standard period (e.g. 3…

Updated 1 year ago by Sloan

Typical Lease Calculation

General. Leases are different than loans. Loans involve supplying money so that an asset can be purchased or for a number of other reasons. A lease is a payment to cover rent and depreciation of an a…

Updated 9 months ago by Cole

Typical Loan Overview

An Overview of How Amortized Loans Typically Work. Most people are familiar with some of the jargon associated with giving loans, and might understand what principal and interest are in a general sen…

Updated 1 month ago by Jackson Stone

Zero Principal Balance

General. If the repayment of a loan goes according to plan, or even slightly different from the plan, it's likely that the principal balance will eventually be $0. This article covers what will happe…

Updated 7 months ago by Andy

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