Custom Loan Payment Schedule Calculator

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The Custom Loan Payment Schedule produces a loan payment schedule for a loan with any of the following unique features:

To view the schedule, click the Payment Schedule tab, or choose File > Print Preview.

Fields

In the Loan group box:

Enter the date in this field, or click the down arrow to open a calendar. Click the date on the calendar and the application will enter the date in the field.

Enter the amount of the loan in this field.

Enter a number of payments per year; the interest calculation divides the year evenly into parts to arrive at the length of each of the periods. Or, select a frequency from the drop-down list; the interest calculation looks at the exact days between payments to determine the length of the period. 

Example: If Monthly is selected from the drop-down list, and the loan origination date is January 1st, the first period would have 31 days and interest would be computed on 31 days. If the entry is 12, 30.41667 days will be used for the first period. This gives the 365-day year 12 equal periods.

Example: If Weekly is selected from the drop-down list, the interest rate used per weekly period is computed as (7/365)*(annual interest rate). If the entry is 52, the interest rate used per period is (annual interest rate)/52.

Note: When the Interest Only option is marked in the Payments field, the application assumes the payment periods are equal (not exact days). This avoids an uneven payment stream that would result from one month having more days than another.

To delay the first payment, enter the date of the first payment. This date must be after the computed first payment date. Click the down arrow to open a calendar.

Mark the Interest and Principal option for a payment amount that will pay down the balance over the life of the loan. Mark the Interest Only option to have payments that will equal the computed interest. When Interest Only is marked, the payment periods are assumed to be equal (not exact days). This avoids an uneven payment stream that would result from one month having more days than another.

The application computes interest to the date entered in this field, then adds it to the current balance and shows the result as a balloon payment. This ends the loan with a zero balance. To view a calendar, click the down arrow.

In the Annual Interest Rate group box:

Enter the annual interest rate, or click the down arrow to open a calculator.

Mark the Payment Period option or the Daily option. The payment period is determined by the length of time between regular payments (without regard to date of first payment or balloon payment).

Example

A taxpayer has taken money from one business and deposited it into another. Payments were not started immediately, but now he wants to set up monthly payments. The lending business has a fiscal year and the borrowing company has a calendar year. To represent this as a proper loan, determine the amount of each payment, and then provide totals that match the accounting year of each business.

Field Input
Date of loan origination 10/07/2013
Loan amount $1,000,000
Payments per year or frequency Monthly
Date of first payment 02/02/2014
Length of loan in years 5.00
Payments Interest and Principal
Year end for subtotals June
Annual interest rate 8.00%
Compounded Payment Period
Length of year (for compounding) 365

The entries above will produce a loan payment schedule for the fiscal year business. For the calendar year business, change the Year end for subtotals to December.

Special information

Computing interest for an accounting period end date

To compute interest to a date that is not a payment date, simply enter or change the balloon payment date to the desired date, view the payment schedule to see the interest, and then reset the balloon payment to the original value.

For example, a taxpayer has a loan that has payment dates on the 10th of each month. The user needs to compute interest to the end of the month so that he can show the accrued interest on the financial statements.

Make the following entries:

  1. In the Date of balloon payment field, enter the date of the last day of the month.
  2. Click the Payment Schedule tab and view the interest to the end of the month.
  3. Reset the balloon payment to the original value.

Related topics

Exporting a custom loan payment schedule to another application

Exporting custom loan amounts

Servicing loans - Recording payments, late changes, interest rate changes, and more

Copying and pasting loan payment schedules into Excel or other applications

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