Loan Calculator Definitions
- Amount of loan
- Total amount of your loan.
- Financing start date
- This is the first day that interest will begin to be charged to your loan balance. This is also typically the same date that funds are distributed to the borrower.
- Interest rate
- Annual interest rate for this loan. Interest is calculated monthly at 1/365th of the annual rate times the number of days in the month on the current outstanding balance of your loan.
- Loan term
- Number of months for this loan.
- Amortization term
- The number of months over which your loan payment is calculated.
- First payment date
- This is the date of your first payment. It is typically the first day of the month following the distribution date, but can be any date on or after the financing start date.
- Final payment date
- This is the date of final payment. Cannot exceed maturity.
- Monthly payment
- Monthly payment for this loan.