Interest Only Loans

Interest only loans are loans which have a payment stream consisting of one or more interest only payment, with a final payment paying off the principal balance plus the interest accrued during the final payment period. The principal balance does not decrease during the term of the loan, until the final payment when it is scheduled to be fully paid.

Sample Request

The following example is a request for an interest only loan with proceeds of $10,000, interest will accrue at a 4.5% rate using a unit period / 360 U. S. Rule accrual method (accrual code 301), with a financed and APR affecting document preparation fee of $25 included. There will be 11 monthly interest only payments with an additional final payment paying off the loan.

{
  "Module" : "InterestOnly",
  "Data" : {
    "LoanDate" : "2022-08-22",
    "PmtDate" : "2022-10-01",
    "IntRate" : "4.500",
    "Term" : "12",
    "PPY" : "12",
    "Proceeds" : "10000.00",
    "Fees" : [
      {
        "Name" : "Doc Prep Fee",
        "AddToFinChg" : true,
        "AddToPrin" : true,
        "CalcType" : "Dollar",
        "Entry" : "25.00"
      }
    ],
    "Settings" : {
      "AccrualCode" : "301"
    }
  }
}

Sample Response

The following example is the response returned from the SCE for the request provided at the beginning of the previous section.

Example - Response Envelope for InterestOnly Module:

{
  "Result" : 200,
  "Module" : "InterestOnly",
  "Data" : {
    "Errors" : [
    ],
    "Warnings" : [
    ],
    "Results" : {
      "Final" : "10062.59",
      "First" : "50.13"
    },
    "FedBox" : {
      "AmtFin" : "10000.00",
      "FinChg" : "488.62",
      "TotPmts" : "10488.62",
      "APR" : {
        "Value" : "4.748",
        "Type" : "Actuarial"
      }
    },
    "Moneys" : {
      "Principal" : "10025.00",
      "Interest" : "463.62",
      "FinFees" : "25.00",
      "FinChgFees" : "25.00",
      "Fees" : [
        {
          "Name" : "Doc Prep Fee",
          "Fee" : "25.00"
        }
      ]
    },
    "Accrual" : {
      "Method" : "Unit Period 360 US Rule",
      "Days1Pmt" : "40",
      "DayCount" : "Actual",
      "Maturity" : "2023-09-01"
    },
    "PmtStreams" : [
      {
        "Term" : "1",
        "Pmt" : "50.13",
        "Rate" : "4.500",
        "Begin" : "2022-10-01"
      },
      {
        "Term" : "10",
        "Pmt" : "37.59",
        "Rate" : "4.500",
        "Begin" : "2022-11-01"
      },
      {
        "Term" : "1",
        "Pmt" : "10062.59",
        "Rate" : "4.500",
        "Begin" : "2023-09-01"
      }
    ],
    "AmTable" : {
      "GrandTotals" : {
        "PmtTot" : "10488.62",
        "IntTot" : "463.62",
        "PrinTot" : "10025.00"
      },
      "SubTotals" : [
        {
          "Year" : "2022",
          "Start" : "1",
          "Events" : "3",
          "PmtSub" : "125.31",
          "IntSub" : "125.31",
          "PrinSub" : "0.00"
        },
        {
          "Year" : "2023",
          "Start" : "4",
          "Events" : "9",
          "PmtSub" : "10363.31",
          "IntSub" : "338.31",
          "PrinSub" : "10025.00"
        }
      ],
      "AmLines" : [
        {
          "Idx" : "1",
          "Date" : "2022-10-01",
          "BegBal" : "10025.00",
          "Pmt" : "50.13",
          "Int" : "50.13",
          "Prin" : "0.00",
          "EndBal" : "10025.00"
        },
        {
          "Idx" : "2",
          "Date" : "2022-11-01",
          "BegBal" : "10025.00",
          "Pmt" : "37.59",
          "Int" : "37.59",
          "Prin" : "0.00",
          "EndBal" : "10025.00"
        },
        ...,
        {
          "Idx" : "12",
          "Date" : "2023-09-01",
          "BegBal" : "10025.00",
          "Pmt" : "10062.59",
          "Int" : "37.59",
          "Prin" : "10025.00",
          "EndBal" : "0.00"
        }
      ]
    }
  }
}