Fixed Principal Plus Interest Loans

Fixed principal plus interest loans (hereafter called principal plus loans) are loans which have a payment stream made up of payments which pay off a fixed amount of principal with each P&I payment, with interest only payments optionally occurring during the life of the loan as well.

For example, a borrower could specify that a loan of $1,000 be paid off with the first two payments consisting of interest only and the follow 10 payments paying off $100 of principal each.

Sample Request

The following example is a request for a fixed principal plus interest Loans loan with proceeds of $10,000, interest will accrue at a 6.0% rate using an actual day / 365 U. S. Rule accrual method (accrual code 320). There will be 12 monthly payments, the first 11 of which will pay of a fixed principal amount of $100 plus interest due, with an additional final payment paying off the loan.

{
  "Module": "PrincipalPlus",
  "Data": {
    "LoanDate": "2022-08-24",
    "PmtDate": "2022-10-01",
    "IntRate": "6.000",
    "Proceeds": "10000.00",
    "FirstPrincipalPmt": "1",
    "PrincipalReduction": "100",
    "PrincipalPmts": "12",
    "Settings": {
      "AccrualCode": "320"
    }
  }
}

Sample Response

{
  "Result": 200,
  "Module": "PrincipalPlus",
  "Data": {
    "Errors": [],
    "Warnings": [],
    "Results": {
      "Final": "8945.35",
      "First": "162.47",
      "Principal Reduction": "100.00",
      "Term": "12"
    },
    "FedBox": {
      "AmtFin": "10000.00",
      "FinChg": "580.06",
      "TotPmts": "10580.06",
      "APR": {
        "Value": "5.996",
        "Type": "Actuarial"
      }
    },
    "Moneys": {
      "Principal": "10000.00",
      "Interest": "580.06"
    },
    "Accrual": {
      "Method": "Actual/365 US Rule",
      "Days1Pmt": "38",
      "DayCount": "Actual",
      "Maturity": "2023-09-01"
    },
    "PmtStreams": [
      {
        "Term": "1",
        "Pmt": "162.47",
        "Rate": "6.000",
        "Begin": "2022-10-01"
      },
      {
        "Term": "1",
        "Pmt": "150.45",
        "Rate": "6.000",
        "Begin": "2022-11-01"
      },
      ...,
      {
        "Term": "1",
        "Pmt": "8945.35",
        "Rate": "6.000",
        "Begin": "2023-09-01"
      }
    ],
    "AmTable": {
      "GrandTotals": {
        "PmtTot": "10580.06",
        "IntTot": "580.06",
        "PrinTot": "10000.00"
      },
      "SubTotals": [
        {
          "Year": "2022",
          "Start": "1",
          "Events": "3",
          "PmtSub": "461.25",
          "IntSub": "161.25",
          "PrinSub": "300.00"
        },
        {
          "Year": "2023",
          "Start": "4",
          "Events": "9",
          "PmtSub": "10118.81",
          "IntSub": "418.81",
          "PrinSub": "9700.00"
        }
      ],
      "AmLines": [
        {
          "Idx": "1",
          "Date": "2022-10-01",
          "BegBal": "10000.00",
          "Pmt": "162.47",
          "Int": "62.47",
          "Prin": "100.00",
          "EndBal": "9900.00"
        },
        {
          "Idx": "2",
          "Date": "2022-11-01",
          "BegBal": "9900.00",
          "Pmt": "150.45",
          "Int": "50.45",
          "Prin": "100.00",
          "EndBal": "9800.00"
        },
        ...,
        {
          "Idx": "12",
          "Date": "2023-09-01",
          "BegBal": "8900.00",
          "Pmt": "8945.35",
          "Int": "45.35",
          "Prin": "8900.00",
          "EndBal": "0.00"
        }
      ]
    }
  }
}