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"
        }
      ]
    }
  }
}