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.

Sample Request

The following request specifies a loan with a term of 12 months and proceeds of $1,000 to be paid off with the first two payments consisting of interest only and the remaining 10 payments each paying off $100 of principal.

<inPRINCIPAL_PLUS_INTEREST AccrualCode="301" PPY="12" PrincipalPPY="12">
    <LoanDate>2024-11-01</LoanDate>
    <PmtDate>2024-12-01</PmtDate>
    <IntRate>10.000</IntRate>
    <Proceeds>1000.00</Proceeds>
    <FirstPrincipalPmt>3</FirstPrincipalPmt>
    <PrincipalReduction>100.00</PrincipalReduction>
    <PrincipalPmts>12</PrincipalPmts>
</inPRINCIPAL_PLUS_INTEREST> 

Sample Response

The following response is returned from the SCEX when provided with the sample request above.

<?xml version="1.0" standalone="no" ?>
<!DOCTYPE outPRINCIPAL_PLUS_INTEREST SYSTEM "outPRINCIPAL_PLUS_INTEREST.dtd">
<outPRINCIPAL_PLUS_INTEREST>
   <Results>
      <Description>Successful Calculation</Description>
      <Principal_Reduction>100.00</Principal_Reduction>
      <First>8.33</First>
      <Final>100.83</Final>
      <Term>12</Term>
   </Results>
   <FedBox>
      <AmtFin>1000.00</AmtFin>
      <FinChg>62.49</FinChg>
      <TotPmts>1062.49</TotPmts>
      <RegZAPR Type="Actuarial">9.998</RegZAPR>
   </FedBox>
   <Moneys>
      <Principal>1000.00</Principal>
      <Interest>62.49</Interest>
      <Protection Category="None" PerPmt="0.00" PerDay="0.00">0.00</Protection>
   </Moneys>
   <Accrual>
      <Method>Unit Period 360 US Rule</Method>
      <Days1Pmt DayCount="Actual">30</Days1Pmt>
      <Maturity>2025-11-01</Maturity>
   </Accrual>
   <PmtStream Term="2" Pmt="8.33" Rate="10.000" Begin="2024-12-01"/>
   <PmtStream Term="1" Pmt="108.33" Rate="10.000" Begin="2025-02-01"/>
   <PmtStream Term="1" Pmt="107.50" Rate="10.000" Begin="2025-03-01"/>
   <PmtStream Term="1" Pmt="106.67" Rate="10.000" Begin="2025-04-01"/>
   <PmtStream Term="1" Pmt="105.83" Rate="10.000" Begin="2025-05-01"/>
   <PmtStream Term="1" Pmt="105.00" Rate="10.000" Begin="2025-06-01"/>
   <PmtStream Term="1" Pmt="104.17" Rate="10.000" Begin="2025-07-01"/>
   <PmtStream Term="1" Pmt="103.33" Rate="10.000" Begin="2025-08-01"/>
   <PmtStream Term="1" Pmt="102.50" Rate="10.000" Begin="2025-09-01"/>
   <PmtStream Term="1" Pmt="101.67" Rate="10.000" Begin="2025-10-01"/>
   <PmtStream Term="1" Pmt="100.83" Rate="10.000" Begin="2025-11-01"/>
   <AmTable>
      <GrandTotals PmtTot="1062.49" IntTot="62.49" PrinTot="1000.00"/>
      <SubTotals Year="2024" Start="1" Events="1" PmtSub="8.33" IntSub="8.33" PrinSub="0.00"/>
      <SubTotals Year="2025" Start="2" Events="11" PmtSub="1054.16" IntSub="54.16" PrinSub="1000.00"/>
      <AmLine Idx="1" Date="2024-12-01" BegBal="1000.00" Pmt="8.33" Int="8.33" Prin="0.00" EndBal="1000.00"/>
      <AmLine Idx="2" Date="2025-01-01" BegBal="1000.00" Pmt="8.33" Int="8.33" Prin="0.00" EndBal="1000.00"/>
      <AmLine Idx="3" Date="2025-02-01" BegBal="1000.00" Pmt="108.33" Int="8.33" Prin="100.00" EndBal="900.00"/>
      <AmLine Idx="4" Date="2025-03-01" BegBal="900.00" Pmt="107.50" Int="7.50" Prin="100.00" EndBal="800.00"/>
      <AmLine Idx="5" Date="2025-04-01" BegBal="800.00" Pmt="106.67" Int="6.67" Prin="100.00" EndBal="700.00"/>
      <AmLine Idx="6" Date="2025-05-01" BegBal="700.00" Pmt="105.83" Int="5.83" Prin="100.00" EndBal="600.00"/>
      <AmLine Idx="7" Date="2025-06-01" BegBal="600.00" Pmt="105.00" Int="5.00" Prin="100.00" EndBal="500.00"/>
      <AmLine Idx="8" Date="2025-07-01" BegBal="500.00" Pmt="104.17" Int="4.17" Prin="100.00" EndBal="400.00"/>
      <AmLine Idx="9" Date="2025-08-01" BegBal="400.00" Pmt="103.33" Int="3.33" Prin="100.00" EndBal="300.00"/>
      <AmLine Idx="10" Date="2025-09-01" BegBal="300.00" Pmt="102.50" Int="2.50" Prin="100.00" EndBal="200.00"/>
      <AmLine Idx="11" Date="2025-10-01" BegBal="200.00" Pmt="101.67" Int="1.67" Prin="100.00" EndBal="100.00"/>
      <AmLine Idx="12" Date="2025-11-01" BegBal="100.00" Pmt="100.83" Int="0.83" Prin="100.00" EndBal="0.00"/>
   </AmTable>
</outPRINCIPAL_PLUS_INTEREST>