Loan Amount =

Interest/Year =

Interest Timing = 12

Deferral Years =

Close Date = 0/0/0

Start Date = 0/0/0

#Days =

Accrued Interest =

Repayment Years = 3

Payment Timing = 12

Repayment Amount =

Payment =

Calculates a loan that starts with a deferred repayment. During this deferral period, interest is accumulated on the loan but no payments are due. In addition, it will accrue interest for an initial period (an odd period) of time where the agreement is in place and money has changed hands but the term of the loan has not begun.

Loan Information

- Loan Amount: Amount of the loan.

- Interest/Year: Annual interest rate for the mortgage expressed as a percentage.

- Interest Timing: How often interest compounds. Options include Monthly (12 times/year), Quarterly (4 times/year), Canadian (2 times/year) or Yearly.

- Deferral Years: The number of years where interest is accumulated but payments are deferred.

Odd 1st Period

- Close Date: Often times a loan is closed (contract signed, money changes hands) before it begins repayment or deferral. Interest accumulates during this time period. This date denotes the closing date for the loan.

- Start Date: Often times a loan is closed (agreement signed, money changes hands) before it begins repayment or deferral. Interest accumulates during this time period. This date denotes the starting date for deferral or, if no deferral period, repayment of the loan.

- #Days: Number of days between the Close date and Start Date. Days are calculated on an actual year basis.

- Accrued Interest: Amount of accrued interest between Close Date and Start Date.

Payment

- Repayment Years: Number of years over which the loan will be repaid. This does not include payment deferral years.

- Payment Timing: How often payments are made. Options include Bi-Weekly (payments every two weeks; 26 payments per year); 2x/Month (payments on 15th and 30th); 24 payments per year); Monthly (12 per year); Quarterly (4 per year); 2x/Year (2 per year); Yearly (1 per year). Payments are always made at the end of the period.

- Repayment Amount: Total amount to be repaid. This includes accrued interest from both the odd period and the deferral years.

- Payment: Amount to be paid based on the Payment Timing. For example, if Payment Timing is set to Monthly then Payment is the monthly payment amount.

You've worked out a loan with investors for $100,000 at 10% interest paid monthly. The loan will start with two years deferred interest. Also note that the loan, which is signed for (closed) on December 28, 2009, won't begin until January 1, 2010. What will be the monthly repayment amount of the loan and what was the accrued principal of the loan at the time that repayment begins?

- Loan Amount: 100,000

- Interest/Year: 10

- Interest Timing: Monthly

- Deferral Years: 2

- Close Date: December 28, 2009

- Start Date: January 1, 2010

- Repayment Years: 3

- Payment Timing: Monthly

The repayment amount totals $122,172.84, which means a payment of $3,942.17 each month.

If the closing date and loan start date are the same, leave them the same date.

It's possible to use this template for odd first (odd 1st) period calculations as well, where there is no deferral period. In that case, leave Deferral Years set to 0.

Loan Amount

Interest/Year

Interest Timing

Deferral Years

Close Date

Start Date

#Days

Accrued Interest

Repayment Years

Payment Timing

Repayment Amount

Payment

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