Payment Type Panel
Use to adjust payment settings that affect the current account's forecasted cash flow schedule.
The following settings are available:
- Payment Type
-
This field determines the account's type of cash flow schedule. The following types are available:
- Amortizing - An amortizing payment is calculated based on the term.
- Balloon - An amortizing payment is calculated based on the term, but the account matures at the balloon term.
- Interest Only - Interest-only payments are calculated based on the specified term.
- Interest Only to Amortizing - This payment type lets you set an interest-only period and an overall term with anything over the Interest Only Term going to amortizing payments.
- Interest Only to Balloon - This payment type is the same as the previous type, but it also has a balloon term component. The account is interest-only for a specified period and then calculates an amortizing payment based on the term, but the account matures at the balloon term.
- Interest Only Annual - This type specifies the month of the year that the new volume matures. This type is used primarily for Christmas or vacation club accounts.
- Term
- This field represents the typical contractual term for the account expressed in a number of months.
- Balloon Term
- This field defines the maturity of an account with a balloon that is expressed in months. This setting appears when Balloon or Interest Only to Balloon is selected for Payment Type.
- Interest Only Term
- This field specifies the account's interest-only period when you select Interest Only to Amortizing or Interest Only to Balloon for Payment Type.
- Origination & Payment Day
- This field indicates which day of the month originations and payments occur on.
- Accrual Basis
- This field determines the accrual basis for the income/expense calculation.
- Forecast Calc Method
- This field lets you select Month End Determines New Volume or New Volume Determines Month End.