Modern Finance ExtraPaymentOnce

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ExtraPaymentOnce

Returns a single extra principal payment made in one period.

Syntax

ExtraPaymentOnce( period, amount )

Examples

#import "std/money"
using money

'' A single lump prepayment.  It applies AFTER the scheduled split, so
'' the period's interest and principal are unchanged -- only the closing
'' balance moves.
dim as LoanTerms t = LoanTermsUsMortgage( DecimalParse( "400000" ).Value( ), _
                                          DecimalParse( "0.0595" ).Value( ), 30 )

dim as ExtraPayment ex( 0 to 0 )
ex( 0 ) = ExtraPaymentOnce( 12, DecimalParse( "50000" ).Value( ) )

var s = LoanSummarize( t, ex( ) )
print s.Value( ).PaymentCount_           '' 268 -- 92 periods earlier
print s.Value( ).PeriodsSaved_           '' 92
print s.Value( ).TotalInterest_.ToStringFixed( 2 )       '' 287781.06

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Library: Finance
Category: Finance
Documented under: Nothing Becomes A Keyword
Source: pkg/std/money/finloan.tiko in the tiko repository.