Payment plan

Introduction

Use this lib to calculate payment plan, monthly cost and effective interest.

Install

npm install payment-plan

or

yarn add payment-plan

Functions

Function	Description
getEffectiveInterest	Calculate the effective interest rate for a loan
getPaymentPlan	Generate a payment plan for a loan
getMonthlyCost	Calculate the monthly cost for a specific term of a loan

Inputs

getEffectiveInterest

Input	Type	Description	Default Value
loanAmount	number	Loan amount	-
terms	number	Total number of terms	-
interestRate	number	Annual nominal interest rate (as a decimal)	-
startFee	number	One-time start fee	-
termFee	number	Fee per term	-
type	LoanTypes (optional)	Loan type (ANNUITY or SERIAL)	ANNUITY
plan	PaymentPlan (optional)	Existing payment plan to use instead of generating one	-

getPaymentPlan

Input	Type	Description	Default Value
loanAmount	number	Loan amount	-
interestRate	number	Annual nominal interest rate (as a decimal)	-
terms	number	Total number of terms	-
gracePeriod	number (optional)	Number of grace period terms	0
type	LoanTypes (optional)	Loan type (ANNUITY or SERIAL)	ANNUITY
startFee	number (optional)	One-time start fee	0
termFee	number (optional)	Fee per term	0

getMonthlyCost

Input	Type	Description	Default Value
loanAmount	number	Loan amount	-
terms	number	Total number of terms	-
interestRate	number	Annual nominal interest rate (as a decimal)	-
period	number (optional)	Number of terms per year	12
index	number (optional)	Term index to calculate the monthly cost for	0
gracePeriod	number (optional)	Number of grace period terms	0
termFee	number (optional)	Fee per term	0
type	LoanTypes (optional)	Loan type (ANNUITY or SERIAL)	ANNUITY

License

MIT License