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Enter or edit loan interest information

The loan interest information is required to calculate the interest portion of your payment and establish your payment schedule.

What is the compounding period?

The frequency interest is compounded on the loan, such as annually, monthly, weekly, or exact days. The compounding period affects how much interest is owed on the loan. The more frequently the interest is calculated, the higher the total interest.

What is the compute period?

The compute period is the number of days used by your lender to calculate daily interest charges for loans with a compounding period of exact days. The two compute period options are: 365/365 or 365/360.

How do I know if my lender uses 365 or 360 days for computing the interest?

When your lender uses a compounding period of exact days, the daily interest charges are calculated on either a 360- or 365-day year. You will find this information in your loan documents.

You can change this information at any time by clicking Edit Loan Details in the Loan Manager window. For example, if you have an adjustable-rate loan, you can change the interest amount here when it changes for your loan.

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