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