RepaymentPlan: Calculation of Repayment Schedule under Mortgage Plan or...
In RepaymentPlan: Calculation of Mortgage Plan or Repayment Plan
Description
Usage
Arguments
Details
Value
Author(s)
References
Examples
Description
The function RepaymentPlan() calculates repayment schedules for various mortgage plans.
Usage
1
RepaymentPlan(L, r, n, Last_year_due)
Arguments
L
Loan amount in the money terms. It could be dollar or any other unit of currency.
r
Rate of interest charges on loan amount annually in fraction. If instead of providing 'n' in years, it is provided in months then divide the rate by 12 or if 'n' is provied in quarters, then divide the rate by 4
n
No. of years in repayment plan or loan tenure.The loan tenure can also be provided in number of months and quarters but then one should not forget to adjust the rate of interest from annual to monthly or quarterly as needed.
Last_year_due
Amount Reserved for repayment in last year in case of only for partial repayment plan. Higher the value of this amount, greater is the cost of interest component in partial repayment plan. In case this argument is equal to principal sum then answer would be same as that of stragith end repayment plan
Details
This function will provide four repayment plans detailed in the research paper of Vani et. al.,2018. According to Reddy et al.,2004, there are mainly four types of repayment plans for mortgage loan. These are straight end repayment plan, partial or balloon repayment plan, amortized decreasing repayment plan and amortized even repayment plan. In case of crop loans which are repaid within a year, straight end repayment plan is preferred. This is an interest only repayment plan where borrower pays no part of principal for any of the year in loan tenure except for the last year. However, interest is paid for all the years in loan tenure.
In case of loan taken for orchard development or machinary loans, partial repayment plan is preferred. In this plan, borrower commits to pay a specified sum of money towards principal in the last year of loan tenure. In rest of the years, the principal component remains fixed and the interest is charged on the balance.Thus, installment varies over the loan tenure.
For machinary loans, amortized decreasing repayment plan is also used. Amortized even repayment plan is the most popular one which is used for working out EMI or equated monthly installment. In this plan, installment remains constant unlike other plans. This is also used for loans related to livestock, construction work, land development and diggin of wells.
This function returns all the five repayment plans along with the summary of all the plans by calculating the total principal, interest and installment amount for each plan. Additionally this function also plots the barplot of interest amount in each repayment plan.
Value
Partial.Repayment.Plan
Repayment Schedule under Partial Repayment plan
Amortized.Decreasing.Repayment.Plan
Repayment Schedule under Amortized Decreasing Repayment plan
Amortized.Even.Repayment.Plan
Repayment Schedule under Amortized Even Repayment plan
Straight.End.Repayment.Plan
Repayment Schedule underStraight End Repayment Plan
Summary.of.all.repayment.plans
This table provides the summary of all repayment plans by calculating the sum of principal, interest and installment in each repayment plan
Author(s)
Gourav Kumar Vani <kumaragri.vani1@gmail.com>, Dr. Vivek Badhe <vivekbadhe.jbp@gmail.com>
References
Vani, G. K., Awasthi, P. K., & Sahu, R. M. (2018). Generalized Mathematical Expressions for Various Repayment Plans and Long Term Cost Comparison. Economic Affairs, 63(3), 761-768.<doi:10.30954/0424-2513.3.2018.23>
Reddy, S. S., Ram, P. R., & Sastry, T. V. N. Devi. I. B (2009). Agricultural Economics. Oxford & IBH Publishing Co. PVT. Ltd. New Delhi <ISBN 10: 8120415965 ISBN 13: 9788120415966>.
Examples
1
2
3
4
5
RepaymentPlan(L=100,r=0.12,n=10,Last_year_due=10)
RepaymentPlan(2000,0.06,7,2000)# Last_year_due is set equal to principal sum
RepaymentPlan(2000,0.06/4,7*4,200)# Adjustment for quarterly calculation
RepaymentPlan(2000,0.06/12,7*12,200)# Adjustment for monthly calculation
RepaymentPlan(2000,0.06/2,7*2,200)# Adjustment for harlf yearly calculation
Example output
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 10 12 22 90
2 2 10 11 21 80
3 3 10 10 20 70
4 4 10 8 18 60
5 5 10 7 17 50
6 6 10 6 16 40
7 7 10 5 15 30
8 8 10 4 14 20
9 9 10 2 12 10
10 10 10 1 11 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 10 12 22 90
2 2 10 11 21 80
3 3 10 10 20 70
4 4 10 8 18 60
5 5 10 7 17 50
6 6 10 6 16 40
7 7 10 5 15 30
8 8 10 4 14 20
9 9 10 2 12 10
10 10 10 1 11 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 6 12 18 94
2 2 6 11 18 88
3 3 7 11 18 81
4 4 8 10 18 73
5 5 9 9 18 64
6 6 10 8 18 54
7 7 11 6 18 43
8 8 13 5 18 30
9 9 14 4 18 16
10 10 16 2 18 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 12 12 100
2 2 0 12 12 100
3 3 0 12 12 100
4 4 0 12 12 100
5 5 0 12 12 100
6 6 0 12 12 100
7 7 0 12 12 100
8 8 0 12 12 100
9 9 0 12 12 100
10 10 100 12 112 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 100 66 166
Amortized Decreasing Repayment Plan 100 66 166
Amortized Even Repayment Plan 100 77 177
Straight End Repayment Plan 100 120 220
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 120 120 2000
2 2 0 120 120 2000
3 3 0 120 120 2000
4 4 0 120 120 2000
5 5 0 120 120 2000
6 6 0 120 120 2000
7 7 2000 120 2120 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 286 120 406 1714
2 2 286 103 389 1429
3 3 286 86 371 1143
4 4 286 69 354 857
5 5 286 51 337 571
6 6 286 34 320 286
7 7 286 17 303 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 238 120 358 1762
2 2 253 106 358 1509
3 3 268 91 358 1241
4 4 284 74 358 958
5 5 301 57 358 657
6 6 319 39 358 338
7 7 338 20 358 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 120 120 2000
2 2 0 120 120 2000
3 3 0 120 120 2000
4 4 0 120 120 2000
5 5 0 120 120 2000
6 6 0 120 120 2000
7 7 2000 120 2120 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 840 2840
Amortized Decreasing Repayment Plan 2000 480 2480
Amortized Even Repayment Plan 2000 508 2508
Straight End Repayment Plan 2000 840 2840
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 67 30 97 1933
2 2 67 29 96 1867
3 3 67 28 95 1800
4 4 67 27 94 1733
5 5 67 26 93 1667
6 6 67 25 92 1600
7 7 67 24 91 1533
8 8 67 23 90 1467
9 9 67 22 89 1400
10 10 67 21 88 1333
11 11 67 20 87 1267
12 12 67 19 86 1200
13 13 67 18 85 1133
14 14 67 17 84 1067
15 15 67 16 83 1000
16 16 67 15 82 933
17 17 67 14 81 867
18 18 67 13 80 800
19 19 67 12 79 733
20 20 67 11 78 667
21 21 67 10 77 600
22 22 67 9 76 533
23 23 67 8 75 467
24 24 67 7 74 400
25 25 67 6 73 333
26 26 67 5 72 267
27 27 67 4 71 200
28 28 200 3 203 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 71 30 101 1929
2 2 71 29 100 1857
3 3 71 28 99 1786
4 4 71 27 98 1714
5 5 71 26 97 1643
6 6 71 25 96 1571
7 7 71 24 95 1500
8 8 71 22 94 1429
9 9 71 21 93 1357
10 10 71 20 92 1286
11 11 71 19 91 1214
12 12 71 18 90 1143
13 13 71 17 89 1071
14 14 71 16 88 1000
15 15 71 15 86 929
16 16 71 14 85 857
17 17 71 13 84 786
18 18 71 12 83 714
19 19 71 11 82 643
20 20 71 10 81 571
21 21 71 9 80 500
22 22 71 8 79 429
23 23 71 6 78 357
24 24 71 5 77 286
25 25 71 4 76 214
26 26 71 3 75 143
27 27 71 2 74 71
28 28 71 1 72 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 58 30 88 1942
2 2 59 29 88 1883
3 3 60 28 88 1823
4 4 61 27 88 1763
5 5 62 26 88 1701
6 6 62 26 88 1639
7 7 63 25 88 1575
8 8 64 24 88 1511
9 9 65 23 88 1446
10 10 66 22 88 1379
11 11 67 21 88 1312
12 12 68 20 88 1244
13 13 69 19 88 1174
14 14 70 18 88 1104
15 15 71 17 88 1032
16 16 73 15 88 960
17 17 74 14 88 886
18 18 75 13 88 812
19 19 76 12 88 736
20 20 77 11 88 659
21 21 78 10 88 581
22 22 79 9 88 501
23 23 80 8 88 421
24 24 82 6 88 339
25 25 83 5 88 256
26 26 84 4 88 172
27 27 85 3 88 87
28 28 87 1 88 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 30 30 2000
2 2 0 30 30 2000
3 3 0 30 30 2000
4 4 0 30 30 2000
5 5 0 30 30 2000
6 6 0 30 30 2000
7 7 0 30 30 2000
8 8 0 30 30 2000
9 9 0 30 30 2000
10 10 0 30 30 2000
11 11 0 30 30 2000
12 12 0 30 30 2000
13 13 0 30 30 2000
14 14 0 30 30 2000
15 15 0 30 30 2000
16 16 0 30 30 2000
17 17 0 30 30 2000
18 18 0 30 30 2000
19 19 0 30 30 2000
20 20 0 30 30 2000
21 21 0 30 30 2000
22 22 0 30 30 2000
23 23 0 30 30 2000
24 24 0 30 30 2000
25 25 0 30 30 2000
26 26 0 30 30 2000
27 27 0 30 30 2000
28 28 2000 30 2030 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 462 2462
Amortized Decreasing Repayment Plan 2000 435 2435
Amortized Even Repayment Plan 2000 464 2464
Straight End Repayment Plan 2000 840 2840
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 22 10 32 1978
2 2 22 10 32 1957
3 3 22 10 31 1935
4 4 22 10 31 1913
5 5 22 10 31 1892
6 6 22 9 31 1870
7 7 22 9 31 1848
8 8 22 9 31 1827
9 9 22 9 31 1805
10 10 22 9 31 1783
11 11 22 9 31 1761
12 12 22 9 30 1740
13 13 22 9 30 1718
14 14 22 9 30 1696
15 15 22 8 30 1675
16 16 22 8 30 1653
17 17 22 8 30 1631
18 18 22 8 30 1610
19 19 22 8 30 1588
20 20 22 8 30 1566
21 21 22 8 30 1545
22 22 22 8 29 1523
23 23 22 8 29 1501
24 24 22 8 29 1480
25 25 22 7 29 1458
26 26 22 7 29 1436
27 27 22 7 29 1414
28 28 22 7 29 1393
29 29 22 7 29 1371
30 30 22 7 29 1349
31 31 22 7 28 1328
32 32 22 7 28 1306
33 33 22 7 28 1284
34 34 22 6 28 1263
35 35 22 6 28 1241
36 36 22 6 28 1219
37 37 22 6 28 1198
38 38 22 6 28 1176
39 39 22 6 28 1154
40 40 22 6 27 1133
41 41 22 6 27 1111
42 42 22 6 27 1089
43 43 22 5 27 1067
44 44 22 5 27 1046
45 45 22 5 27 1024
46 46 22 5 27 1002
47 47 22 5 27 981
48 48 22 5 27 959
49 49 22 5 26 937
50 50 22 5 26 916
51 51 22 5 26 894
52 52 22 4 26 872
53 53 22 4 26 851
54 54 22 4 26 829
55 55 22 4 26 807
56 56 22 4 26 786
57 57 22 4 26 764
58 58 22 4 26 742
59 59 22 4 25 720
60 60 22 4 25 699
61 61 22 3 25 677
62 62 22 3 25 655
63 63 22 3 25 634
64 64 22 3 25 612
65 65 22 3 25 590
66 66 22 3 25 569
67 67 22 3 25 547
68 68 22 3 24 525
69 69 22 3 24 504
70 70 22 3 24 482
71 71 22 2 24 460
72 72 22 2 24 439
73 73 22 2 24 417
74 74 22 2 24 395
75 75 22 2 24 373
76 76 22 2 24 352
77 77 22 2 23 330
78 78 22 2 23 308
79 79 22 2 23 287
80 80 22 1 23 265
81 81 22 1 23 243
82 82 22 1 23 222
83 83 22 1 23 200
84 84 200 1 201 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 24 10 34 1976
2 2 24 10 34 1952
3 3 24 10 34 1929
4 4 24 10 33 1905
5 5 24 10 33 1881
6 6 24 9 33 1857
7 7 24 9 33 1833
8 8 24 9 33 1810
9 9 24 9 33 1786
10 10 24 9 33 1762
11 11 24 9 33 1738
12 12 24 9 32 1714
13 13 24 9 32 1690
14 14 24 8 32 1667
15 15 24 8 32 1643
16 16 24 8 32 1619
17 17 24 8 32 1595
18 18 24 8 32 1571
19 19 24 8 32 1548
20 20 24 8 32 1524
21 21 24 8 31 1500
22 22 24 8 31 1476
23 23 24 7 31 1452
24 24 24 7 31 1429
25 25 24 7 31 1405
26 26 24 7 31 1381
27 27 24 7 31 1357
28 28 24 7 31 1333
29 29 24 7 30 1310
30 30 24 7 30 1286
31 31 24 6 30 1262
32 32 24 6 30 1238
33 33 24 6 30 1214
34 34 24 6 30 1190
35 35 24 6 30 1167
36 36 24 6 30 1143
37 37 24 6 30 1119
38 38 24 6 29 1095
39 39 24 5 29 1071
40 40 24 5 29 1048
41 41 24 5 29 1024
42 42 24 5 29 1000
43 43 24 5 29 976
44 44 24 5 29 952
45 45 24 5 29 929
46 46 24 5 28 905
47 47 24 5 28 881
48 48 24 4 28 857
49 49 24 4 28 833
50 50 24 4 28 810
51 51 24 4 28 786
52 52 24 4 28 762
53 53 24 4 28 738
54 54 24 4 28 714
55 55 24 4 27 690
56 56 24 3 27 667
57 57 24 3 27 643
58 58 24 3 27 619
59 59 24 3 27 595
60 60 24 3 27 571
61 61 24 3 27 548
62 62 24 3 27 524
63 63 24 3 26 500
64 64 24 2 26 476
65 65 24 2 26 452
66 66 24 2 26 429
67 67 24 2 26 405
68 68 24 2 26 381
69 69 24 2 26 357
70 70 24 2 26 333
71 71 24 2 25 310
72 72 24 2 25 286
73 73 24 1 25 262
74 74 24 1 25 238
75 75 24 1 25 214
76 76 24 1 25 190
77 77 24 1 25 167
78 78 24 1 25 143
79 79 24 1 25 119
80 80 24 1 24 95
81 81 24 0 24 71
82 82 24 0 24 48
83 83 24 0 24 24
84 84 24 0 24 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 19 10 29 1981
2 2 19 10 29 1961
3 3 19 10 29 1942
4 4 20 10 29 1923
5 5 20 10 29 1903
6 6 20 10 29 1883
7 7 20 9 29 1863
8 8 20 9 29 1844
9 9 20 9 29 1824
10 10 20 9 29 1803
11 11 20 9 29 1783
12 12 20 9 29 1763
13 13 20 9 29 1743
14 14 21 9 29 1722
15 15 21 9 29 1701
16 16 21 9 29 1681
17 17 21 8 29 1660
18 18 21 8 29 1639
19 19 21 8 29 1618
20 20 21 8 29 1597
21 21 21 8 29 1576
22 22 21 8 29 1554
23 23 21 8 29 1533
24 24 22 8 29 1511
25 25 22 8 29 1490
26 26 22 7 29 1468
27 27 22 7 29 1446
28 28 22 7 29 1424
29 29 22 7 29 1402
30 30 22 7 29 1380
31 31 22 7 29 1357
32 32 22 7 29 1335
33 33 23 7 29 1312
34 34 23 7 29 1290
35 35 23 6 29 1267
36 36 23 6 29 1244
37 37 23 6 29 1221
38 38 23 6 29 1198
39 39 23 6 29 1175
40 40 23 6 29 1151
41 41 23 6 29 1128
42 42 24 6 29 1104
43 43 24 6 29 1081
44 44 24 5 29 1057
45 45 24 5 29 1033
46 46 24 5 29 1009
47 47 24 5 29 985
48 48 24 5 29 960
49 49 24 5 29 936
50 50 25 5 29 911
51 51 25 5 29 887
52 52 25 4 29 862
53 53 25 4 29 837
54 54 25 4 29 812
55 55 25 4 29 787
56 56 25 4 29 762
57 57 25 4 29 736
58 58 26 4 29 711
59 59 26 4 29 685
60 60 26 3 29 659
61 61 26 3 29 633
62 62 26 3 29 607
63 63 26 3 29 581
64 64 26 3 29 555
65 65 26 3 29 528
66 66 27 3 29 502
67 67 27 3 29 475
68 68 27 2 29 448
69 69 27 2 29 421
70 70 27 2 29 394
71 71 27 2 29 367
72 72 27 2 29 339
73 73 28 2 29 312
74 74 28 2 29 284
75 75 28 1 29 256
76 76 28 1 29 229
77 77 28 1 29 200
78 78 28 1 29 172
79 79 28 1 29 144
80 80 28 1 29 115
81 81 29 1 29 87
82 82 29 0 29 58
83 83 29 0 29 29
84 84 29 0 29 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 10 10 2000
2 2 0 10 10 2000
3 3 0 10 10 2000
4 4 0 10 10 2000
5 5 0 10 10 2000
6 6 0 10 10 2000
7 7 0 10 10 2000
8 8 0 10 10 2000
9 9 0 10 10 2000
10 10 0 10 10 2000
11 11 0 10 10 2000
12 12 0 10 10 2000
13 13 0 10 10 2000
14 14 0 10 10 2000
15 15 0 10 10 2000
16 16 0 10 10 2000
17 17 0 10 10 2000
18 18 0 10 10 2000
19 19 0 10 10 2000
20 20 0 10 10 2000
21 21 0 10 10 2000
22 22 0 10 10 2000
23 23 0 10 10 2000
24 24 0 10 10 2000
25 25 0 10 10 2000
26 26 0 10 10 2000
27 27 0 10 10 2000
28 28 0 10 10 2000
29 29 0 10 10 2000
30 30 0 10 10 2000
31 31 0 10 10 2000
32 32 0 10 10 2000
33 33 0 10 10 2000
34 34 0 10 10 2000
35 35 0 10 10 2000
36 36 0 10 10 2000
37 37 0 10 10 2000
38 38 0 10 10 2000
39 39 0 10 10 2000
40 40 0 10 10 2000
41 41 0 10 10 2000
42 42 0 10 10 2000
43 43 0 10 10 2000
44 44 0 10 10 2000
45 45 0 10 10 2000
46 46 0 10 10 2000
47 47 0 10 10 2000
48 48 0 10 10 2000
49 49 0 10 10 2000
50 50 0 10 10 2000
51 51 0 10 10 2000
52 52 0 10 10 2000
53 53 0 10 10 2000
54 54 0 10 10 2000
55 55 0 10 10 2000
56 56 0 10 10 2000
57 57 0 10 10 2000
58 58 0 10 10 2000
59 59 0 10 10 2000
60 60 0 10 10 2000
61 61 0 10 10 2000
62 62 0 10 10 2000
63 63 0 10 10 2000
64 64 0 10 10 2000
65 65 0 10 10 2000
66 66 0 10 10 2000
67 67 0 10 10 2000
68 68 0 10 10 2000
69 69 0 10 10 2000
70 70 0 10 10 2000
71 71 0 10 10 2000
72 72 0 10 10 2000
73 73 0 10 10 2000
74 74 0 10 10 2000
75 75 0 10 10 2000
76 76 0 10 10 2000
77 77 0 10 10 2000
78 78 0 10 10 2000
79 79 0 10 10 2000
80 80 0 10 10 2000
81 81 0 10 10 2000
82 82 0 10 10 2000
83 83 0 10 10 2000
84 84 2000 10 2010 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 462 2462
Amortized Decreasing Repayment Plan 2000 425 2425
Amortized Even Repayment Plan 2000 454 2454
Straight End Repayment Plan 2000 840 2840
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 138 60 198 1862
2 2 138 56 194 1723
3 3 138 52 190 1585
4 4 138 48 186 1446
5 5 138 43 182 1308
6 6 138 39 178 1169
7 7 138 35 174 1031
8 8 138 31 169 892
9 9 138 27 165 754
10 10 138 23 161 615
11 11 138 18 157 477
12 12 138 14 153 338
13 13 138 10 149 200
14 14 200 6 206 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 143 60 203 1857
2 2 143 56 199 1714
3 3 143 51 194 1571
4 4 143 47 190 1429
5 5 143 43 186 1286
6 6 143 39 181 1143
7 7 143 34 177 1000
8 8 143 30 173 857
9 9 143 26 169 714
10 10 143 21 164 571
11 11 143 17 160 429
12 12 143 13 156 286
13 13 143 9 151 143
14 14 143 4 147 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 117 60 177 1883
2 2 121 56 177 1762
3 3 124 53 177 1638
4 4 128 49 177 1510
5 5 132 45 177 1379
6 6 136 41 177 1243
7 7 140 37 177 1103
8 8 144 33 177 959
9 9 148 29 177 811
10 10 153 24 177 658
11 11 157 20 177 501
12 12 162 15 177 339
13 13 167 10 177 172
14 14 172 5 177 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 60 60 2000
2 2 0 60 60 2000
3 3 0 60 60 2000
4 4 0 60 60 2000
5 5 0 60 60 2000
6 6 0 60 60 2000
7 7 0 60 60 2000
8 8 0 60 60 2000
9 9 0 60 60 2000
10 10 0 60 60 2000
11 11 0 60 60 2000
12 12 0 60 60 2000
13 13 0 60 60 2000
14 14 2000 60 2060 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 462 2462
Amortized Decreasing Repayment Plan 2000 450 2450
Amortized Even Repayment Plan 2000 479 2479
Straight End Repayment Plan 2000 840 2840
RepaymentPlan documentation built on Oct. 30, 2019, 9:43 a.m.
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Description Usage Arguments Details Value Author(s) References Examples
Description
The function RepaymentPlan() calculates repayment schedules for various mortgage plans.
Usage
1 | RepaymentPlan(L, r, n, Last_year_due)
|
Arguments
L |
Loan amount in the money terms. It could be dollar or any other unit of currency. |
r |
Rate of interest charges on loan amount annually in fraction. If instead of providing 'n' in years, it is provided in months then divide the rate by 12 or if 'n' is provied in quarters, then divide the rate by 4 |
n |
No. of years in repayment plan or loan tenure.The loan tenure can also be provided in number of months and quarters but then one should not forget to adjust the rate of interest from annual to monthly or quarterly as needed. |
Last_year_due |
Amount Reserved for repayment in last year in case of only for partial repayment plan. Higher the value of this amount, greater is the cost of interest component in partial repayment plan. In case this argument is equal to principal sum then answer would be same as that of stragith end repayment plan |
Details
This function will provide four repayment plans detailed in the research paper of Vani et. al.,2018. According to Reddy et al.,2004, there are mainly four types of repayment plans for mortgage loan. These are straight end repayment plan, partial or balloon repayment plan, amortized decreasing repayment plan and amortized even repayment plan. In case of crop loans which are repaid within a year, straight end repayment plan is preferred. This is an interest only repayment plan where borrower pays no part of principal for any of the year in loan tenure except for the last year. However, interest is paid for all the years in loan tenure.
In case of loan taken for orchard development or machinary loans, partial repayment plan is preferred. In this plan, borrower commits to pay a specified sum of money towards principal in the last year of loan tenure. In rest of the years, the principal component remains fixed and the interest is charged on the balance.Thus, installment varies over the loan tenure.
For machinary loans, amortized decreasing repayment plan is also used. Amortized even repayment plan is the most popular one which is used for working out EMI or equated monthly installment. In this plan, installment remains constant unlike other plans. This is also used for loans related to livestock, construction work, land development and diggin of wells.
This function returns all the five repayment plans along with the summary of all the plans by calculating the total principal, interest and installment amount for each plan. Additionally this function also plots the barplot of interest amount in each repayment plan.
Value
Partial.Repayment.Plan |
Repayment Schedule under Partial Repayment plan |
Amortized.Decreasing.Repayment.Plan |
Repayment Schedule under Amortized Decreasing Repayment plan |
Amortized.Even.Repayment.Plan |
Repayment Schedule under Amortized Even Repayment plan |
Straight.End.Repayment.Plan |
Repayment Schedule underStraight End Repayment Plan |
Summary.of.all.repayment.plans |
This table provides the summary of all repayment plans by calculating the sum of principal, interest and installment in each repayment plan |
Author(s)
Gourav Kumar Vani <kumaragri.vani1@gmail.com>, Dr. Vivek Badhe <vivekbadhe.jbp@gmail.com>
References
Vani, G. K., Awasthi, P. K., & Sahu, R. M. (2018). Generalized Mathematical Expressions for Various Repayment Plans and Long Term Cost Comparison. Economic Affairs, 63(3), 761-768.<doi:10.30954/0424-2513.3.2018.23>
Reddy, S. S., Ram, P. R., & Sastry, T. V. N. Devi. I. B (2009). Agricultural Economics. Oxford & IBH Publishing Co. PVT. Ltd. New Delhi <ISBN 10: 8120415965 ISBN 13: 9788120415966>.
Examples
1 2 3 4 5 | RepaymentPlan(L=100,r=0.12,n=10,Last_year_due=10)
RepaymentPlan(2000,0.06,7,2000)# Last_year_due is set equal to principal sum
RepaymentPlan(2000,0.06/4,7*4,200)# Adjustment for quarterly calculation
RepaymentPlan(2000,0.06/12,7*12,200)# Adjustment for monthly calculation
RepaymentPlan(2000,0.06/2,7*2,200)# Adjustment for harlf yearly calculation
|
Example output
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 10 12 22 90
2 2 10 11 21 80
3 3 10 10 20 70
4 4 10 8 18 60
5 5 10 7 17 50
6 6 10 6 16 40
7 7 10 5 15 30
8 8 10 4 14 20
9 9 10 2 12 10
10 10 10 1 11 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 10 12 22 90
2 2 10 11 21 80
3 3 10 10 20 70
4 4 10 8 18 60
5 5 10 7 17 50
6 6 10 6 16 40
7 7 10 5 15 30
8 8 10 4 14 20
9 9 10 2 12 10
10 10 10 1 11 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 6 12 18 94
2 2 6 11 18 88
3 3 7 11 18 81
4 4 8 10 18 73
5 5 9 9 18 64
6 6 10 8 18 54
7 7 11 6 18 43
8 8 13 5 18 30
9 9 14 4 18 16
10 10 16 2 18 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 12 12 100
2 2 0 12 12 100
3 3 0 12 12 100
4 4 0 12 12 100
5 5 0 12 12 100
6 6 0 12 12 100
7 7 0 12 12 100
8 8 0 12 12 100
9 9 0 12 12 100
10 10 100 12 112 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 100 66 166
Amortized Decreasing Repayment Plan 100 66 166
Amortized Even Repayment Plan 100 77 177
Straight End Repayment Plan 100 120 220
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 120 120 2000
2 2 0 120 120 2000
3 3 0 120 120 2000
4 4 0 120 120 2000
5 5 0 120 120 2000
6 6 0 120 120 2000
7 7 2000 120 2120 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 286 120 406 1714
2 2 286 103 389 1429
3 3 286 86 371 1143
4 4 286 69 354 857
5 5 286 51 337 571
6 6 286 34 320 286
7 7 286 17 303 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 238 120 358 1762
2 2 253 106 358 1509
3 3 268 91 358 1241
4 4 284 74 358 958
5 5 301 57 358 657
6 6 319 39 358 338
7 7 338 20 358 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 120 120 2000
2 2 0 120 120 2000
3 3 0 120 120 2000
4 4 0 120 120 2000
5 5 0 120 120 2000
6 6 0 120 120 2000
7 7 2000 120 2120 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 840 2840
Amortized Decreasing Repayment Plan 2000 480 2480
Amortized Even Repayment Plan 2000 508 2508
Straight End Repayment Plan 2000 840 2840
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 67 30 97 1933
2 2 67 29 96 1867
3 3 67 28 95 1800
4 4 67 27 94 1733
5 5 67 26 93 1667
6 6 67 25 92 1600
7 7 67 24 91 1533
8 8 67 23 90 1467
9 9 67 22 89 1400
10 10 67 21 88 1333
11 11 67 20 87 1267
12 12 67 19 86 1200
13 13 67 18 85 1133
14 14 67 17 84 1067
15 15 67 16 83 1000
16 16 67 15 82 933
17 17 67 14 81 867
18 18 67 13 80 800
19 19 67 12 79 733
20 20 67 11 78 667
21 21 67 10 77 600
22 22 67 9 76 533
23 23 67 8 75 467
24 24 67 7 74 400
25 25 67 6 73 333
26 26 67 5 72 267
27 27 67 4 71 200
28 28 200 3 203 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 71 30 101 1929
2 2 71 29 100 1857
3 3 71 28 99 1786
4 4 71 27 98 1714
5 5 71 26 97 1643
6 6 71 25 96 1571
7 7 71 24 95 1500
8 8 71 22 94 1429
9 9 71 21 93 1357
10 10 71 20 92 1286
11 11 71 19 91 1214
12 12 71 18 90 1143
13 13 71 17 89 1071
14 14 71 16 88 1000
15 15 71 15 86 929
16 16 71 14 85 857
17 17 71 13 84 786
18 18 71 12 83 714
19 19 71 11 82 643
20 20 71 10 81 571
21 21 71 9 80 500
22 22 71 8 79 429
23 23 71 6 78 357
24 24 71 5 77 286
25 25 71 4 76 214
26 26 71 3 75 143
27 27 71 2 74 71
28 28 71 1 72 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 58 30 88 1942
2 2 59 29 88 1883
3 3 60 28 88 1823
4 4 61 27 88 1763
5 5 62 26 88 1701
6 6 62 26 88 1639
7 7 63 25 88 1575
8 8 64 24 88 1511
9 9 65 23 88 1446
10 10 66 22 88 1379
11 11 67 21 88 1312
12 12 68 20 88 1244
13 13 69 19 88 1174
14 14 70 18 88 1104
15 15 71 17 88 1032
16 16 73 15 88 960
17 17 74 14 88 886
18 18 75 13 88 812
19 19 76 12 88 736
20 20 77 11 88 659
21 21 78 10 88 581
22 22 79 9 88 501
23 23 80 8 88 421
24 24 82 6 88 339
25 25 83 5 88 256
26 26 84 4 88 172
27 27 85 3 88 87
28 28 87 1 88 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 30 30 2000
2 2 0 30 30 2000
3 3 0 30 30 2000
4 4 0 30 30 2000
5 5 0 30 30 2000
6 6 0 30 30 2000
7 7 0 30 30 2000
8 8 0 30 30 2000
9 9 0 30 30 2000
10 10 0 30 30 2000
11 11 0 30 30 2000
12 12 0 30 30 2000
13 13 0 30 30 2000
14 14 0 30 30 2000
15 15 0 30 30 2000
16 16 0 30 30 2000
17 17 0 30 30 2000
18 18 0 30 30 2000
19 19 0 30 30 2000
20 20 0 30 30 2000
21 21 0 30 30 2000
22 22 0 30 30 2000
23 23 0 30 30 2000
24 24 0 30 30 2000
25 25 0 30 30 2000
26 26 0 30 30 2000
27 27 0 30 30 2000
28 28 2000 30 2030 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 462 2462
Amortized Decreasing Repayment Plan 2000 435 2435
Amortized Even Repayment Plan 2000 464 2464
Straight End Repayment Plan 2000 840 2840
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 22 10 32 1978
2 2 22 10 32 1957
3 3 22 10 31 1935
4 4 22 10 31 1913
5 5 22 10 31 1892
6 6 22 9 31 1870
7 7 22 9 31 1848
8 8 22 9 31 1827
9 9 22 9 31 1805
10 10 22 9 31 1783
11 11 22 9 31 1761
12 12 22 9 30 1740
13 13 22 9 30 1718
14 14 22 9 30 1696
15 15 22 8 30 1675
16 16 22 8 30 1653
17 17 22 8 30 1631
18 18 22 8 30 1610
19 19 22 8 30 1588
20 20 22 8 30 1566
21 21 22 8 30 1545
22 22 22 8 29 1523
23 23 22 8 29 1501
24 24 22 8 29 1480
25 25 22 7 29 1458
26 26 22 7 29 1436
27 27 22 7 29 1414
28 28 22 7 29 1393
29 29 22 7 29 1371
30 30 22 7 29 1349
31 31 22 7 28 1328
32 32 22 7 28 1306
33 33 22 7 28 1284
34 34 22 6 28 1263
35 35 22 6 28 1241
36 36 22 6 28 1219
37 37 22 6 28 1198
38 38 22 6 28 1176
39 39 22 6 28 1154
40 40 22 6 27 1133
41 41 22 6 27 1111
42 42 22 6 27 1089
43 43 22 5 27 1067
44 44 22 5 27 1046
45 45 22 5 27 1024
46 46 22 5 27 1002
47 47 22 5 27 981
48 48 22 5 27 959
49 49 22 5 26 937
50 50 22 5 26 916
51 51 22 5 26 894
52 52 22 4 26 872
53 53 22 4 26 851
54 54 22 4 26 829
55 55 22 4 26 807
56 56 22 4 26 786
57 57 22 4 26 764
58 58 22 4 26 742
59 59 22 4 25 720
60 60 22 4 25 699
61 61 22 3 25 677
62 62 22 3 25 655
63 63 22 3 25 634
64 64 22 3 25 612
65 65 22 3 25 590
66 66 22 3 25 569
67 67 22 3 25 547
68 68 22 3 24 525
69 69 22 3 24 504
70 70 22 3 24 482
71 71 22 2 24 460
72 72 22 2 24 439
73 73 22 2 24 417
74 74 22 2 24 395
75 75 22 2 24 373
76 76 22 2 24 352
77 77 22 2 23 330
78 78 22 2 23 308
79 79 22 2 23 287
80 80 22 1 23 265
81 81 22 1 23 243
82 82 22 1 23 222
83 83 22 1 23 200
84 84 200 1 201 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 24 10 34 1976
2 2 24 10 34 1952
3 3 24 10 34 1929
4 4 24 10 33 1905
5 5 24 10 33 1881
6 6 24 9 33 1857
7 7 24 9 33 1833
8 8 24 9 33 1810
9 9 24 9 33 1786
10 10 24 9 33 1762
11 11 24 9 33 1738
12 12 24 9 32 1714
13 13 24 9 32 1690
14 14 24 8 32 1667
15 15 24 8 32 1643
16 16 24 8 32 1619
17 17 24 8 32 1595
18 18 24 8 32 1571
19 19 24 8 32 1548
20 20 24 8 32 1524
21 21 24 8 31 1500
22 22 24 8 31 1476
23 23 24 7 31 1452
24 24 24 7 31 1429
25 25 24 7 31 1405
26 26 24 7 31 1381
27 27 24 7 31 1357
28 28 24 7 31 1333
29 29 24 7 30 1310
30 30 24 7 30 1286
31 31 24 6 30 1262
32 32 24 6 30 1238
33 33 24 6 30 1214
34 34 24 6 30 1190
35 35 24 6 30 1167
36 36 24 6 30 1143
37 37 24 6 30 1119
38 38 24 6 29 1095
39 39 24 5 29 1071
40 40 24 5 29 1048
41 41 24 5 29 1024
42 42 24 5 29 1000
43 43 24 5 29 976
44 44 24 5 29 952
45 45 24 5 29 929
46 46 24 5 28 905
47 47 24 5 28 881
48 48 24 4 28 857
49 49 24 4 28 833
50 50 24 4 28 810
51 51 24 4 28 786
52 52 24 4 28 762
53 53 24 4 28 738
54 54 24 4 28 714
55 55 24 4 27 690
56 56 24 3 27 667
57 57 24 3 27 643
58 58 24 3 27 619
59 59 24 3 27 595
60 60 24 3 27 571
61 61 24 3 27 548
62 62 24 3 27 524
63 63 24 3 26 500
64 64 24 2 26 476
65 65 24 2 26 452
66 66 24 2 26 429
67 67 24 2 26 405
68 68 24 2 26 381
69 69 24 2 26 357
70 70 24 2 26 333
71 71 24 2 25 310
72 72 24 2 25 286
73 73 24 1 25 262
74 74 24 1 25 238
75 75 24 1 25 214
76 76 24 1 25 190
77 77 24 1 25 167
78 78 24 1 25 143
79 79 24 1 25 119
80 80 24 1 24 95
81 81 24 0 24 71
82 82 24 0 24 48
83 83 24 0 24 24
84 84 24 0 24 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 19 10 29 1981
2 2 19 10 29 1961
3 3 19 10 29 1942
4 4 20 10 29 1923
5 5 20 10 29 1903
6 6 20 10 29 1883
7 7 20 9 29 1863
8 8 20 9 29 1844
9 9 20 9 29 1824
10 10 20 9 29 1803
11 11 20 9 29 1783
12 12 20 9 29 1763
13 13 20 9 29 1743
14 14 21 9 29 1722
15 15 21 9 29 1701
16 16 21 9 29 1681
17 17 21 8 29 1660
18 18 21 8 29 1639
19 19 21 8 29 1618
20 20 21 8 29 1597
21 21 21 8 29 1576
22 22 21 8 29 1554
23 23 21 8 29 1533
24 24 22 8 29 1511
25 25 22 8 29 1490
26 26 22 7 29 1468
27 27 22 7 29 1446
28 28 22 7 29 1424
29 29 22 7 29 1402
30 30 22 7 29 1380
31 31 22 7 29 1357
32 32 22 7 29 1335
33 33 23 7 29 1312
34 34 23 7 29 1290
35 35 23 6 29 1267
36 36 23 6 29 1244
37 37 23 6 29 1221
38 38 23 6 29 1198
39 39 23 6 29 1175
40 40 23 6 29 1151
41 41 23 6 29 1128
42 42 24 6 29 1104
43 43 24 6 29 1081
44 44 24 5 29 1057
45 45 24 5 29 1033
46 46 24 5 29 1009
47 47 24 5 29 985
48 48 24 5 29 960
49 49 24 5 29 936
50 50 25 5 29 911
51 51 25 5 29 887
52 52 25 4 29 862
53 53 25 4 29 837
54 54 25 4 29 812
55 55 25 4 29 787
56 56 25 4 29 762
57 57 25 4 29 736
58 58 26 4 29 711
59 59 26 4 29 685
60 60 26 3 29 659
61 61 26 3 29 633
62 62 26 3 29 607
63 63 26 3 29 581
64 64 26 3 29 555
65 65 26 3 29 528
66 66 27 3 29 502
67 67 27 3 29 475
68 68 27 2 29 448
69 69 27 2 29 421
70 70 27 2 29 394
71 71 27 2 29 367
72 72 27 2 29 339
73 73 28 2 29 312
74 74 28 2 29 284
75 75 28 1 29 256
76 76 28 1 29 229
77 77 28 1 29 200
78 78 28 1 29 172
79 79 28 1 29 144
80 80 28 1 29 115
81 81 29 1 29 87
82 82 29 0 29 58
83 83 29 0 29 29
84 84 29 0 29 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 10 10 2000
2 2 0 10 10 2000
3 3 0 10 10 2000
4 4 0 10 10 2000
5 5 0 10 10 2000
6 6 0 10 10 2000
7 7 0 10 10 2000
8 8 0 10 10 2000
9 9 0 10 10 2000
10 10 0 10 10 2000
11 11 0 10 10 2000
12 12 0 10 10 2000
13 13 0 10 10 2000
14 14 0 10 10 2000
15 15 0 10 10 2000
16 16 0 10 10 2000
17 17 0 10 10 2000
18 18 0 10 10 2000
19 19 0 10 10 2000
20 20 0 10 10 2000
21 21 0 10 10 2000
22 22 0 10 10 2000
23 23 0 10 10 2000
24 24 0 10 10 2000
25 25 0 10 10 2000
26 26 0 10 10 2000
27 27 0 10 10 2000
28 28 0 10 10 2000
29 29 0 10 10 2000
30 30 0 10 10 2000
31 31 0 10 10 2000
32 32 0 10 10 2000
33 33 0 10 10 2000
34 34 0 10 10 2000
35 35 0 10 10 2000
36 36 0 10 10 2000
37 37 0 10 10 2000
38 38 0 10 10 2000
39 39 0 10 10 2000
40 40 0 10 10 2000
41 41 0 10 10 2000
42 42 0 10 10 2000
43 43 0 10 10 2000
44 44 0 10 10 2000
45 45 0 10 10 2000
46 46 0 10 10 2000
47 47 0 10 10 2000
48 48 0 10 10 2000
49 49 0 10 10 2000
50 50 0 10 10 2000
51 51 0 10 10 2000
52 52 0 10 10 2000
53 53 0 10 10 2000
54 54 0 10 10 2000
55 55 0 10 10 2000
56 56 0 10 10 2000
57 57 0 10 10 2000
58 58 0 10 10 2000
59 59 0 10 10 2000
60 60 0 10 10 2000
61 61 0 10 10 2000
62 62 0 10 10 2000
63 63 0 10 10 2000
64 64 0 10 10 2000
65 65 0 10 10 2000
66 66 0 10 10 2000
67 67 0 10 10 2000
68 68 0 10 10 2000
69 69 0 10 10 2000
70 70 0 10 10 2000
71 71 0 10 10 2000
72 72 0 10 10 2000
73 73 0 10 10 2000
74 74 0 10 10 2000
75 75 0 10 10 2000
76 76 0 10 10 2000
77 77 0 10 10 2000
78 78 0 10 10 2000
79 79 0 10 10 2000
80 80 0 10 10 2000
81 81 0 10 10 2000
82 82 0 10 10 2000
83 83 0 10 10 2000
84 84 2000 10 2010 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 462 2462
Amortized Decreasing Repayment Plan 2000 425 2425
Amortized Even Repayment Plan 2000 454 2454
Straight End Repayment Plan 2000 840 2840
$Partial.Repayment.Plan
Year Principal Interest Installment Balance
1 1 138 60 198 1862
2 2 138 56 194 1723
3 3 138 52 190 1585
4 4 138 48 186 1446
5 5 138 43 182 1308
6 6 138 39 178 1169
7 7 138 35 174 1031
8 8 138 31 169 892
9 9 138 27 165 754
10 10 138 23 161 615
11 11 138 18 157 477
12 12 138 14 153 338
13 13 138 10 149 200
14 14 200 6 206 0
$Amortized.Decreasing.Repayment.Plan
Year Principal Interest Installment Balance
1 1 143 60 203 1857
2 2 143 56 199 1714
3 3 143 51 194 1571
4 4 143 47 190 1429
5 5 143 43 186 1286
6 6 143 39 181 1143
7 7 143 34 177 1000
8 8 143 30 173 857
9 9 143 26 169 714
10 10 143 21 164 571
11 11 143 17 160 429
12 12 143 13 156 286
13 13 143 9 151 143
14 14 143 4 147 0
$Amortized.Even.Repayment.Plan
Year Principal Interest Installment Balance
1 1 117 60 177 1883
2 2 121 56 177 1762
3 3 124 53 177 1638
4 4 128 49 177 1510
5 5 132 45 177 1379
6 6 136 41 177 1243
7 7 140 37 177 1103
8 8 144 33 177 959
9 9 148 29 177 811
10 10 153 24 177 658
11 11 157 20 177 501
12 12 162 15 177 339
13 13 167 10 177 172
14 14 172 5 177 0
$Straight.End.Repayment.Plan
Year Principal Interest Installment Balance
1 1 0 60 60 2000
2 2 0 60 60 2000
3 3 0 60 60 2000
4 4 0 60 60 2000
5 5 0 60 60 2000
6 6 0 60 60 2000
7 7 0 60 60 2000
8 8 0 60 60 2000
9 9 0 60 60 2000
10 10 0 60 60 2000
11 11 0 60 60 2000
12 12 0 60 60 2000
13 13 0 60 60 2000
14 14 2000 60 2060 0
$Summary.of.all.repayment.plans
Principal Interest Installment
Partial Repayment Plan 2000 462 2462
Amortized Decreasing Repayment Plan 2000 450 2450
Amortized Even Repayment Plan 2000 479 2479
Straight End Repayment Plan 2000 840 2840
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