Loan option algorithm adaptable to fully variable option loans and fixed option loans

摘要

A system and program or method embodiment in a computer readable medium for monitoring a loan option program wherein the borrower has one of several options for omitting without penalty one or more installment payments, either on a fixed schedule or on a variable schedule. The basic method comprises a determination of the loan parameters without options; determining the type of loan option and revising the loan parameters in accordance therewith, determining interest change, if any, after an omitted payment; determining balance change after omitted payment; determining change in term of loan, if any, after omitted payment; and recalculating new payment schedule under changed parameters.