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When redemption is done pro-rata, a pool factor is useful to investors in cases of early repayment. Early repayment reduces the amount of collateral available for an issue, and therefore some of the outstanding principal is returned to investors as stated in the issue terms. In this case, the pool factor is used to indicate how the remaining ...
A spens, Spens, spens clause, or Spens clause is a provision in a security (for example a bond) which allows a borrower to repay the principal amount (and hence discharge their obligation to the lender) earlier than the contractual repayment date, on payment of a specified penalty, also referred to as a "make whole" payment, in excess of the principal (or face value) of the security.
(This is the embedded "option cost" that results in a lower option-adjusted spread.) Similar issues arise for callable bonds in the American municipal , corporate , and government agency sectors. As another way to compensate for prepayment risk (which is a reinvestment risk ), a prepayment penalty clause is often included in the loan contract ...
Understanding the potential downsides of expediting debt repayment is crucial. If you bite off more than you can chew and get stuck with higher payments than you can afford, it can lead to further ...
Within the repayment period: The repayment phase is the timeframe when you are no longer allowed to borrow money and must repay the balance owed. The repayment phase can last anywhere from 10 to ...
Also known as the "Sum of the Digits" method, the Rule of 78s is a term used in lending that refers to a method of yearly interest calculation. The name comes from the total number of months' interest that is being calculated in a year (the first month is 1 month's interest, whereas the second month contains 2 months' interest, etc.).
Borrowers who have been in repayment for 20 or 25 years should see the adjustment to their accounts by August 1, 2023. Other borrowers will see the adjustment in 2024. New income-driven repayment plan
This amortization schedule is based on the following assumptions: First, it should be known that rounding errors occur and, depending on how the lender accumulates these errors, the blended payment (principal plus interest) may vary slightly some months to keep these errors from accumulating; or, the accumulated errors are adjusted for at the end of each year or at the final loan payment.
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