Payment Calculator

365/365 Payment Calculator

UAS utilizes the 365/365 payment calculator, also called the Actual/365, to create a loan amortization schedules

Calculating Daily Interest Accrual

The 365/365 payment calculator calculates interest by multiplying the beginning balance, interest rate, and days in the month, and dividing the total by 365.

Example
$100,000 Loan Amount
4% Interest Rate
31 Days in the Month (May)

(100,000 x .004 x 31) / 365 = $339.73 interest paid in May

UGA Finance Payment Calculator

UGA Finance has its own Payment Calculator, which can calculate your Monthly Payment, Principal Paid, Interest Paid, and Total Payment.

The payment calculator can also be used to understand how long it will take to payoff the account. Use the Payoff tab to calculate remaining payments.

Explanation

The 365/365 amortization table is utilized instead of the other common calculations, 30/360 or Actual/360, because of the accuracy. When using 365/365 you are dividing by the number days in the year, rather than the number of months. This creates a a more accurate payment schedule.

Video Explanation