Installment Payment Schedule
Installment Payment Schedule
Prepared by: [Your Name]
Introduction:
This Installment Payment Schedule outlines the repayment terms and schedule for the mortgage loan between John Doe (Borrower) and [Your Company Name] (Lender). It details the dates, amounts, and conditions for each installment payment, ensuring clarity and transparency throughout the loan term.
Borrower Information:
-
Name: John Doe
-
Address: 123 Main Street, Anytown, USA
-
Email: johndoe@email.com
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Loan Number: 2050-001
Lender Information:
-
Company Name: [Your Company Name]
-
Address: [Your Company Address]
-
Contact Number: [Your Company Number]
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Email: [Your Company Email]
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Website: [Your Company Website]
|
Due Date |
Principal Amount |
Interest |
Total Payment |
|---|---|---|---|
|
January 1, 2051 |
$1,500.00 |
$250.00 |
$1,750.00 |
|
February 1, 2051 |
$1,500.00 |
$245.00 |
$1,745.00 |
|
March 1, 2051 |
$1,500.00 |
$240.00 |
$1,740.00 |
|
April 1, 2051 |
$1,500.00 |
$235.00 |
$1,735.00 |
|
May 1, 2051 |
$1,500.00 |
$230.00 |
$1,730.00 |
|
June 1, 2051 |
$1,500.00 |
$225.00 |
$1,725.00 |
Terms and Conditions:
-
Interest Rate: 4.5% per annum
-
Loan Amount: $10,000.00
-
Loan Term: 6 months
-
Payment Method: Automatic bank transfer
Additional Sections:
1. Late Payment Policy: Late payments may incur additional fees as per the terms agreed upon in the loan agreement. It is essential to ensure timely payments to avoid penalties.
2. Escrow Account Details: An escrow account is set up to cover property taxes and insurance premiums. Details regarding contributions to this account are outlined in the loan agreement.
3. Loan Modification Options: In case of financial hardship or changes in circumstances, borrowers may explore loan modification options. Contact [Your Company Name] for further information and eligibility criteria.
Signatory Section:
By signing below, both parties acknowledge and agree to the terms of this Installment Payment Schedule.
Borrower:
Date: January 1, 2051
Lender:
Date: January 1, 2051
