Thanks for your comment. If you take a look at the loan accrual download we include in the article you will see an amortization table for each loan that shows how the math works. A loan payment is comprised of two things: principal and interest. So, the payment amount can remain the same, but the amount of the payment that goes towards principal and the amount that goes toward interest can change. Hope that helps. Your email address will not be published.
Save my name, email, and website in this browser for the next time I comment. Do you have questions, comments, or feedback? Drop us a line and let us know. Get in touch. Skip to main content Skip to primary sidebar Skip to footer In a former life, I helped banks install loan servicing software. For example, January has 31 days so the monthly accrual rate for January is:.
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