[{"data":1,"prerenderedAt":522},["ShallowReactive",2],{"document-loan-calculator-with-extra-payments-D420":3},{"document":4,"label":24,"preview":11,"thumb":25,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":26,"breadcrumb":30,"related":38,"customDescModule":182,"customdescription":6,"mdFm":183,"mdProseHtml":521},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":15},"This calculator will determine the month payments to be made on a loan and will readjust the monthly payment if extra payments are made.",null,"Loan Calculator with Extra Payments","3",513,"xls","https://templates.business-in-a-box.com/imgs/1000px/loan-calculator-with-extra-payments-D420.png","https://templates.business-in-a-box.com/imgs/250px/420.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#420.xml",{"title":15,"description":6},"loan 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Form","/template/loan-application_review-form-D419","https://templates.business-in-a-box.com/imgs/250px/419.png",{"description":89,"descriptionCustom":6,"label":90,"pages":8,"size":91,"extension":47,"preview":92,"thumb":93,"svgFrame":94,"seoMetadata":95,"parents":96,"keywords":104,"url":105},"PROMISSORY NOTE This Promissory Note (the \"Note\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] TERMS FOR VALUE RECEIVED, the Borrower promises to pay to the order of Lender, at its principal office located at [ADDRESS], or at such other place that is designated in writing by the holder hereof, the principal sum of [AMOUNT], together with all charges and interest herein provided, payable at the rate and in the manner hereinafter set forth: Borrower shall make monthly payments of principal and interest at the rate of [%] per annum based upon an amortization of [NUMBER] months. Monthly payments shall be due on or before the first day of each month with the first payment being due on or before [DATE]. If not sooner paid, all amounts due under this Note, including principal, interest and other charges shall be due and payable in full on or before the first day of [MONTH], [YEAR] (the \"Maturity Date\"). Time is of the essence of the payment obligations hereunder and each monthly payment shall be due and payable on or before the first day of each month. This Note is and will be secured by a certain first priority security interest in all of the tangible and intangible property of the Borrower, to be recorded in all applicable governmental offices. The parties shall execute a separate security agreement, in form and substance acceptable to the Lender in all respects. Borrower agrees to execute any such security agreements presented by the Lender or other documents required by the Lender in order to perfect its security interest in the above described property. Said Security Agreement and any other instruments and documents executed in connection with or given as security for this Note shall hereinafter be referred to collectively as the \"Loan Documents.\" All of the terms, covenants, Conditions, representations and warranties contained in the Loan Documents are hereby made part of this Note to the same extent and with the same force and effect as if fully set forth herein. If all or any portion of any payment due hereunder is not received by the Lender within [NUMBER] calendar days after the date when such payment is due, Borrower shall pay a late charge equal to [%] of such payment, such late charge to be immediately due and payable without demand by Lender. Borrower shall have the right to prepay all (but not a portion) of the indebtedness evidenced by this Note at any time, by paying the Lender an amount equal to the sum of (I) the principal balance then outstanding, (ii) all interest accrued to the date of such prepayment, (iii) all interest calculated through the Maturity Date, and (iv) any late charge or charges then due and owing. If any payment under this Note is not paid in full by the [DAY] of any month during the term hereof or if the entire amount due as represented by this Note is not paid in full on or before the Maturity Date, or should default be made in the performance or observation of any of the terms, covenants, or conditions contained in the Loan Documents, or if any representation or warranty contained in the Loan Documents is breached or is or becomes untrue, this Note shall be in default, and the entire principal amount outstanding hereunder, accrued interest thereon, all late charges, if any, and any and all other charges due hereunder, shall, at Lender's option, immediately become due and payable, without further notice, the giving of such notice being expressly waived by the Borrower","Promissory Note",39,"https://templates.business-in-a-box.com/imgs/1000px/promissory-note-D434.png","https://templates.business-in-a-box.com/imgs/250px/434.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#434.xml",{"title":6,"description":6},[97,99,101],{"label":18,"url":98},"finance-accounting",{"label":21,"url":100},"business-loan",{"label":102,"url":103},"Promissory Notes","promisory-note","promissory note","/template/promissory-note-D434",{"description":107,"descriptionCustom":6,"label":108,"pages":109,"size":110,"extension":47,"preview":111,"thumb":112,"svgFrame":113,"seoMetadata":114,"parents":115,"keywords":122,"url":123},"MORTGAGE This Mortgage (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Mortgagor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [MORTGAGEE NAME] (the \"Mortgagee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of [AMOUNT] in lawful money of [COUNTRY], and has agreed to pay the same, with interest thereon, according to the terms of a certain note (the \"Note\") given by Mortgagor to Mortgagee, bearing even date herewith. DESCRIPTION OF PROPERTY SUBJECT TO LIEN: \"PREMISES\" NOW, THEREFORE, in consideration of the premises and the sum hereinabove set forth, and to secure the payment of the Secured Indebtedness as defined herein, Mortgagor has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell and convey unto Mortgagee property situated in [CITY, STATE/PROVINCE] more particularly described in Exhibit\" A\" attached hereto and by this reference made a part hereof; TOGETHER with all buildings, structures and other improvements now or hereafter located on, above or below the surface of the property herein before described, or any part and parcel thereof; and, TOGETHER with all and singular the tenements, easements, riparian and littoral rights, and appurtenances thereunto belonging or in anywise appertaining, whether now owned or hereafter acquired by Mortgagor, and including all rights of ingress and egress to and from adjoining property (whether such rights now exist or subsequently arise) together with the reversion or reversions, remainder and remainders, rents, issues and profits thereof; and also all the estate, right, title, interest, claim and demand whatsoever of Mortgagor of, in and to the same and of, in and to every part and parcel thereof; and, TOGETHER with all machinery, apparatus, equipment, fittings, fixtures, whether actually or constructively attached to said property and including all trade, domestic and ornamental fixtures, and articles of personal property of every kind and nature whatsoever (hereinafter collectively called \"Equipment\"), now or hereafter located in, upon or under said property or any part thereof and used or usable in connection with any present or future operation of said property and now owned or hereafter acquired by Mortgagor; and, TOGETHER with all the common elements appurtenant to any parcel, unit or lot which is all or part of the Premises; and, ALL the foregoing encumbered by this Mortgage being collectively referred to herein as the \"Premises\"; TO HAVE AND TO HOLD the Premises hereby granted to the use, benefit and behalf of the Mortgagee, forever. EQUITY OF REDEMPTION Conditioned, however, that if Mortgagor shall promptly pay or cause to be paid to Mortgagee, at its address listed in the Note, or at such other place which may hereafter be designated by Mortgagee, its or their successors or assigns, with interest, the principal sum of [AMOUNT] with final maturity, if not sooner paid, as stated in said Note unless amended or extended according to the terms of the Note executed by Mortgagor and payable to the order of Mortgagee, then these presents shall cease and be void, otherwise these presents shall remain in full force and effect. COVENANTS OF MORTGAGOR Mortgagor covenants and agrees with Mortgagee as follows: Secured Indebtedness: This Mortgage is given as security for the Note and also as security for any and all other sums, indebtedness, obligations and liabilities of any and every kind arising, under the Note or this Mortgage, as amended or modified or supplemented from time to time, and any and all renewals, modifications or extensions of any or all of the foregoing (all of which are collectively referred to herein as the \"Secured Indebtedness\"), the entire Secured Indebtedness being equally secured with and having the same priority as any amounts owed at the date hereof. Performance of Note, Mortgage: Mortgagor shall perform, observe and comply with all provisions hereof and of the Note and shall promptly pay, in lawful money of [COUNTRY], to Mortgagee the Secured Indebtedness with interest thereon as provided in the Note, this Mortgage and all other documents constituting the Secured Indebtedness. Extent Of Payment Other Than Principal And Interest: Mortgagor shall pay, when due and payable, (1) all taxes, assessments, general or special, and other charges levied on, or assessed, placed or made against the Premises, this instrument or the Secured Indebtedness or any interest of the Mortgagee in the Premises or the obligations secured hereby; (2) premiums on policies of fire and other hazard insurance covering the Premises, as required herein; (3) ground rents or other lease rentals; and (4) other sums related to the Premises or the indebtedness secured hereby, if any, payable by Mortgagor. Insurance: Mortgagor shall, at its sole cost and expense, keep the Premises insured against all hazards as is customary and reasonable for properties of similar type and nature located in [CITY, STATE/PROVINCE]. Care of Property: Mortgagor shall maintain the Premises in good condition and repair and shall not commit or suffer any material waste to the Premises. ","Mortgage","4",50,"https://templates.business-in-a-box.com/imgs/1000px/mortgage-D1183.png","https://templates.business-in-a-box.com/imgs/250px/1183.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1183.xml",{"title":6,"description":6},[116,119],{"label":117,"url":118},"Real Estate","real-estate-business",{"label":120,"url":121},"Business Checklists","business-checklists","mortgage","/template/mortgage-D1183",{"description":125,"descriptionCustom":6,"label":126,"pages":127,"size":128,"extension":47,"preview":129,"thumb":130,"svgFrame":131,"seoMetadata":132,"parents":133,"keywords":137,"url":138},"INTER-COMPANY SERVICES AGREEMENT This Inter-Company Services Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"First Party\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the \"Associate Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] PREAMBLE WHEREAS [YOUR COMPANY NAME] is a [SPECIFY INDUSTRY] company specialized in [SPECIFY COMPANY SPECIALIZATION]; WHEREAS Associate Company is a company specializing in [SPECIFY]; WHEREAS the parties and Company are desirous of working together in relation to the conduct of [SPECIFY PROJECT]; NOW THEREFORE this Agreement witnessed that in consideration of the premises and other good and valuable consideration, the parties hereto agree as follows: 1. DEFINITIONS In this Agreement, except where the context or subject matter is inconsistent therewith, the following terms shall have the following meanings: 1.1 \"Agreement\" shall mean this document, the annexed schedules, which are incorporated herein, together with any future written and executed amendments agreed to by the parties. 1.2 \"Affiliated Companies\" shall mean any corporation or other business enterprise, which directly or indirectly controls, is controlled by, or is under common control by a party. 1.3 \"Associated Staff\" shall mean any officer, director, employee, agent, or student of a Party, and any other person involved in the execution of this Agreement, excluding patients solely involved as subjects in studies. 1.4 \"Documentation\" shall mean all documents, regardless of form, relating to the Project. 1.5 \"Intellectual Property Rights\" shall mean any and all rights, title and interest in and to any and all ideas, discoveries, inventions, creations, works and know-how including, without limitation, patents, trademarks, service marks, designs, integrated circuit topographies, copyrights, including applications for any of the foregoing, as well as design rights, confidential information, trade secrets and any other similar intellectual property rights protected in [COUNTRY] and in any other country. 1.6 \"Material\" shall mean any and all information and materials, relating to a Party's business, business processes and methods of doing business, given to the other Party from time to time for review, data processing, or for any other reason, and all copies thereof regardless of form or storage medium, including, but not limited to, documentation, notes, formulae, components, drawings, data, flow-charts, plans, specifications, techniques, processes, algorithms, inventions, prototypes, protocols, patent portfolio, pre-clinical and clinical studies, contracts, marketing and other financial and business plans, and includes, without limitation, all confidential and proprietary information which is at any time so designated a Party by the other Party, either in writing or orally. 1.7 \"Project\" shall mean [DESCRIBE THE DETAILS OF THE PROJECT]. 1.8 \"Services\" shall mean the services as described in Subsection 2.1 hereof. 2. SCOPE OF WORK 2.1 The parties agree to act as independent contractors for each other. [YOUR COMPANY NAME] will perform professional services as described in Schedule \"A\" to this Agreement (the \"Company Services\"), a copy of which has been appended hereto and initialed by the parties for identification. Associate Company will perform professional services as described in Schedule \"B\" (the \"Associate Company Services\"), a copy of which has been appended hereto and initialed by the parties for identification. \"Services\" shall mean either or both of the Company Services and the Associate Company Services, as the case may be. 2.2 Each Party agrees to use its best efforts to assign personnel with the proper skill level and type of experience, to ensure that the Services will be completed in a timely and successful manner. 2.3 In the event that a Party does not have personnel with the proper skill level or experience to provide the Services required under the terms of this Agreement, such Party may engage the services of such competent personnel, or may subcontract or assign a portion of the Services to be rendered, with the prior written consent of the other Party to this Agreement. Notwithstanding such approval, the sub-contracting Party shall be primarily responsible and liable for the services rendered by such personnel, subcontractor or assignee and shall be responsible for the payment of the remuneration payable to such personnel, subcontractor or assignee, which shall be included in the total compensation described in Section 3 hereof. 2.4 Each Party will, on a regular basis, keep the other Party appraised of the work in progress under the terms of this Agreement and will meet from time to time with the other Party, to review the Services performed or to be performed under the provisions hereof. 3. FEES AND EXPENSES 3.1 Associate Company will pay [YOUR COMPANY NAME] for Company Services satisfactorily rendered pursuant to the payment schedule described in Schedule \"C\" to this Agreement (the \"Company Budget\"), a copy of which has been appended hereto and initialed by the Parties for identification. Company shall not be permitted to incur any cost or expense that would cause the Company Budget to be exceeded, without the prior written approval of [YOUR COMPANY NAME], in the form of an amendment to this Agreement. 3.2 [YOUR COMPANY NAME] will pay Associate Company for Associate Company Services satisfactorily rendered pursuant to the payment schedule described in Schedule \"D\" to this Agreement (the \"Associate Company Budget\"), a copy of which has been appended hereto and initialed by the parties for identification. Associate Company shall not be permitted to incur any cost or expense that would cause the Associate Company Budget to be exceeded, without the prior written approval of the Company, in the form of an amendment to this Agreement. 4. RELATIONSHIP OF THE PARTIES 4.1 As each Party is undertaking to perform professional services for the other, and is doing so as an independent contractor and not as an employee, agent, partner, or joint venturer of the other Party, the fees will be limited to those stated in Schedules \"C\" and \"D\", attached hereto, as the case may be. Neither Party will participate in any employee benefit plans of the other Party nor receive any other compensation beyond that stated in such Schedules \"C\" and \"D\". Neither Party will have any power or authority to bind the other or to assume or create any obligation or responsibility, express or implied, on the other's behalf or in the other's name, and neither Party will represent to any person or entity that it has such power or authority. 5. STATUS OF THE PARTIES 5.1 Neither Party is responsible for verifying the existence or sufficiency of the qualifications, authorizations, permits or licenses of the other Party and/or the other Party's employees. Each Party represents and warrants that it and any of its employees are authorized to work and are not acting and will not act during the term of this Agreement in violation of any applicable laws and the regulations thereunder or any agreement it has entered into with a third party. Each Party will indemnify the other Party against any and all claims, damages, losses and other liabilities including, but not limited to, fines, penalties, and/or attorneys' fees incurred by a Party because the other Party and/or the other Party's employees or agents are not authorized to perform all or part of the Services. 6. EQUIPMENT, TOOLS, MATERIALS AND/OR SUPPLIES 6","Inter-Company Services Agreement","17",98,"https://templates.business-in-a-box.com/imgs/1000px/inter-company-services-agreement-D886.png","https://templates.business-in-a-box.com/imgs/250px/886.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#886.xml",{"title":6,"description":6},[134,136],{"label":33,"url":135},"business-legal-agreements",{"label":33,"url":135},"inter company services agreement","/template/inter-company-services-agreement-D886",{"description":140,"descriptionCustom":6,"label":141,"pages":8,"size":9,"extension":47,"preview":142,"thumb":143,"svgFrame":144,"seoMetadata":145,"parents":147,"keywords":150,"url":151},"LINE OF CREDIT AGREEMENT This Line of Credit Agreement (\"Agreement\") is entered into effect as of [DATE], BETWEEN: [LENDER NAME], (\"Leader\"), an individual with their main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [BORROWER NAME], (\"Borrower\") an individual with their main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, the Borrower has requested a line of credit from the Lender, and the Lender is willing to extend such line of credit to the Borrower under the terms and conditions set forth in this Agreement; NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties agree as follows: LINE OF CREDIT The Lender agrees to extend to the Borrower a line of credit up to a maximum amount of [MAXIMUM CREDIT AMOUNT] ([CURRENCY SYMBOL] [AMOUNT]), subject to the terms and conditions of this Agreement (the \"Line of Credit\"). DRAWS 2.1 The Borrower may draw on the Line of Credit from time to time, as needed, provided that the total amount of all outstanding draws does not exceed the maximum amount of the Line of Credit. Each draw must be requested in writing by the Borrower and shall be subject to the Lender's approval. INTEREST RATE 3.1 The outstanding balance of the Line of Credit shall accrue interest at a rate of [INTEREST RATE]% per annum. Interest shall be calculated on a [e.g., 360/365]-day basis and charged monthly. REPAYMENT 4","Line Of Credit Agreement","https://templates.business-in-a-box.com/imgs/1000px/line-of-credit-agreement-D14003.png","https://templates.business-in-a-box.com/imgs/250px/14003.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#14003.xml",{"title":146,"description":6},"line of credit agreement",[148,149],{"label":33,"url":135},{"label":33,"url":135},"line credit agreement","/template/line-of-credit-agreement-D14003",{"description":153,"descriptionCustom":6,"label":154,"pages":109,"size":9,"extension":47,"preview":155,"thumb":156,"svgFrame":157,"seoMetadata":158,"parents":160,"keywords":159,"url":167},"SECURED LUMP-SUM PROMISSORY NOTE AGREEMENT This Secured Lump-Sum Promissory Note Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME], (the \"Issuer\") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME], (the \"Holder\") company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] FOR VALUE RECEIVED, the undersigned Issuer hereby promises to pay to the order of the Holder, the maximum Principal Amount of [PRINCIPAL AMOUNT] together with interest on the unpaid Principal Amount (as defined in this Agreement) outstanding from time to time at the rate (or rates) hereafter specified, and all other sums which may be owing to the Holder by the Issuer hereunder. The terms of the Note are as follows: MATURITY DATE AND PAYMENT TERMS This Note will mature, and be due and payable in full, on [DATE] (the \"Maturity Date\") and shall be paid in the lump sum amount of [LUMP SUM AMOUNT TO BE PAID]. INTEREST From and after the date hereof, all outstanding principal of this Note will bear simple interest at the rate of [PERCENT OF INTEREST] per annum. On the date that is [NUMBER OF DAYS] days after the date of this Note, the Issuer shall pay the then accrued interest on this Note. Upon the occurrence and during the continuance of any Event of Default (as hereinafter defined) under this Note, all outstanding principal of this Note shall bear interest at the rate of [PERCENT OF INTEREST] per annum. All outstanding principal and accrued but unpaid interest on this Note shall be payable on the Maturity Date. SECURITY This Note is Secured by a Security Agreement on the Issuer's Property, described as [PROPERTY DESCRIPTION], hereinafter known as the \"Security,\" which shall transfer to the possession and ownership of the Holder immediately in case of Acceleration. The Security may not be sold or transferred without the Holder's consent until the Maturity Date. If the Issuer breaches this provision, the Holder may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. The Holder shall have the sole option to accept the Security as full payment for the Principal Amount without further liabilities or obligations. If the market value of the Security does not exceed the Principal Amount, the Issuer shall remain liable for the balance due while accruing interest at the maximum rate allowed by law. PREPAYMENT The Issuer may prepay this Note prior to the Maturity Date, without premium or penalty, upon written notice to the Holder. EVENTS OF DEFAULT The occurrence of any one or more of the following events shall constitute an \"Event of Default\" under this Note: the failure of the Issuer to pay any sum due under this Note when due, whether by demand or otherwise, and such sum remains unpaid for five (5) days after the Due Date; and any other Event of Default described in the Security Agreement that might be signed between the Parties regarding the Property that is pledged as collateral to the loan. RIGHTS AND REMEDIES UPON DEFAULT ","Secured Lumpsum Promissory Note Agreement","https://templates.business-in-a-box.com/imgs/1000px/secured-lumpsum-promissory-note-agreement-D13041.png","https://templates.business-in-a-box.com/imgs/250px/13041.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13041.xml",{"title":159,"description":6},"secured lumpsum promissory note agreement",[161,164],{"label":162,"url":163},"Business Plan Kit","business-plan-kit",{"label":165,"url":166},"Business Procedures","business-procedures","/template/secured-lumpsum-promissory-note-agreement-D13041",{"description":169,"descriptionCustom":6,"label":170,"pages":171,"size":172,"extension":47,"preview":173,"thumb":174,"svgFrame":175,"seoMetadata":176,"parents":177,"keywords":180,"url":181},"SECURITY AGREEMENT This Security Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [SECURED PARTY NAME] (the \" Secured Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Debtor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] For value received, the undersigned Debtor, promises to pay to the order of [name], together with any other holder of this note (\"Secured Party\"), [amount], with interest at the rate of [%] per annum. Payment shall be made in successive equal monthly installments of [amount]. Each such Installment is payable on the [day] of each month, commencing on [date]. Recitals WHEREAS, the Secured Party has extended to the Debtor a certain loan as evidenced by a certain promissory note, in the original principal amount equal to [amount] dated on even date herewith (the \"Note\"); and WHEREAS, the Debtor wishes to grant a first priority security interest in and to all of the Debtor's tangible and intangible personal property pursuant to the terms hereof; NOW, THEREFORE, for and in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto covenant and agree as follows: DEFINITIONS The following terms shall have the meanings herein specified unless the context otherwise requires. Such definitions shall be equally applicable to the singular and plural forms of the terms defined: \"Contracts\" shall mean all contracts between the Debtor and one or more additional parties. \"Contract Rights\" shall mean all rights of the Debtor (including, without limitation, all rights to payment) under each Contract. \"Copyrights\" shall mean any [country] copyright to which the Debtor now or hereafter has title, as well as any application for a [country] copyright hereafter made by the Debtor. \"Equipment\" shall mean any \"equipment,\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, fixtures and vehicles now or hereafter owned by the Debtor and any and all additions, substitutions and replacements of, any of the foregoing, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. \"General Intangibles\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Goods\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Inventory\" shall mean all raw materials, workinprocess, and finished inventory of the Debtor of every type or description and all documents of title covering such inventory, and shall specifically include all \"inventory\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by the Debtor. \"Marks\" shall mean any trademarks and service marks now held or hereafter acquired by the Debtor, which are registered in the [country] Patent and Trademark Office, as well as any unregistered marks used by the Debtor in the [COUNTRY] and trade dress, including logos and/or designs, in connection with which any of these registered or unregistered marks are used. \"Obligations\" shall mean: (i) all indebtedness, obligations and liabilities (including, without limitation, guarantees and other contingent liabilities) of the Debtor to the Secured Party, including but not limited to the Note; (ii) any and all sums advanced by the Secured Party in order to preserve the Collateral or preserve its security interest in the Collateral; and (iii) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Debtor referred to in clause (i), after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys' fees and court costs. \"Patents\" shall mean any [country] patent to which the Debtor now or hereafter has title, as well as any application for a [country] patent now or hereafter made by Debtor. \"Proceeds\" shall have the meaning assigned that term under the [law or code] as in effect in the State of [state/province] on the date hereof or under other relevant law and, in any event, shall include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Secured Party or the Debtor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to the Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. \"Receivables\" shall mean any \"account\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [STATE/PROVINCE], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all of the Debtor's rights to payment for goods sold or leased or services performed by the Debtor, whether now in existence or arising from time to time hereafter, including, without limitation, rights evidenced by an account, note, contract, security agreement, or other evidence of indebtedness or security, together with (i) all security pledged, assigned, hypothecated or granted to or held by the Debtor to secure the foregoing; (ii) all of the Debtor's right, title and interest in and to any goods, the sale of which gave rise thereto; (iii) all guarantees, endorsements and indemnifications on, or of, any of the foregoing; (iv) all powers of attorney for the execution of any evidence of indebtedness or security or other writing in connection therewith; (v) all books, records, ledger cards and invoices relating thereto; (vi) all evidences of the filing of financing statements and other statements and the registration of other instruments in connection therewith and amendments thereto, notices to other creditors or secured parties, and certificates from filing or other registration officers; (vii) all credit information, reports and memoranda relating thereto and (viii) all other writings related in any way to the foregoing. GRANT OF SECURITY INTEREST The Debtor does hereby grant to the Secured Party a continuing security interest of first priority in all of the right, title and interest of the Debtor in, to and under all of the following property whether now existing or hereafter created or arising: ","Security Agreement","10",96,"https://templates.business-in-a-box.com/imgs/1000px/security-agreement-D915.png","https://templates.business-in-a-box.com/imgs/250px/915.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#915.xml",{"title":6,"description":6},[178,179],{"label":33,"url":135},{"label":33,"url":135},"security agreement","/template/security-agreement-D915",false,{"seo":184,"reviewer":196,"legal_disclaimer":200,"quick_facts":201,"at_a_glance":203,"personas":207,"variants":232,"glossary":257,"clauses":294,"how_to_fill":344,"common_mistakes":385,"faqs":410,"industries":438,"comparisons":454,"diy_vs_lawyer":468,"jurisdictions":481,"related_template_ids_curated":502,"schema":508,"classification":509},{"meta_title":185,"meta_description":186,"primary_keyword":15,"secondary_keywords":187},"Loan Calculator With Extra Payments Template | BIB","Free loan calculator with extra payments template. Model amortization schedules, interest savings, and payoff dates when making additional principal",[188,189,190,191,192,193,194,195],"loan calculator extra payments template","amortization schedule extra payments","loan payoff calculator additional payments","mortgage extra payment calculator","loan repayment schedule template","extra principal payment calculator","loan amortization calculator free","early loan payoff calculator",{"name":197,"credential":198,"reviewed_date":199},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":202,"legal_review_recommended":200,"signature_required":200},"medium",{"what_it_is":204,"when_you_need_it":205,"whats_inside":206},"A Loan Calculator With Extra Payments is a structured financial and legal document that combines a binding loan agreement with a detailed amortization schedule showing how one-time or recurring extra principal payments reduce total interest paid and shorten the loan term. This free Word download lets borrowers and lenders formally document the original loan terms, agreed repayment schedule, and the mechanism for applying extra payments — then export the completed document as PDF for execution and record-keeping.\n","Use it when a borrower and lender have agreed that the borrower may make payments above the scheduled amount and both parties want a written record of how those extra payments are applied, what interest savings result, and what the revised payoff date will be. It is equally relevant for private mortgage arrangements, business loans between related parties, and intercompany financing.\n","The document covers the original loan terms (principal, rate, term, and payment frequency), the standard amortization schedule, a separate extra-payment schedule showing revised balances and interest savings, prepayment provisions, default and cure terms, and governing law. A signature block formalizes the agreement between the parties.\n",[208,212,216,220,224,228],{"title":209,"use_case":210,"icon_asset_id":211},"Private lenders","Documenting a personal or family loan with an agreed extra-payment provision","persona-private-lender",{"title":213,"use_case":214,"icon_asset_id":215},"Small business owners","Tracking how extra payments on a business term loan accelerate payoff and reduce interest cost","persona-small-business-owner",{"title":217,"use_case":218,"icon_asset_id":219},"Real estate investors","Modeling interest savings when making additional principal payments on an investment property mortgage","persona-real-estate-investor",{"title":221,"use_case":222,"icon_asset_id":223},"CFOs and finance managers","Calculating the impact of lump-sum or recurring extra payments on intercompany loan balances","persona-cfo",{"title":225,"use_case":226,"icon_asset_id":227},"Individual borrowers","Understanding how a one-time windfall payment shortens the payoff date on a personal loan","persona-individual-borrower",{"title":229,"use_case":230,"icon_asset_id":231},"Accountants and bookkeepers","Reconciling loan balances against an amortization schedule that reflects irregular extra payments","persona-accountant",[233,236,240,243,246,250,253],{"situation":234,"recommended_template":69,"slug":235},"Standard fixed-rate loan with no prepayment provisions needed","loan-agreement-D417",{"situation":237,"recommended_template":238,"slug":239},"Mortgage loan between private parties with extra payment flexibility","Mortgage Agreement","mortgage-D1183",{"situation":241,"recommended_template":90,"slug":242},"Short-term business loan with balloon payment at maturity","promissory-note-D434",{"situation":244,"recommended_template":245,"slug":235},"Loan that may be fully repaid early with a defined prepayment penalty","Loan Agreement With Prepayment Penalty",{"situation":247,"recommended_template":248,"slug":249},"Intercompany loan between parent and subsidiary entities","Intercompany Loan Agreement","inter-company-services-agreement-D886",{"situation":251,"recommended_template":252,"slug":235},"Personal loan between friends or family members","Personal Loan Agreement",{"situation":254,"recommended_template":255,"slug":256},"Line of credit where draws and repayments vary each period","Line of Credit Agreement","line-of-credit-agreement-D14003",[258,261,264,267,270,273,276,279,282,285,288,291],{"term":259,"definition":260},"Amortization Schedule","A table showing each scheduled payment broken down into principal and interest components, along with the remaining loan balance after each payment.",{"term":262,"definition":263},"Extra Payment","Any amount paid above the scheduled installment that is applied directly to reduce the outstanding principal balance.",{"term":265,"definition":266},"Principal","The original loan amount borrowed, or the remaining balance yet to be repaid, before interest is calculated.",{"term":268,"definition":269},"Interest Rate","The annual percentage charged on the outstanding principal balance, typically expressed as a fixed or variable annual rate.",{"term":271,"definition":272},"Prepayment","Repayment of all or part of a loan before its scheduled due date, which reduces future interest charges.",{"term":274,"definition":275},"Prepayment Penalty","A fee charged by the lender when a borrower repays the loan ahead of schedule, compensating the lender for lost interest income.",{"term":277,"definition":278},"Payoff Date","The date on which the full outstanding principal, accrued interest, and any fees are repaid and the loan is fully discharged.",{"term":280,"definition":281},"Outstanding Balance","The remaining principal owed on a loan at any point in time, reduced by each principal payment made.",{"term":283,"definition":284},"Default","A borrower's failure to meet a contractual loan obligation — such as missing a payment or violating a covenant — triggering the lender's remedies.",{"term":286,"definition":287},"Cure Period","A defined window of time — typically 10 to 30 days — during which a borrower may remedy a default before the lender accelerates the loan.",{"term":289,"definition":290},"Acceleration Clause","A provision allowing the lender to demand immediate repayment of the entire outstanding balance if the borrower defaults.",{"term":292,"definition":293},"Pro Rata Allocation","The method of applying an extra payment proportionally — typically to principal first after accrued interest is satisfied — to reduce the balance on which future interest is calculated.",[295,300,305,310,315,320,325,330,334,339],{"name":296,"plain_english":297,"sample_language":298,"common_mistake":299},"Parties, Loan Amount, and Effective Date","Identifies the lender and borrower as legal entities or individuals, states the original principal amount, and sets the date from which interest begins to accrue.","This Loan Agreement is entered into on [DATE] between [LENDER LEGAL NAME] ('Lender') and [BORROWER LEGAL NAME] ('Borrower'). Lender agrees to advance the principal sum of $[AMOUNT] to Borrower on [DISBURSEMENT DATE].","Using informal names or nicknames instead of full legal names — this creates ambiguity about which entity is bound and can complicate enforcement.",{"name":301,"plain_english":302,"sample_language":303,"common_mistake":304},"Interest Rate and Calculation Method","Specifies whether the rate is fixed or variable, the annual percentage rate, and how interest is calculated — typically on the declining principal balance using simple interest.","Interest shall accrue on the outstanding principal balance at a fixed annual rate of [X]%, calculated on a 365-day year basis and charged on the actual number of days elapsed.","Omitting the interest calculation method. Whether interest is simple, compound, or daily-accruing changes the total cost materially and courts will not infer the method.",{"name":306,"plain_english":307,"sample_language":308,"common_mistake":309},"Standard Repayment Schedule","Sets out the payment amount, frequency, and due date for each scheduled installment under the base amortization schedule, before any extra payments are applied.","Borrower shall make [MONTHLY / WEEKLY / BI-WEEKLY] payments of $[PAYMENT AMOUNT] beginning on [FIRST PAYMENT DATE], with each payment due on the [DAY] of each [MONTH / WEEK], for a total of [NUMBER] scheduled payments.","Stating only the monthly payment amount without specifying total number of payments — leaving the maturity date ambiguous if extra payments are later made.",{"name":311,"plain_english":312,"sample_language":313,"common_mistake":314},"Extra Payment Application Clause","Defines how extra payments are applied — specifically that amounts above the scheduled installment reduce principal first (after satisfying any accrued interest), not future scheduled payments.","Any payment made in excess of the scheduled installment shall be applied first to any accrued and unpaid interest, then to the outstanding principal balance. Extra payments do not advance the next scheduled payment due date unless Borrower requests otherwise in writing.","Failing to specify payment application order. Without this clause, lenders may apply extra funds to future interest rather than current principal, eliminating the intended interest savings.",{"name":316,"plain_english":317,"sample_language":318,"common_mistake":319},"Revised Amortization Schedule on Extra Payment","Requires the lender to provide a revised amortization schedule — showing the updated outstanding balance, revised payoff date, and total interest savings — within a set number of days after each extra payment.","Within [10] business days of receiving an extra payment, Lender shall provide Borrower with a revised amortization schedule reflecting the reduced principal balance, updated payment schedule, and revised payoff date.","Not requiring a revised schedule after extra payments. Without one, borrowers cannot verify that extra funds were correctly applied to principal, and errors go undetected for months.",{"name":321,"plain_english":322,"sample_language":323,"common_mistake":324},"Prepayment Rights and Penalties","States whether the borrower has the right to prepay the loan in full or in part at any time without penalty, or whether a prepayment fee applies.","Borrower may prepay all or any portion of the outstanding principal at any time without premium or penalty. [ALTERNATIVE: A prepayment fee of [X]% of the prepaid amount shall apply during the first [X] years of the loan term.]","Omitting a prepayment clause entirely. Without it, the lender may claim a right to full interest for the remaining term, defeating the purpose of the extra-payment arrangement.",{"name":326,"plain_english":327,"sample_language":328,"common_mistake":329},"Default Events and Cure Period","Lists the specific events that constitute default — missed payment, insolvency, or breach of covenant — and gives the borrower a defined cure period before the lender can accelerate or enforce.","An Event of Default occurs if: (a) Borrower fails to make any scheduled payment within [15] days of its due date; (b) Borrower becomes insolvent or files for bankruptcy; or (c) Borrower breaches any material term of this Agreement and fails to cure within [30] days of written notice.","Setting a cure period so short (fewer than 5 days) that it is practically unworkable — courts in several jurisdictions have voided acceleration clauses with unreasonably short cure periods.",{"name":289,"plain_english":331,"sample_language":332,"common_mistake":333},"Grants the lender the right to demand immediate repayment of the full outstanding balance if a default event occurs and is not cured within the cure period.","Upon the occurrence of an uncured Event of Default, Lender may, at its option, declare the entire outstanding principal balance, together with all accrued interest and fees, immediately due and payable.","Making acceleration automatic rather than optional. Automatic acceleration can trigger unintended consequences — including cross-default provisions in other agreements — before the lender has assessed its options.",{"name":335,"plain_english":336,"sample_language":337,"common_mistake":338},"Security and Collateral","Identifies any asset pledged as collateral for the loan and references any separate security agreement, mortgage, or pledge that governs enforcement against that asset.","This loan is [unsecured / secured by [DESCRIPTION OF COLLATERAL] as further described in the Security Agreement dated [DATE]]. In the event of default, Lender may enforce its security interest in accordance with applicable law.","Describing collateral informally (e.g., 'the equipment') without referencing serial numbers, registration numbers, or a separate security agreement — making repossession or enforcement legally vulnerable.",{"name":340,"plain_english":341,"sample_language":342,"common_mistake":343},"Governing Law and Dispute Resolution","Specifies which jurisdiction's law governs the agreement and how disputes are resolved — arbitration, mediation, or litigation — and in which venue.","This Agreement is governed by the laws of [STATE / PROVINCE / COUNTRY]. Any dispute shall be resolved by [binding arbitration / mediation then litigation] in [CITY, JURISDICTION], and each party irrevocably submits to the exclusive jurisdiction of the courts of that jurisdiction.","Choosing a governing law with no meaningful connection to either party or the loan transaction — courts may disregard the clause and apply local law instead.",[345,350,355,360,365,370,375,380],{"step":346,"title":347,"description":348,"tip":349},1,"Enter the parties' full legal names and loan amount","Use the lender's and borrower's complete registered legal names, not trade names or abbreviations. State the principal amount in numbers and words to prevent disputes.","For individual borrowers, include their full legal name as it appears on government-issued ID to avoid enforcement ambiguity.",{"step":351,"title":352,"description":353,"tip":354},2,"Set the interest rate and calculation method","State the annual interest rate as a fixed percentage or define the variable rate index and spread. Specify simple interest on a declining balance as the default calculation method.","Even a 0.25% difference in stated rate changes total interest on a $100,000 loan over 5 years by roughly $650 — confirm the rate in writing before signing.",{"step":356,"title":357,"description":358,"tip":359},3,"Build the standard amortization schedule","Calculate the regular installment amount using the principal, rate, and term. List each payment period with its scheduled payment, interest component, principal component, and ending balance.","Use the template's built-in schedule table and verify the final payment zeroes out the balance — rounding errors across many periods can create a small residual balance.",{"step":361,"title":362,"description":363,"tip":364},4,"Define the extra payment application rules","Specify that extra payments reduce principal first after satisfying accrued interest, and clarify whether they advance the next due date or simply reduce the outstanding balance.","Include a written request mechanism — borrowers who want extra payments to advance their next due date rather than shorten the term should be required to state this in writing.",{"step":366,"title":367,"description":368,"tip":369},5,"Model the revised amortization scenarios","In the extra payment schedule section, show at least two scenarios: one with a fixed monthly extra payment (e.g., $200/month additional) and one with a one-time lump-sum payment. Display the revised payoff date and total interest saved for each.","Side-by-side comparison of the base schedule and the extra-payment schedule is the most useful output for borrowers deciding how much extra to pay.",{"step":371,"title":372,"description":373,"tip":374},6,"Complete the prepayment and default provisions","Confirm whether prepayment is penalty-free or subject to a fee. Set a cure period of at least 10–15 days for payment defaults and 30 days for covenant breaches.","If the loan is between related parties, waive the prepayment penalty explicitly — courts have implied a penalty in its absence when the loan was commercial in nature.",{"step":376,"title":377,"description":378,"tip":379},7,"Identify collateral and reference any security documents","If the loan is secured, describe the collateral with enough specificity to identify it uniquely and reference the security agreement by date. If unsecured, state that explicitly.","For real property collateral, the mortgage or deed of trust must be separately recorded — referencing it in the loan agreement without recording provides no enforceable lien.",{"step":381,"title":382,"description":383,"tip":384},8,"Execute before any funds are disbursed","Both parties sign and date the agreement before or simultaneously with loan disbursement. Attach the amortization schedule as a signed exhibit.","Countersign the amortization schedule exhibit separately — it is the most frequently disputed attachment and an independent signature confirms both parties reviewed it.",[386,390,394,398,402,406],{"mistake":387,"why_it_matters":388,"fix":389},"No extra payment application order specified","Without explicit direction, lenders may apply extra funds to future scheduled interest rather than current principal, eliminating the interest savings the borrower intended and creating a dispute over the outstanding balance.","Include a clause stating that extra payments are applied first to accrued interest, then to outstanding principal, and require a revised amortization schedule within 10 business days of each extra payment.",{"mistake":391,"why_it_matters":392,"fix":393},"Omitting a prepayment clause","In commercial loan contexts, some lenders assert a right to full contracted interest even if the loan is repaid early. Without an explicit prepayment right, the borrower may owe a penalty that was never negotiated.","State explicitly whether prepayment is permitted without penalty, subject to a defined fee, or prohibited during a lockout period — leaving it silent creates enforceability uncertainty.",{"mistake":395,"why_it_matters":396,"fix":397},"Using an automatic acceleration clause","Automatic acceleration on any default — including a one-day late payment — can trigger cross-default provisions in the borrower's other financing arrangements before either party realizes it, destabilizing the borrower's entire debt structure.","Make acceleration the lender's option, not an automatic consequence, and tie it to an uncured default after the applicable cure period has lapsed.",{"mistake":399,"why_it_matters":400,"fix":401},"Describing collateral vaguely","A collateral description like 'business equipment' or 'the vehicle' is insufficient to perfect a security interest under the UCC in the US or equivalent regimes elsewhere — enforcement against the asset becomes legally contested.","Identify collateral with serial numbers, VIN, property legal description, or account numbers, and reference a separate security agreement that is perfected according to applicable law.",{"mistake":403,"why_it_matters":404,"fix":405},"Signing after loan disbursement","In common-law jurisdictions, a loan agreement signed after funds are already disbursed may lack fresh consideration, making restrictive provisions — including prepayment penalties and default remedies — unenforceable.","Always execute the loan agreement on or before the date funds are transferred. Use the disbursement date as the agreement's effective date and confirm both in the document.",{"mistake":407,"why_it_matters":408,"fix":409},"No revised schedule requirement after extra payments","Without a contractual obligation for the lender to issue a revised amortization schedule, errors in principal application can compound undetected — borrowers have discovered thousands of dollars in misapplied extra payments only at payoff.","Require the lender to deliver a revised schedule within 10 business days of any extra payment, and retain a copy of every extra payment confirmation alongside the revised schedule.",[411,414,417,420,423,426,429,432,435],{"question":412,"answer":413},"What is a loan calculator with extra payments?","A loan calculator with extra payments is a document that combines a formal loan agreement with a detailed amortization schedule showing how additional principal payments — whether made monthly, annually, or as a one-time lump sum — reduce total interest paid and shorten the loan term. It gives both the borrower and lender a written, legally binding record of the original loan terms and the rules governing how extra payments are applied to the outstanding balance.\n",{"question":415,"answer":416},"How do extra payments reduce total interest on a loan?","Interest on a standard amortizing loan is calculated on the outstanding principal balance each period. When a borrower makes an extra payment that reduces principal, the interest charged in every subsequent period is calculated on a smaller balance. The savings compound over time — a $200 extra monthly payment on a $150,000 30-year mortgage at 6% can save over $50,000 in total interest and cut nearly 8 years off the term.\n",{"question":418,"answer":419},"Does a loan agreement need to specify how extra payments are applied?","Yes, and this is the most important clause in any loan agreement that permits extra payments. Without explicit direction, lenders may apply excess funds to future scheduled interest rather than current principal — which provides no interest savings. A well-drafted agreement specifies that extra payments reduce principal first after satisfying accrued interest, and requires a revised amortization schedule to be issued after each extra payment.\n",{"question":421,"answer":422},"Are prepayment penalties legal?","In the US, prepayment penalties are permitted on most commercial and private loans but are restricted or prohibited on certain residential mortgages — particularly for subprime or high-cost loans under the Dodd-Frank Act. In Canada, federally regulated lenders must follow Interest Act limitations on mortgage prepayment charges. In the UK, early repayment charges are regulated by the FCA and must be disclosed at origination. Always confirm applicable rules for the loan type and jurisdiction before including a penalty clause.\n",{"question":424,"answer":425},"What is the difference between a loan agreement and a promissory note?","A promissory note is a simpler, shorter document — the borrower's unconditional written promise to repay a sum with interest. A loan agreement is a full bilateral contract covering both parties' obligations, conditions precedent to disbursement, covenants, default events, remedies, and governing law. For any loan where extra payment terms, security, or detailed default provisions matter, a loan agreement is the appropriate document rather than a standalone promissory note.\n",{"question":427,"answer":428},"Does this document need to be signed by both parties?","Yes. A loan agreement is a bilateral contract requiring signatures from both the lender and the borrower to be enforceable. The amortization schedule, which forms part of the agreement as an exhibit, should also be initialed or signed by both parties to confirm they reviewed and agreed to the projected payment schedule. Unsigned or partially signed agreements create enforceability gaps, particularly for security interests and restrictive clauses.\n",{"question":430,"answer":431},"Can extra payments be applied to advance the next due date instead of shortening the loan term?","This depends on how the agreement is drafted. By default, extra payments reduce the outstanding principal and shorten the loan term without advancing the next scheduled payment date. Some agreements allow the borrower to request, in writing, that an extra payment be credited against the next scheduled installment instead. This option should be explicitly addressed in the extra payment application clause so both parties have consistent expectations.\n",{"question":433,"answer":434},"What happens to the amortization schedule when a lump-sum extra payment is made?","When an extra lump-sum payment reduces the principal balance, each subsequent scheduled payment covers a larger share of principal and a smaller share of interest, accelerating payoff. The lender should provide a revised amortization schedule showing the new payment breakdown and revised payoff date. If the borrower continues making the original scheduled payment amount unchanged, the payoff date moves forward by a number of periods proportionate to the size of the extra payment relative to the outstanding balance.\n",{"question":436,"answer":437},"Is a loan calculator with extra payments useful for intercompany loans?","Yes. Intercompany loans between related entities require the same formal documentation as third-party loans to satisfy transfer-pricing rules and avoid tax authorities recharacterizing the arrangement as a capital contribution or dividend. A loan agreement with an explicit amortization schedule — including documented extra payment terms — provides the audit trail that demonstrates the arrangement is a genuine arm's-length debt instrument.\n",[439,442,446,450],{"industry":117,"icon_asset_id":440,"specifics":441},"industry-real-estate","Models extra principal payments on private mortgages or investment property financing, showing revised payoff dates and interest saved across multi-decade loan terms.",{"industry":443,"icon_asset_id":444,"specifics":445},"Small Business and Startups","industry-small-business","Documents extra payments on equipment loans or working-capital term loans, ensuring that windfall cash flows are applied to reduce interest burden rather than held in low-yield accounts.",{"industry":447,"icon_asset_id":448,"specifics":449},"Financial Services","industry-fintech","Formalizes intercompany or related-party lending arrangements with arm's-length documentation required for transfer-pricing compliance and regulatory review.",{"industry":451,"icon_asset_id":452,"specifics":453},"Professional Services","industry-professional-services","Used by accountants and financial advisors to demonstrate to clients the quantified interest savings of accelerated loan repayment strategies on business and personal debt.",[455,459,462,465],{"vs":456,"vs_template_id":457,"summary":458},"Standard Loan Agreement","loan-agreement-D171","A standard loan agreement sets out repayment terms for a fixed schedule without explicit provisions for extra payments. The loan calculator with extra payments adds an amortization schedule, extra payment application rules, and a mechanism for issuing revised schedules — making it the right choice whenever the borrower intends to pay more than the minimum. For loans where no extra payments are contemplated, the standard agreement is simpler and sufficient.",{"vs":90,"vs_template_id":460,"summary":461},"promissory-note-D178","A promissory note is a short-form unconditional promise to repay a sum on demand or at a defined date. It typically lacks amortization schedules, extra payment clauses, default cure periods, and collateral provisions. Use a promissory note for simple, short-term obligations between known parties; use a loan calculator agreement when the repayment structure and extra payment mechanics need to be formally documented.",{"vs":238,"vs_template_id":463,"summary":464},"mortgage-agreement-D174","A mortgage agreement creates a security interest in real property as collateral for the loan. The loan calculator with extra payments is the underlying debt instrument that defines repayment terms and extra payment application — the mortgage is the security document enforced against the property. Both documents are typically executed together for real-property-secured loans, with the mortgage recorded and the loan agreement held by the parties.",{"vs":248,"vs_template_id":466,"summary":467},"intercompany-loan-agreement-D13244","An intercompany loan agreement is specifically structured for loans between affiliated entities and includes transfer-pricing and related-party disclosure provisions. The loan calculator with extra payments is a general-purpose instrument suitable for both third-party and related-party lending. Where the borrower and lender are affiliated entities in a multi-jurisdiction group, the intercompany agreement's additional tax and regulatory provisions make it the more appropriate starting point.",{"use_template":469,"template_plus_review":473,"custom_drafted":477},{"best_for":470,"cost":471,"time":472},"Private individual loans, family lending arrangements, and straightforward business loans under $100,000 with no complex collateral","Free","30–60 minutes",{"best_for":474,"cost":475,"time":476},"Business loans secured by real or personal property, intercompany financing, or loans with prepayment penalty provisions","$300–$800","1–3 days",{"best_for":478,"cost":479,"time":480},"Loans above $500,000, syndicated or multi-lender arrangements, cross-border financing, or highly regulated borrowers such as banks or investment funds","$2,000–$8,000+","1–3 weeks",[482,487,492,497],{"code":483,"name":484,"flag_asset_id":485,"note":486},"us","United States","flag-us","State usury laws cap interest rates for private loans — rates that are lawful in one state may constitute criminal usury in another. Prepayment penalties on residential mortgages are regulated under the Dodd-Frank Act and restricted for qualified mortgages. Security interests in personal property must be perfected under the applicable state's UCC Article 9 by filing a financing statement. The Truth in Lending Act (TILA) requires disclosure of APR and total cost of credit for consumer loans.",{"code":488,"name":489,"flag_asset_id":490,"note":491},"ca","Canada","flag-ca","The federal Interest Act limits prepayment charges on mortgages secured by real property — lenders may not charge more than three months' interest as a prepayment penalty after five years. Provincial consumer protection legislation in Ontario, British Columbia, and Quebec imposes additional disclosure and rate-cap requirements for consumer loans. Quebec's Civil Code governs loan contracts in that province and differs materially from common-law contract rules in other provinces.",{"code":493,"name":494,"flag_asset_id":495,"note":496},"uk","United Kingdom","flag-uk","Consumer credit agreements are regulated by the Consumer Credit Act 1974 and FCA rules, which require specific form, content, and cancellation rights. Early repayment charges on regulated mortgage contracts must be disclosed in the ESIS (European Standardised Information Sheet) and are capped under FCA rules. For commercial loans, parties have broad contractual freedom but must ensure interest rates do not fall foul of the Usury Laws Repeal Act context — while usury limits were largely abolished, unconscionable terms remain challengeable.",{"code":498,"name":499,"flag_asset_id":500,"note":501},"eu","European Union","flag-eu","The EU Mortgage Credit Directive and Consumer Credit Directive require standardised pre-contractual disclosure, APR calculation, and the right to early repayment with a capped indemnity — typically 1% of the amount repaid if the remaining term exceeds one year, or 0.5% if under one year. GDPR applies to any personal data processed in connection with the loan. Member states implement these directives differently; France, Germany, and Spain each impose additional national requirements on interest rate disclosure and borrower protections.",[235,242,239,249,235,256,503,504,503,505,506,507],"secured-lumpsum-promissory-note-agreement-D13041","security-agreement-D915","payment-plan-agreement-D12663","financial-projections_12-months-D360","purchase-order-D1411",{"emit_how_to":200,"emit_defined_term":200},{"primary_folder":98,"secondary_folder":510,"document_type":511,"industry":512,"business_stage":513,"tags":514,"confidence":520},"loans-and-promissory-notes","worksheet","general","all-stages",[515,516,517,518,519],"loan-calculator","amortization-schedule","extra-payments","financial-planning","debt-management",0.92,"\u003Ch2>What is a Loan Calculator With Extra Payments?\u003C/h2>\n\u003Cp>A \u003Cstrong>Loan Calculator With Extra Payments\u003C/strong> is a legally binding loan agreement combined with a detailed amortization schedule that shows — in quantified terms — how additional principal payments reduce the total interest paid and shorten the payoff date. It documents the original loan terms (principal, interest rate, payment frequency, and term), the standard payment schedule, and a separate extra-payment schedule that recalculates the outstanding balance, revised payoff date, and cumulative interest savings each time an extra payment is made. Unlike a bare promissory note or a standard loan agreement, this document makes the mechanics of extra payment application explicit and enforceable, giving both the lender and borrower a shared written record of how funds above the scheduled installment are to be credited.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a written extra payment provision, borrowers who send more than the minimum installment have no guarantee those funds reduce principal — lenders can legally apply them to future scheduled interest instead, eliminating the financial benefit entirely. Disputes over misapplied extra payments are among the most common loan-administration complaints, and they are nearly impossible to resolve without a document that explicitly states the application order. A properly executed Loan Calculator With Extra Payments also protects the lender: it sets a clear prepayment framework, defines default and cure periods, and ensures that any interest savings claimed by the borrower are grounded in a mutually agreed schedule rather than a unilateral calculation. For intercompany or related-party loans, the formal amortization schedule is essential documentation for satisfying transfer-pricing rules and demonstrating to tax authorities that the arrangement is genuine debt rather than a disguised equity contribution. This template provides everything needed to execute a complete, enforceable loan agreement with extra payment terms in a single document.\u003C/p>\n",1778696350736]