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cubbiesnextyr
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« on: June 16, 2009, 01:33:49 PM » |
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I have a loan that has made every payment exactly on the due date. The amount paid each time is 2.088471 (my share at least). Payment # 36 is coming up and I have 2.138388 of principle left, meaning the payment will have to be higher then the normal payment to get this correct. That's not what their amortization table shows. I wonder what they're going to do.?
Something seems screwy here. I think their math was wrong in there somewhere. The cumulative effect of having a different number of days between payments perhaps? 30 vs 31 vs 28?
Payment number Post date [Sorted by Post date, descending order.] DPD Type Status Total paid Prosper fees Late fees Interest Principal Principal balance
4884638 Jun-11-2009 0 Automatic Paid $2.09 - - $0.10 $1.99 $2.14
4804689 May-11-2009 0 Automatic Paid $2.09 - - $0.14 $1.95 $4.13
4731620 Apr-11-2009 0 Automatic Paid $2.09 - - $0.19 $1.89 $6.07
4643032 Mar-11-2009 0 Automatic Paid $2.09 - - $0.22 $1.87 $7.97
4557992 Feb-11-2009 0 Automatic Paid $2.09 - - $0.28 $1.80 $9.84
4467491 Jan-11-2009 0 Automatic Paid $2.09 - - $0.33 $1.76 $11.64
4379290 Dec-11-2008 0 Automatic Paid $2.09 - - $0.36 $1.73 $13.40
4288981 Nov-11-2008 0 Automatic Paid $2.09 - - $0.41 $1.68 $15.13
4197433 Oct-11-2008 0 Automatic Paid $2.09 - - $0.44 $1.65 $16.81
4096512 Sep-11-2008 0 Automatic Paid $2.09 - - $0.49 $1.60 $18.46
3998113 Aug-11-2008 0 Automatic Paid $2.09 - - $0.53 $1.56 $20.06
3908884 Jul-11-2008 0 Automatic Paid $2.09 - - $0.55 $1.54 $21.62
3812726 Jun-11-2008 0 Automatic Paid $2.09 - - $0.60 $1.49 $23.16
3717593 May-11-2008 0 Automatic Paid $2.09 - - $0.62 $1.47 $24.65
3612081 Apr-11-2008 0 Automatic Paid $2.09 - - $0.67 $1.42 $26.12
3419133 Mar-11-2008 0 Automatic Paid $2.09 - - $0.66 $1.43 $27.54
3246725 Feb-11-2008 0 Automatic Paid $2.09 - - $0.74 $1.35 $28.96
2884041 Jan-11-2008 0 Automatic Paid $2.09 - - $0.77 $1.32 $30.31
2566979 Dec-11-2007 0 Automatic Paid $2.09 - - $0.78 $1.31 $31.63
2198462 Nov-11-2007 0 Automatic Paid $2.09 - - $0.83 $1.25 $32.94
2028501 Oct-11-2007 0 Automatic Paid $2.09 - - $0.84 $1.25 $34.19
1768766 Sep-11-2007 0 Automatic Paid $2.09 - - $0.89 $1.19 $35.44
1627686 Aug-11-2007 0 Automatic Paid $2.09 - - $0.92 $1.17 $36.64
1482391 Jul-11-2007 0 Automatic Paid $2.09 - - $0.92 $1.17 $37.80
1348198 Jun-11-2007 0 Automatic Paid $2.09 - - $0.98 $1.11 $38.97
1218607 May-11-2007 0 Automatic Paid $2.09 - - $0.97 $1.12 $40.08
823416 Apr-11-2007 0 Automatic Paid $2.09 - - $1.03 $1.06 $41.19
680848 Mar-11-2007 0 Automatic Paid $2.09 - - $0.96 $1.13 $42.25
564028 Feb-11-2007 0 Automatic Paid $2.09 - - $1.08 $1.00 $43.38
459697 Jan-11-2007 0 Automatic Paid $2.09 - - $1.11 $0.98 $44.39
377377 Dec-11-2006 0 Automatic Paid $2.09 - - $1.10 $0.99 $45.37
316757 Nov-11-2006 0 Automatic Paid $2.09 - - $1.15 $0.93 $46.36
257725 Oct-11-2006 0 Automatic Paid $2.09 - - $1.14 $0.95 $47.30
204481 Sep-11-2006 0 Automatic Paid $2.09 - - $1.20 $0.89 $48.24
162697 Aug-11-2006 0 Automatic Paid $2.09 - - $1.22 $0.87 $49.13
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cubbiesnextyr
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« Reply #1 on: June 16, 2009, 01:35:56 PM » |
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Interesting, this is from the promissory note: Note. The final payment shall consist of the then remaining principal, unpaid accrued interest and other charges due under this Note. All payments will be applied first to any late charges then due, then to any costs and expenses incurred hereunder, then to interest then due and then to principal. No unpaid interest or charges will be added to principal. I think this will be a surprise to borrowers... |
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Xenon481
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« Reply #2 on: June 16, 2009, 01:36:02 PM » |
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Wow. Even something as simple as that. Unfortunately, I haven't had any go to 36 months yet so I can't corroborate.
ETA: Nominating to The Lobby.
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cubbiesnextyr
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« Reply #3 on: June 16, 2009, 01:37:08 PM » |
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Wow. Even something as simple as that. Unfortunately, I haven't had any go to 36 months yet so I can't corroborate.
ETA: Nominating to The Lobby.
Fine with me. |
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cubbiesnextyr
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« Reply #5 on: June 16, 2009, 01:59:04 PM » |
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Wow. I'd be pissed if I was the borrower... |
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ira01
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« Reply #6 on: June 16, 2009, 02:26:00 PM » |
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Wow. I'd be pissed if I was the borrower... Me too. We all knew (although most borrowers probably didn't) that the last payment would often be larger than usual due to any late payments along the way, but for Prosper to screw up the amortization is really beyond belief even for Prosper. That is the meat and potatoes of their whole operation -- how hard is it to get that right? |
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DCS
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« Reply #7 on: June 16, 2009, 02:35:12 PM » |
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I have my first loan that has gone late because of the larger payment at the end. http://www.prosper.com/invest/listing.aspx?listingID=16145This one had gone 4+ months late at one point, so the amount over the usual payment is larger than it would have been had there been 35 previous on-time payments. However, the borrower has made a manual payment of her usual amount ($1.65 for my part). As the borrower has come this far and been on-time for the last year and a half, I can only guess that the remaining balance ($0.56 for my part) will be paid next month. |
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yankeefan
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« Reply #8 on: June 16, 2009, 02:57:30 PM » |
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Something seems screwy here. I think their math was wrong in there somewhere. The cumulative effect of having a different number of days between payments perhaps? 30 vs 31 vs 28?
Prosper calculates interest on a daily basis (rate/365, I think). The payment schedule is monthly. Getting the loan in June, the borrower is paying 31 days interest instead of 30 and 5/12 days (365/12), so he's not paying down as much principal as the payment calc expects. Plus, there is a Leap year to put in another day of interest. The math works, but the payment and the payoff calcs are different, as you suspect. |
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 XIRR results= (6.90%) |
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Urbi_et_Orbi
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« Reply #9 on: June 16, 2009, 02:58:15 PM » |
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Not top hijack, but based on the comments above, I was looking at the payment tables for one of my loans with pay-off in proress.. http://www.prosper.com/invest/listing.aspx?listingID=10540Payment
number Post date DPD Type Status Totalpaid Prosperfees Late fees Interest Principal Principalbalance
OP4908175 Jun-15-2009 35 Manual Processing $0.00 - - - - -
OP4893971 Jun-09-2009 0 Manual Paid $0.05 - $0.00 $0.00 $0.04 $0.00
OP4821276 May-12-2009 0 Manual Paid $1.66 - - $0.02 $1.64 $0.04
How is it possible to be current on May 12 and on June 9 - and then be 35 DPD on June 15? |
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brianguy
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« Reply #10 on: July 13, 2009, 12:18:47 PM » |
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I knew something was wrong with OP. it really is principal, even though this has nothing to do with Prosper being our pal.
unlike in school (younger grades), when they like to tell kids how to spell principal because the person in charge is their pal.
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brianguy
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« Reply #11 on: July 13, 2009, 12:20:06 PM » |
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Something seems screwy here. I think their math was wrong in there somewhere. The cumulative effect of having a different number of days between payments perhaps? 30 vs 31 vs 28?
Prosper calculates interest on a daily basis (rate/365, I think). The payment schedule is monthly. Getting the loan in June, the borrower is paying 31 days interest instead of 30 and 5/12 days (365/12), so he's not paying down as much principal as the payment calc expects. Plus, there is a Leap year to put in another day of interest. The math works, but the payment and the payoff calcs are different, as you suspect. that makes good sense... |
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cubbiesnextyr
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« Reply #12 on: July 23, 2009, 02:15:52 PM » |
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To close the loop on this:
The borrower PIF and even was able to cover the larger final payment. The borrower had 36 automatic payments made, exactly on the due date. At 28.75% rate to boot!
I netted $74.85 on my $50 loan, a $24.85 profit, which covers about half of one of my "make 2 payments and stop" loans.
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