Making Your Loan Payment

When making a non-real estate consumer loan payment, fees and interest are applied first, and the remaining portion of your payment is applied to the principal balance. Your due date may not be more than three (3) months ahead when making payments. Interest accrues daily on the principal balance. When you make your payment, the portion applied to interest, principal, and any applicable fees may differ. To calculate the interest due when you make your payment, follow these steps.

1. Start with the current principal balance of your loan. You can obtain this information in Digital Banking or with Teller24. 
2. Multiply your principal balance by your interest rate. Divide your answer by 365 days to find your daily interest accrual or the “daily per diem.”
3. Multiply this amount by the number of calendar days that have elapsed since the date of your last payment. This will be your interest due.

Example

Here is an example of how the number of calendar days between payments can affect the portion of your regular payment applied to principal. Remember, rounding can affect the amount of interest due. 

1. 3.99% interest rate with a 36-month term is an estimated payment of 295.20 per $10,000
2. $10,000 principal balance multiplied by 3.99% interest rate, divided by 365 days in the year, would equal a 1.093 per diem or daily interest.
3. If the date of your last payment was 35 days ago, multiply your per diem by the number of days. $1.093 times 35, therefore $38.26 of interest will be due.
4. If you make a regular payment of $295.20, $38.26 will be applied to interest, and $256.94 will be applied to the principal balance, making your new principal balance $9,743.06

 OR

1. 3.99% interest rate with a 36-month term is an estimated payment of 295.20 per $10,000
2. $10,000 principal balance multiplied by 3.99% interest rate, divided by 365 days in the year, would equal a 1.093 per diem or daily interest.
3. If the date of your last payment was 25 days ago, multiply your per diem by the number of days. $1.093 times 25, therefore $27.33 of interest will be due.
4. If you make a regular payment of $295.20, $27.33 will be applied to interest, and $267.87 will be applied to the principal balance, making your new principal balance $9,732.13.

Waiting 10 additional days to make your payment results in a $10.93 difference in the remaining principal balance.

Making Your HELOC Loan Payment

When making a HELOC loan payment, interest is applied first, then principal, and if the amount you pay exceeds the payment due, any outstanding fees are paid. Once all fees are paid, any extra is applied to the principal. Unpaid fees will accumulate over time and must be paid before the loan can be paid off. Your due date may not be more than one (1) month ahead when making payments. Interest accrues daily on the principal balance. When you make your payment, the portion applied to interest, principal, and any applicable fees may differ. To calculate the interest due when you make your payment, follow these steps.

1. Start with the current principal balance** of your loan. You can obtain this information from Digital Banking or Teller24.
2. Multiply your principal balance by your interest rate. Divide your answer by 365 days to find your daily interest accrual or the “daily per diem.”
3. Multiply this amount by the number of calendar days that have elapsed since the date of your last payment. This will be your interest due.

Example

This is an example of how the number of calendar days between payments can affect the portion of your regular payment applied to principal. Remember, rounding can affect the amount of interest due.

1. 7% interest rate with a principal balance of $10,000 and an estimated payment of $100.00
2. $10,000 principal balance multiplied by 7% interest rate, divided by 365 days in the year, equals $1.918 per diem or daily interest.
3. If the date of your last payment was 35 days ago, multiply your per diem by the number of days. $1.918 times 35, therefore $67.13 of interest will be due.
4. If you make a regular payment of $100.00, $67.13 will be applied to interest, and $32.87 will be applied to the principal balance, making your new principal balance $9,967.13

OR

1. 7% interest rate with a principal balance of $10,000 and an estimated payment of $100.00.
2. $10,000 principal balance multiplied by 7% interest rate, divided by 365 days in the year, equals $1.918 per diem or daily interest.
3. If the date of your last payment was 25 days ago, multiply your per diem by the number of days. $1.918 times 25, therefore $47.95 of interest will be due.
4. If you make a regular payment of $100.00, $47.95 will be applied to interest, and $52.05 will be applied to the principal balance, making your new principal balance $9,947.95.

Waiting 10 additional days to make your payment results in a $19.18 difference in the remaining principal balance.

How the HELOC Loan Payment Amount Due is Calculated

When you make an advance or the interest rate on your HELOC changes, we calculate your payment due using the final maturity date of your loan and principal balance due. The minimum payment for all HELOCs is $100.00. This new payment will be reflected on the statement showing the change and will be effective on the first of next month. If your statement has already been created for that month, the new payment will be effective on the first day of the following month. For instance, you make an advance on February 4, 2026. Statements for February have not been created, so your new payment is set for March 1, 2026. However, if the advance was done on February 20, 2026, since statements for February are created mid-month, your new payment will be effective April 1, 2026. 

When making a payment on your loan, the actual interest you will pay is based on the number of days since your last payment and includes the number of actual days between payments. Since this will vary month to month, your payment may not always cover the entire interest due, and nothing from this payment will be applied to principal. Rest assured that these payment calculations will result in your loan being paid down over time.

Here is an example of how this might work.

• Your rate is 7.75%
• Your maturity date is 9/1/2040
• First advance $12000 on 2/1/2026

When your payment is calculated on 2/1/2026, the amount needed to pay off the loan by the maturity date of 9/1/2040 is $113.68. Since the statement for February has not been created, the payment due date is set to 3/1/26, and the amount is $113.68.

You make an advance of $38,000 on 2/17/2026, bringing your balance to $50,000. At that time, a new payment is calculated and set to begin on April 1, 2026, since the February statement was created on the 10th. When making your payment for 3/1/26 on 2/28/26, the interest due is calculated as follows:

• $12,000 times 7.75% divided by 365 is $2.547 per diem interest
  • 16 days @ $2.547 is $40.75
• $50,000 times 7.75% divided by 365 is $10.616 per diem interest
  • 11 days @$10.62 is $116.82
• Total interest due on 2/28/26 is $157.57

Thus, if you make only the calculated payment due of $113.68, all will go to interest and none to principal. The $43.89 will be recorded as unpaid interest and must be paid before any other accrued interest between payments is paid.

If there are no advances or rate changes, you will not see a payment change, as the amount needed to pay off the loan by the maturity date has not changed.

** If there were advances or a rate change made between payments, you must calculate the interest for each balance/rate change and # of days separately and combine them for a total interest due amount.