The estimates generated with this calculator are solely for information purposes and are not be considered quotes or confirmations of official terms. Please contact us directly for written and detailed quote. The information that is presented by the calculator is based upon certain assumptions made as of the time of the calculation. These assumptions, the estimates of the third party costs and the prices of the securities are subject to change at any time and without notice

**Guide to Using the Calculator**
Several pieces of information are used by the defeasance calculator to estimate the cost to defease your loan. It is helpful to have the following documents available:

- A loan statement, servicer's payment coupon or monthly payment statement
- A copy of your promissory note
- Any related documents that describe the terms of your loan

**Original Loan Balance** - This is the original amount of your loan as set forth in the promissory note or if the amended amount of the loan if there was any modification to your note.

**Interest Rate** - The interest rate as set forth in the loan agreement or note.

**Interest Accrual Type** - This information is also set forth in the note or loan agreement which is used to calculate the interest that has accrued each month. There are several different types of day-count conventions but there are two prevalent methods for calculating accrued interest:

1. 30/360 day-count convention assumes there are 30 days in a month and 360 days in a year.

2. An actual/360 day-count convention uses the actual number of days in the month and 360 in a year. Thus each month is treated normally and the year is assumed to be 360 days

The interest accrual method can make a substantial difference in the calculations as the Actual/360 results in slower paying down of the principal thus a larger balloon payment at the end of the loan term.

**Amortization Term** - This information is also set forth in the loan or note document. Most conduit or CMBS loans are amortized over either 25 years (300 months) or 30 years (360 months)

**First Payment Date** - This information found in the note provides the important information of when the loan began and what day of the month the subsequent payments are made.

**Maturity Date **- This is not the last payment date but rather the date the balloon amount is due.

**Defeasance Date** - The date is the your intended date of closing on either the sale or refinance of your property.