Round up to a chosen amount (the manual billed payment)

Round Up always lands on the next whole dollar. When the parties collect a rounder number than that, use Round up to a chosen amount instead: the amortization computes $1,797.72 and you bill $1,800.00 even. The extra $2.28 is preset to roll to the principal of the loan every period, paying the loan down a little early, exactly like Round Up's few cents.

Turn it on

1. Start a loan from Loans → New.
2. In the wizard's Advanced section, directly under the Round Up box, tick Round up to a chosen amount and enter the total to bill each period.
3. Finish the wizard and create the loan. For a note already in NoteHarbor, set it under Edit loan; saving rebuilds the remaining schedule.

How it works

• The amount you enter is the full billed total, including escrow. With $150.00 of monthly escrow, billing $1,950.00 puts $1,800.00 toward principal and interest, and the extra above the computed payment rolls to principal.
• It must be more than the computed total payment (principal and interest plus escrow). An amount at or below the computed total is refused, and an amount wildly above it is refused as a probable typo.
• The loan's required principal and interest stays the true amortizing amount. The manual amount only changes what is billed each period; the difference is a standing per period principal curtailment, so the loan pays off early and its interest total shrinks.
• If escrow later rises far enough that the required total reaches or passes your chosen amount, the loan reverts to billing the full required amount (it never under-bills), nothing extra rolls to principal, and the loan page shows a visible note that the manual amount is currently inactive. Your chosen amount is kept, so it re-engages on its own if escrow comes back down, or you can raise it under Edit loan.

Which of the three options do I want?

• The promissory note itself states the payment amount: use Honor signed principal and interest payment. The note's amount becomes the loan's principal and interest, and on a balloon note the balloon re-derives to match.
• The note says the computed amount, but the parties collect a round number: use Round up to a chosen amount. The required payment stays the true amortizing amount and the extra rolls to principal.
• You just want each payment tidied to the next dollar: use Round up payment to the next dollar.

The three are mutually exclusive. Picking one turns the others off in the wizard and on Edit loan, and the server refuses any combination outright. A manual amount also can't be combined with scheduled rate changes (a rate rider or an ARM), which recompute the very payment it fixes.

See Creating a loan for the rest of the wizard.