The
repayment calculator allows the user to calculate their loan repayments
then observe the effect of making additional repayments and redraws
You
do not need to enter a fixed interest rate period.
If
the loan is a variable interest rate and you only know the current
variable rate enter this in the variable interest rate field.
The
repayment calculator is based on interest being calculated and charged
monthly.
Additional
repayments, both one off and every month, are assumed to occur during
the month, hence are deducted prior to interest being calculated.
Similarly, redraws are added to the balance prior to interest being
calculated.
Entry
fees are added to the amount borrowed.
The
updated loan summary is the difference between the initial loan
details entered and all the additional repayments and redraws listed.
If
the user enters both an initial fixed interest rate and a variable
interest rate the repayments for both these periods are set prior
to any additional repayments or redraws being made. This means that
if the borrower makes additional repayments in the initial period
of the loan, they will reduce the term of the loan not the required
repayment in the second period of the loan.
The
final repayment is the repayment made in the last period of the
loan to pay out the remaining balance.
You can enter the same additional repayment or redraw in multiple
months at the same time by separating the months by a comma.
For example if you wished to make an additional repayment of
$1,000 in months 1, 13 and 25 type "1, 13, 25" in the Month
Number field and "1,000" in the Extra Repayment Amount field.
If
you have any problems with or questions about the Repayment Calculator,
email info@yourmortgage.com.au
