Overview
The purpose of this tool is to demonstrate the impact of making extra loan repayments, including the associated time and interest saved over the life of the loan.
New User Interface
Jump to applicable section:
Variables & input fields
| Variable Name | Description | |
|---|---|---|
|
1
|
Start Date | Defines the start date of the loan. |
|
2
|
Loan Amount | This represents the total amount financed. |
|
3
|
Loan Term | This is the current loan term (in years). |
|
4
|
Interest Rate (%) | This represents the interest rate on the loan. |
|
5
|
Payment Frequency | This sets the parameters for how often repayments are made. |
|
6
|
Extra Contribution | This represents the extra contribution to be made (above the current loan repayment amount) |
|
7
|
Start Extra After | This determines when the extra contributions will start being made. |
|
8
|
Graph | Demonstrates the results of the tool via a graph. |
|
9
|
Time Saved | This represents how much time will be saved factoring in the extra loan repayments. |
|
10
|
Interest Saved | This shows how much interest you'll save by making extra loan repayments. |
|
11
|
Updated Loan Term | This shows the new loan term (ie. how long it'll take for the loan to be paid out with extra repayments). |
|
12
|
Payments Before & After | This demonstrates the original repayment amount and how much the repayment will increase to when the extra repayments start. |
How do I use it?
The idea is that you sit with your client and take them through the variables asking them to participate whilst explaining the concept to them.
Once completed, our Extra Loan Repayment Calculator will demonstrate the impact that making additional loan repayments has on the overall life of the loan as shown in "Your Results."
|
i
|
We use this in conjunction with our Loan Calculator. Use the loan calculator first to work out how much your client can borrow, and use our Extra Loan Repayment Calculator to demonstrate how much time and interest they can save! Note that variables such as interest rate and original loan amount don't have to be exact, but exact rates and loan amounts will show a more precise result. |
Legacy User Interface
Jump straight to the applicable section:
Variables & input fields
| Variable Name | Description | |
|---|---|---|
|
1
|
Start Date | Defines the start date of the loan. |
|
2
|
Loan Amount | This represents the total amount financed. |
|
3
|
Loan Term | This is the current loan term (in years). |
|
4
|
Interest Rate (%) | This represents the interest rate on the loan. |
|
5
|
Payment Frequency | This sets the parameters for how often repayments are made. |
|
6
|
Extra Contribution | This represents the extra contribution to be made (above the current loan repayment amount) |
|
7
|
Start Extra After | This determines when the extra contributions will start being made. |
|
8
|
Graph | Demonstrates the results of the tool via a graph. |
|
9
|
Time Saved | This represents how much time will be saved factoring in the extra loan repayments. |
|
10
|
Interest Saved | This shows how much interest you'll save by making extra loan repayments. |
|
11
|
Updated Loan Term | This shows the new loan term (ie. how long it'll take for the loan to be paid out with extra repayments). |
|
12
|
Payments Before & After | This demonstrates the original repayment amount and how much the repayment will increase to when the extra repayments start. |
How do I use it?
The idea is that you sit with your client and take them through the variables asking them to participate whilst explaining the concept to them.
Once completed, our Extra Loan Repayment Calculator will demonstrate the impact that making additional loan repayments has on the overall life of the loan as shown in "Your Results."
|
i
|
We use this in conjunction with our Loan Calculator. Use the loan calculator first to work out how much your client can borrow, and use our Extra Loan Repayment Calculator to demonstrate how much time and interest they can save! Note that variables such as interest rate and original loan amount don't have to be exact, but exact rates and loan amounts will show a more precise result. |
Related Links
| Shared Elements (Eg. Action Menu) | Check out this link for various elements shared throughout the various toolsets. |
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