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Interest rate change

Current selection

 Demonstration - Fixed rate 
 Borrowed amount : $100,000.00 First payment : 01/01/2018  
 Initial duration : 20 years Last payment : 12/01/2037  
 Effective duration : 20 years Number of payments : 240  
 Frequency : Monthly Total interest : $58,388.59  
 Type of interest rate : Simple interest Total fees : $0.00  
Date Number of payments Payment amount Annual interest rate  
01/01/2018 240 $659.96 5.00 %  
 Note: You are currently in demo mode. To use this feature with your own data, please create a new loan and then return to this page.   Enter a new loan  

Enter data for this operation

  Data entry form  
  From the payment on :  

In principle, interest rate changes in adjustable-rate loans take place automatically. This operation allows you to change a loan’s annual interest rate and, if you wish, the payment amount. It can be performed on any loan featured on the website, and will replace any future payment amounts that may have already been specified.

If this operation is performed on an adjustable-rate loan, it will replace the interest rate adjustments that would otherwise have been automatically implemented through the rate adjustment function. The specific terms of the adjustable-rate loan, such as a capped rate or the adjustment frequency, are not taken into account for this operation.

First select the payment date starting from which the changes are to be applied. Then you will be able to enter a new annual interest rate, a new payment amount, and, if applicable, any associated fees.

Note that if you would like to change the interest rate and recalculate the payment amount based on a change in the loan duration (i.e., a change in the number of payments remaining), you should perform a refinancing operation instead.

Guide to using this form

• The drop-down list of proposed payment dates runs from the first payment date (or the first payment after the last operation performed on the loan) to the penultimate payment. The interest rate change will be applied starting from the date you select.

• The “New interest rate” field is initially filled in with its current value.

• The “New payment amount” field is initially filled in with the current amount. To avoid creating a situation where the payments are not enough to cover the interest, or an unreasonably long loan extension, a minimum value is imposed. This minimum corresponds to the constant payment that would repay the loan over a period equal to twice its initial duration.

• The “Fee amount” field can be left at zero.

• In the payment schedule, the payment changed by this operation will be marked with an * (asterisk) after its number, to indicate that an operation was performed on that date.

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