Loan Calculation and Amortization
Change the payment amount
Current selection
| Demonstration - Fixed rate | |||||||||||||||
| Borrowed amount : | $100,000.00 | First payment : | 01/01/2008 | ||||||||||||
| Initial duration : | 20 years | Last payment : | 12/01/2027 | ||||||||||||
| 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 | ||||||||||||
|
|||||||||||||||
| 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
First select the payment date from which the change should be applied. Then you will be able to enter the new payment amount.
This type of operation is most frequently used for adjustable-payment loans that allow for regular changes to the payment amount.
Guide to the information required
• 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 “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, a minimum value is imposed. This minimum corresponds to a constant payment, starting on the selected date, that would repay the loan over a period equal to twice its initial duration. There is no maximum (other than the data entry limits of the form).
• This change to the payment amount will replace any future changes that would otherwise have occurred (i.e., for graduated payment loans, adjustable-rate loans, etc.).
• The “Fee amount” field must be completed, but can be left at zero.
• In the payment schedule, this operation will be marked with an * (asterisk) after the payment number.