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Change the payment amount

Current selection

 Demonstration - Fixed rate 
 Borrowed amount : $100,000.00 First payment : 01/01/2017  
 Initial duration : 20 years Last payment : 12/01/2036  
 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  
01/01/2017 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 :  

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.

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