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Enter a refinanced loan

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 :  
 
 
  Cancel  
       

The loan refinancing operation allows you to enter new payment terms for your loan: a new interest rate and number of payments remaining. These new terms will replace those entered initially. For an adjustable-rate loan, this will convert it into a fixed-rate loan.

First select the payment date from which the new terms should be applied. Then you will be able to enter the new annual interest rate, the new number of payments remaining, and, if applicable, any associated fees.

Note that if you would like to change the interest rate and specify a new payment amount, you should perform an interest rate change operation instead.

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 loan terms will be applied starting from the date you select.

• The “New interest rate” and “Number of payments remaining” fields are initially filled in with their values at that payment date.

• The number of payments remaining must be between one and the total number of payments established at the start of the loan.

• 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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