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Simulate a graduated payment loan

This page allows you to enter data for a loan with several different payment increments, each with a different payment amount. The first increment can be set as a deferred payment period. The payment for the last increment is automatically calculated to cover the overall loan balance.

First set the number of increments, then you will be able to enter the general terms of the loan.


  Enter the terms of your loan  
  Type of loan : Fixed with increments  
  Number of increments  
  First increment is a deferral

Guide to the information specific to this form

First increment is a deferral – If you select “Yes”, on the next screen you will be able to specify whether the first increment is a partial deferral (only the interest is paid) or a full deferral (interest is not paid and adds to the capital outstanding). If you select “No”, you will be asked to enter an amount for the first payment.

Number of payments in each increment – The last increment is calculated automatically, so the sum of the number of payments in each increment must be less than the total number of payments for the loan.

Payment amount for each increment – Note that there is no check on the value entered in this field (other than the data entry limits of the form). If the amount you enter is too high, the loan repayment period will be cut short and the subsequent increments will not be used. If the amount is too low, it could result in a situation where the payments are not enough to cover the interest.

Guide to the general information

Payment frequency – For annual, semi-annual (half-year), quarterly, monthly, and semi-monthly (twice-monthly) payments, the loan calculation is performed per 12, 6, 3, 1, or ½ month period, respectively, and the loan duration should be a whole multiple of its corresponding period (for example, for quarterly payments, the loan duration may be 3 months or 6 months, but not 5 months).

Payment frequency – For weekly or bi-weekly (15-day) payments, the loan calculation is performed assuming that 1 year consists of 52 weeks with 7 days each, or of 26 periods with 14 days each. The actual payment period will be shorter than the one entered. The loan duration should be a 3-month multiple.

Compound interest rate / simple interest rate – For most cases, the simple interest rate should be used. Interest rate types and calculation methods vary according to country and use, and occasionally according to the purposes of the loan (e.g., property vs. personal). If the simulation results do not match the payment schedule provided by your bank, then it may be necessary to use the other type of interest rate. For a detailed discussion of the various interest rates, see Wikipedia Interest.

First payment due date – Dates entered are truncated to the last day of the month, but the date as entered will be used for subsequent months. For payment periods consisting of multiple months, the first payment due date will be used for the other due dates. For example, a first payment set at 2-30 will lead to due dates on 2-28, 3-30, 4-30, etc.

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