Calculator Information

The Ezraloans Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan products.The Ezraloans Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on additional input from the customer. This is if the entered amount of extra contribution per repayment period increases repayments. This feature is only enabled for the products that support an additional repayment.The calculations are done at the repayment frequency entered, in respect of the original loan parameters, namely amount, annual interest rate and term in years.

Calculator Assumptions

Length of Month

All months are assumed to be of equal length. In reality, many loans accrue on a daily basis, leading to a varying number of days of interest dependent on the number of days in the particular month.

Number of Weeks or Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than 365 or 366.

Rounding of Amount of Each Repayment

In practice, repayments are rounded to at least the nearer cent. However, the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment is after the increase in repayment amount.

Rounding of Time Saved

The time saved is presented as several years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.

Amount of Interest Saved

This amount can only be approximated from the amount of time saved and based on the original loan details.

Calculator Disclaimer

The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.