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Same Rate
Same Rate
New Rate
Your Rate
Years left
Loan
New rate
New term
SCENARIO 1
SCENARIO 2
Payments drop/wk:
Interest
DECREASES
:
SCENARIO 3
OR continue current repayments
Payments change/wk:
Interest
DECREASES
:
New rate:
((pmt - ir*Loan)*(ir + 1)^start +
((ir*Loan - pmt)*(ir + 1)^end +
ir*pmt*(end - start + 1))*(ir + 1))/
(ir*(ir + 1))
Weekly equivalent of current rate
Weekly equivalent of new rate
Term
Old Weekly Payment
New Weekly Payment
Old Total Interest Paid
New Total Interest Paid
Term
New Weekly Payment
Term
Alternative PMT Calcs
Scenario 1
current repay at
years
new repay
at
years
Savings per week by refinancing to a lower rate
current total interest
new total interest
Scenario 2
max term AND still save interest
Max Term total int
years
Max Term Repayts
years
Scenario 3
Term at new rate that equates to current repayments
<--New weekly repayment table
interest saved at same repayents and lower rate
Target the current repayment
Term
Weekly Payment
Saving/wk with longer term
Total Interest Paid
Extra Interest Paid
Term
15
20
25
30