![]() ![]() Your lender may offer only a partial offset. Offset accountsġ00% of the offset account balance is offset against the loan balance when calculating interest. The higher the interest rate, the more these small inaccuracies are amplified. Every leap year it charges an additional day of interest. For example, you may be able to recreate this scenario by using an extremely high interest rate with the “Actual/365” interest calculation method. This can happen because repayment calculations do not factor in all aspects of a loan's schedule. If for whatever reason the loan will not be repaid within the specified loan term, the final repayment will include the outstanding balance of the loan. You can add them under “Extra transactions”. Your loan may include fees which are not included in these calculations. ![]() Check with your lender to see what applies to you. The default interest calculation method is “Actual/365” but it can be modified. In reality, a variable interest rate can fluctuate and affect repayments and interest (I’m working on an interest rate fluctuation feature). The calculator assumes the interest rate will remain the same throughout the entire loan. Following months with less days will instead charge interest on the last day of the month (this behaviour also applies to monthly repayments). The calculator always charges interest monthly on the same day each month, except when the first interest charge falls on the 29th, 30th, or 31st. At the end of the monthly period the total is then rounded to 2 decimal places before being charged. Interest is calculated daily on the current loan balance to 5 decimal places. You can modify the method used in the calculations using the repayment “Calculation method” field. Australian lenders use various methods for calculating weekly or fortnightly repayments because they're converted from a monthly figure. For existing loans, enter your repayment amount manually as the calculator is unable to figure this out (repayments are based on your initial loan amount). You can override the repayment amount using the “Amount” field. For example, your lender may round up to the nearest dollar. The repayment calculation may differ from your actual repayments depending on your lender’s policy. The amount of external dependencies used is minimal.
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