iLOANcalc app for iPhone and iPad

iLOANcalc

The Loan Repayments Calculator is intended to provide a general overview of what your monthly repayments may be depending on the repayment frequency requested, which is dependent on the term and interest rate.

Calculator Assumptions

Length of Month – Months are of equal length. However given some months are longer than others interest charged will vary depending upon the month.

Number of Weeks in a Year – One year is assumed to contain exactly 52 weeks. Thus each year has 364 days.

Rounding of Repayment Amounts – The calculator uses the unrounded repayment to derive the amount of interest payable over the full term of the loan, however, institutions round repayments to the nearest pence.

Interest Rate – The interest rate input in the loan section of the calculator is a nominal interest rate per annum.

Timing of Interest Conversion – The calculator assumes that interest is charged to the loan account at the same frequency as the repayments are made. In practice, there may be differences between the timing of the loan repayments and the timing of the interest charges being added to the loan balance.

Interest Rates – The calculator assumes that interest rates will remain the same.


Disclaimer:

This calculator is for informational use only and does not constitute tax or financial advice. Please consult a professional advisor for your unique situation.