uat Calculator Admin
Flex 2010
Flash 2009
Global Settings
> Lump Sum Repayment Global Settings
<calculator> <vos> <common> <!--<AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Lump Sum Calculator calculates the time saved to pay off the loan and the amount of interest saved if a single additional lump sum repayment is made, equal to the entered amount of additional lump sum repayment after the loan has been in force for the entered number of years, in addition to continuing the regular repayments. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.</p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p>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' interest dependent on the number of days in the particular month.</p><p><b>Number of Weeks & Fortnights in a Year</b></p><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><p><b>Rounding of Amount of Each Repayment</b></p><p>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, after the additional lump sum repayment amount, will be a partial repayment as required to reduce the loan balance to zero.</p><p><b>Amount of Time Saved</b></p><p>The time saved is presented as a number of years and months/fortnights/weeks, based on the frequency entered by the user.</p><p><b>Amount of Interest Saved</b></p><p>The amount of interest saved is approximated from the amount of time saved.</p>]]></AssumptionText>--> <AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Lump Sum Calculator calculates the time saved to pay off the loan and the amount of interest saved if a single additional lump sum repayment is made, equal to the entered amount of additional lump sum repayment after the loan has been in force for the entered number of years, in addition to continuing the regular repayments. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.</p><p>Calculations do not take into account any possible fees or government grants.</p><p>Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, the interest compounding frequency may not be the same as repayment frequency.</p><p>The final repayment after the lump sum payment will be a partial repayment as required to reduce the loan balance to zero without negative owing amount.</p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p>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' interest dependent on the number of days in the particular month.</p><p><b>Number of Weeks & Fortnights in a Year</b></p><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><p><b>Rounding of Amount of Each Repayment</b></p><p>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, after the additional lump sum repayment amount, will be a partial repayment as required to reduce the loan balance to zero.</p><p><b>Amount of Time Saved</b></p><p>The time saved is presented as a number of years and months/fortnights/weeks, based on the frequency entered by the user.</p><p><b>Amount of Interest Saved</b></p><p>The amount of interest saved is calculated using a projection of the payments and interest charged under the loan for the cases where the lump sum payment is made and where it is not made.</p>]]></AssumptionText> </common> <lumpSum> <LoanAmount type="num" default="300000" min="30000" max="10000000" step="1000" /> <LoanTerm type="num" default="25" min="3" max="40" /> <InterestRate type="num" default="6.25" max="20" /> <FixedPeriod type="num" default="5" max="10" /> <FixedRate type="num" default="7.5" max="20" /> <IntroPeriod type="num" default="4" max="40" /> <IntroRate type="num" default="6.75" max="20" /> <LoanType type="list">Variable,Fixed,Introductory</LoanType> <Repayments type="list">Monthly,Fortnightly,Weekly</Repayments> <RepaymentType type="list">Principal & Interest,Interest Only</RepaymentType> <LumpSumAmount type="num" default="10000" max="1000000" step="1000" /> <LumpSumPaidAfter type="num" default="3" min="1" max="30" /> <SmartPhoneFirstPageHeading label="Your Home Loan" /> </lumpSum> </vos> <components> <LumpSumRepaymentsPanel title="Lump Sum Payment" /> <TitleLabel text="Your Home Loan" /> <TitleLabelSecond label="Your Lump Sum" /> <LoanAmountForm label="Loan Amount" /> <LoanPeriodForm label="Loan Period" /> <LoanTypeForm label="Loan Type" /> <InterestRateForm label="Interest Rate" /> <OngoingRateForm label="Ongoing Rate" /> <FixedRateForm label="Fixed Rate" /> <FixedTermForm label="Fixed Term" /> <IntroRateForm label="Intro Rate" /> <IntroTermForm label="Intro Term " /> <RepaymentFrequencyForm label="Repayment Frequency" /> <LumpSumAmountForm label="Lump Sum Amount" /> <LumpSumPaidAfterForm label="Lump Sum Payment Made After" /> </components> </calculator>
