Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Money, any of their related body corporates or any other person. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. ![]() ![]() The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. The material is for general information only and is not an offer for the purchase or sale of any financial product or service. Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C). This material has been prepared by Money Pty Limited (ABN 40 664 954 536) (Money, ‘us’ or ‘we’). We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. Money does not compare every Lender all products or issuers available in Australia. Money Pty Ltd (trading as Money) Australian Credit Licence 528698 provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Your monthly repayments on this loan would be $1,112.22. Get your estimated repayment amount: Round this figure to a double-digit decimal amount. Then, convert it into a decimal representation = 0.01.Ĭalculate the discount factor: Use the decimal figure above to calculate the discount factor: ((((1+0.01)^60) - 1) / (0.01(1+0.01)^60) = 44.9551.Ĭalculate your monthly repayment amount: Divide the loan amount ($50,000) by the discount factor to find the monthly repayment amount: 50,000 / 44.9551= $1112.2208. In this case, 12 repayments over five years = 60 repayments over the loan term.Ĭalculate the interest rate for the period: Divide the annual interest rate (12%) by the number of annual payments (12) = 1%. In the example below, we’ll use a $50,000 loan at a 12% interest rate, repaid monthly over five years without a balloon payment attached to the loan:Ĭalculate the number of repayments for the loan period: Divide the annual interest rate (12%) by the number of repayment periods per year (12). You can then select monthly, fortnightly, or weekly repayments to see what your repayment amount would be at various frequencies. Once you have filled in your chattel mortgage loan details, click ‘See My Repayments’ for your estimated repayment amount. monthly account keeping fees).īalloon payment: Chattel mortgage agreements often come with a balloon payment option - usually calculated as a percentage of the total loan amount. Keep in mind that lenders may also charge ongoing fees (e.g. how long it will take to repay the loan).Įstablishment fees: Any upfront fees charged by the lender when establishing your finance agreement. Loan term: This is the length of your chattel mortgage (i.e. Your chattel mortgage rate will depend on your business risk profile. Interest rate: This is the fixed interest rate the lender will apply to your chattel mortgage. This is usually the same as the value of the vehicle or asset you’re buying, unless you’re contributing a deposit or borrowing additional funds to cover other costs. Loan amount: The amount of money you’re borrowing under the chattel mortgage agreement. To use our chattel mortgage calculator, you’ll need to enter some details about your loan, including: ![]() ![]() Additionally, you’ll see a breakdown of interest payable over the loan term. You can also factor in establishment fees and an optional balloon payment to accurately estimate your total finance costs. Our chattel mortgage repayment calculator lets you view your weekly, fortnightly, or monthly repayments based on your loan amount, interest rate, and loan term.
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