Calculator Information

This BCF Loan Calculator estimates loan repayment amounts based on the repayment terms and other loan parameters entered, namely amount and interest rate. The estimated payment calculations are made based on the repayment frequency entered, and other original loan parameters entered, namely amount, annual interest rate and term.

Calculator Assumptions

Length of Month

All months are assumed to be of equal length. In reality however, many loans accrue on a daily basis leading to a varying number of days. Interest is dependent on the number of days in each particular month.

Number of Weeks in a Year

One year is assumed to contain exactly 52 weeks. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of Amount of Each Repayment

In practice, repayments are rounded to at least the nearest 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 may be higher than the identified repayment amount.

Rounding of Time Saved

The time saved is presented as a number of years, months, or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.

Amount of Interest Saved

This amount can only be approximated from the amount of time saved and is based on the original loan details.

Calculator Disclaimer

The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for any loan products. Information such as interest rates quoted and default figures used in the assumptions are subjective and not legally binding.