This calculator helps you work out what your regular payments will be based on your finance amount. The payment frequency can be changed to monthly, fortnightly or weekly. Calculates both Principal and Finance payments for a lease term.
- It does not take into account any possible up-front fees. Only Ongoing fees are used not Upfront or End of finance fees (i.e. discharge costs).
- Finance rate does not change over the finance term.
- Finance is calculated by compounding on the same payment frequency selected, i.e. weekly, fortnightly, monthly. In practice, the rental compounding frequency may not be the same as payment frequency.
- It is assumed that a year consists of 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout the calculation whereas repayments are rounded to at least the nearest cent in practice.