The numbers are yours. The working stays visible.

Whole cents, explicit interest assumptions

Dollar inputs allow up to two decimal places; money is kept as integer cents. Monthly interest is rounded half up. Amortizing loans offer nominal monthly compounding (annual rate ÷12) or nominal semi-annual compounding converted to a monthly rate: (1 + annual rate ÷2)^(1/6) −1. The converted rate is quantized to fifteen decimal places before cent-ledger accrual.

The scheduled payment is the smallest whole-cent amount that clears the chosen amortization using that rounded ledger. A binary search tests the full repayment period. This may differ by a cent from a lender’s nearest-cent annuity quote. Final payments cannot exceed the remaining principal and that period’s interest.

Term, amortization and the balloon

Amortization sizes the payment. Term sets the illustrated maturity date. The model assumes month-end payments, fixed rates and no renewal. At the term-end, any principal still owing is shown separately as a balloon. Final-month cash includes the final scheduled payment, remaining principal and entered exit fees.

Terms are whole months from 1 to 360, amortizations from 1 to 480, and term cannot exceed amortization. Inputs outside the supported range are rejected rather than silently converted.

Where the fees go

Cash received = gross advance − deducted fees. Principal = gross advance + financed fees. Term financing cost = scheduled payments + remaining principal + separately paid fees + exit fees − cash received. The balloon is not counted twice.

Renovation funding

Project estimate plus rounded contingency minus own cash gives the funding gap. Deducted fees are added to the gross advance needed to deliver that gap. Financed fees increase principal; upfront fees remain separate cash required. A chosen LTV ceiling creates hypothetical headroom after existing secured debt and fee placement, not an approved limit.

If own cash covers the project, the tool reports no loan needed and does not assume financing charges. No grant, resale uplift or tax deduction is included.

Same-horizon debt consolidation

Two current debts use nominal monthly compounding and a chosen fixed-payment payoff plan. This is not a forecast of card minimum payments. At the new loan’s term-end, current payments plus current remaining balances are compared with new payments plus the new balance and separately paid/exit fees.

Both sides use the same elapsed months. A lower payment is not automatically lower cost. The replacement borrowing is home-secured in this scenario, and no later refinance is assumed.

Interest-only periods

Simple annual interest ÷12 accrues monthly on unchanged principal, rounded to cents. Interest is paid every1,3,6 or 12 months and at term-end. A partial final interval includes only the months actually accrued. Deferred interest does not itself bear interest in this model. Principal remains due in full at maturity.

A contract using daily accrual, compounding of unpaid interest or different payment dates will differ. Check the actual terms.

What the illustration leaves out

Changing rates, actual dates, daily accrual, missed payments, first-mortgage amortization, sale costs, household bills, taxes, insurance, lender approval and legal/tax outcomes are outside these models. Existing secured balances are held fixed in the CLTV and equity illustration. CLTV is a ratio, not a risk score.

Model rates and fees are user assumptions. Results are not statutory APR, a quote, a closing statement or advice tailored to a particular transaction. Verify with an appropriate independent professional.