Planned

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Variable rate loans

It would be nice if I could define a loan based on a variable interest rate, and then have the simulation take that into account.

Bonus points if if I can define some threshold where it would make more sense to pay off principal than pay some high interest rate.

10 votes

Tagged as Suggestion

Suggested 22 August 2022 by user Steven

Moved into Planned 25 October 2023

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  • 22 August 2022 Steven suggested this task

  • 22 August 2022 Kyle Nolan approved this task

  • avatar
    Cole Gleason

    I have an ARM loan on my house and would love to be able to set it up as fixed rate for X years and then variable rate (SOFR + Y%) for the remaining 30-X years.

    06 July 2023
  • avatar
    Noel Bourke

    Irish Tracker Mortgages would benefit from implementing a central bank/SOFR rate as well as they are a fixed % above ECB refinancing or marginal lending rates (depending on contract terms).

    17 August 2023
  • avatar
    Alec

    I have a specific scenario involving variable interest loans I’d like to model. My specific scenario is my home loan is split into 3 smaller loans. 1 with a variable interest rate that I’m able to offset, and 2 other loans with fixed interest rates, each with different time ranges where they convert to variable interest loans.

    26 September 2023

  • 25 October 2023 Kyle Nolan moved this task into Planned

  • avatar
    Jeff

    Hooray, it’s planned now! Since interest rates have changed a lot recently, variable-rate loans have more of an impact on projections, so this feature has become more important.

    25 October 2023