Chattel Mortgage Calculator

Chattel mortgage (CM) is known as the type of loan which is guaranteed on movable objects like cars, motor bikes. Chattel name comes from the movable or immovable property like two wheelers and electronic objects and the loan which is secured using this is called as chattel mortgage. This online calculator is used to calculate the repayments for your loan by entering the vehicle purchase rate, loan term, Interest Rate and down payment.

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Chattel mortgage (CM) is known as the type of loan which is guaranteed on movable objects like cars, motor bikes. Chattel name comes from the movable or immovable property like two wheelers and electronic objects and the loan which is secured using this is called as chattel mortgage. This online calculator is used to calculate the repayments for your loan by entering the vehicle purchase rate, loan term, Interest Rate and down payment.

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Formula:

Repayment = (b - d) * ((i * ((1 + ((i / 100) / p))(l * p))) / (((1 + ((i / 100) / p))(l * p)) - 1)) Note : Period (Weekly) = 52 Period (Fortnightly) = 26 Period (Monthly) = 12 Where, b = Balance d = Down Payment r = Rate p = Period t = Term

Example

What is the replace amount when get a loan of 40000 $, interest rate 9% and down payment 10000 $ for 1 year.
Repayment = (b - d) * ((((i / 100) / p) * ((1 + ((i / 100) / p))(l * p))) / (((1 + ((i / 100) / p))(l * p)) - 1))
Repayment = (40000 - 10000) * ((((9 /100) / 52) * ((1 + ((9 / 100) / 52)) (1 * 52))) / (((1 + ((9 / 100) / 52)) (1 * 52)) - 1))
Repayment = 603.7728 $ / Weekly

On Fortnightly basis, you need to pay
Repayment = (40000 - 10000) * ((((9 /100) / 26) * ((1 + ((9 / 100) / 26)) (1 * 26))) / (((1 + ((9 / 100) / 26)) (1 * 26)) - 1))
Repayment = 1208.5425 $.

On Monthly basis, you need to pay Repayment = (40000 - 10000) * ((((9 /100) / 12) * ((1 + ((9 / 100) / 12)) (1 * 12))) / (((1 + ((9 / 100) / 12)) (1 * 12)) - 1))
Repayment = 2623.5443 $.


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