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Loan calculator: Spitzer or equal principal, CPI linked or not, with a schedule

The SBC loan calculator shows the monthly payment, total interest, linkage differences and total payments from the amount, term and rate you enter, with Spitzer or equal principal, CPI linked or not, and a full schedule. In reverse, it shows how much you can borrow for a monthly payment that suits you. The result is an indication only.

Last updated:

An indication only, not an offer and not a commitment. Actual terms are set by the lender, based on the full file.

What to calculate

The rate in an offer you have, or an assumption to test. Not a rate we offer.

Schedule
CPI linkage

The result

Monthly payment
₪5,800
Total interest
₪47,990
Total payments
₪347,990

Monthly payment: ₪5,800. Total interest: ₪47,990. Total payments: ₪347,990.

Over 5 years. The annual rate is divided by 12 and charged each month on the balance.

Amortization schedule
Amortization schedule
MonthPaymentPrincipalInterestBalance
1₪5,800₪4,300₪1,500₪295,700
2₪5,800₪4,321₪1,479₪291,379
3₪5,800₪4,343₪1,457₪287,036
4₪5,800₪4,365₪1,435₪282,671
5₪5,800₪4,386₪1,413₪278,285
6₪5,800₪4,408₪1,391₪273,876
7₪5,800₪4,430₪1,369₪269,446
8₪5,800₪4,453₪1,347₪264,993
9₪5,800₪4,475₪1,325₪260,518
10₪5,800₪4,497₪1,303₪256,021
11₪5,800₪4,520₪1,280₪251,501
12₪5,800₪4,542₪1,258₪246,959
13₪5,800₪4,565₪1,235₪242,394
14₪5,800₪4,588₪1,212₪237,806
15₪5,800₪4,611₪1,189₪233,195
16₪5,800₪4,634₪1,166₪228,561
17₪5,800₪4,657₪1,143₪223,904
18₪5,800₪4,680₪1,120₪219,224
19₪5,800₪4,704₪1,096₪214,520
20₪5,800₪4,727₪1,073₪209,793
21₪5,800₪4,751₪1,049₪205,042
22₪5,800₪4,775₪1,025₪200,268
23₪5,800₪4,799₪1,001₪195,469
24₪5,800₪4,822₪977₪190,647
25₪5,800₪4,847₪953₪185,800
26₪5,800₪4,871₪929₪180,929
27₪5,800₪4,895₪905₪176,034
28₪5,800₪4,920₪880₪171,114
29₪5,800₪4,944₪856₪166,170
30₪5,800₪4,969₪831₪161,201
31₪5,800₪4,994₪806₪156,207
32₪5,800₪5,019₪781₪151,188
33₪5,800₪5,044₪756₪146,145
34₪5,800₪5,069₪731₪141,075
35₪5,800₪5,094₪705₪135,981
36₪5,800₪5,120₪680₪130,861
37₪5,800₪5,146₪654₪125,715
38₪5,800₪5,171₪629₪120,544
39₪5,800₪5,197₪603₪115,347
40₪5,800₪5,223₪577₪110,124
41₪5,800₪5,249₪551₪104,875
42₪5,800₪5,275₪524₪99,599
43₪5,800₪5,302₪498₪94,297
44₪5,800₪5,328₪471₪88,969
45₪5,800₪5,355₪445₪83,614
46₪5,800₪5,382₪418₪78,232
47₪5,800₪5,409₪391₪72,824
48₪5,800₪5,436₪364₪67,388
49₪5,800₪5,463₪337₪61,925
50₪5,800₪5,490₪310₪56,435
51₪5,800₪5,518₪282₪50,917
52₪5,800₪5,545₪255₪45,372
53₪5,800₪5,573₪227₪39,799
54₪5,800₪5,601₪199₪34,198
55₪5,800₪5,629₪171₪28,569
56₪5,800₪5,657₪143₪22,912
57₪5,800₪5,685₪115₪17,227
58₪5,800₪5,714₪86₪11,513
59₪5,800₪5,742₪58₪5,771
60₪5,800₪5,771₪29₪0

How the calculator works

The monthly rate is the annual rate divided by 12, as Israeli banks quote it, and interest is charged each month on the remaining balance. With Spitzer the payment is fixed (in an unlinked loan); with equal principal the same part of the principal is repaid each month, so the payment goes down.

In a CPI linked loan you enter the yearly index change you assume. It is converted to a monthly change by compounding, (1 + yearly)^(1/12) - 1; each month the balance rises by it, interest is charged on the updated balance and the payment is recalculated. The actual index can be different.

In reverse, the calculator finds the amount that the first payment you entered carries, at the same rate, term and method. Figures are rounded only for display. It leaves out fees, insurance and rate changes in a variable rate loan.

The monthly rate is the annual rate divided by 12, as Israeli banks quote a loan. With CPI linkage, the yearly index change you enter becomes a monthly change by compounding: 1 plus the yearly change, to the power of 1/12, minus 1. Numbers are rounded only on screen, never in the middle of the calculation.

Questions and answers

What is the difference between Spitzer and equal principal?

With Spitzer the monthly payment is fixed, and at the start most of it is interest. With equal principal the same amount of principal is repaid each month plus interest on the balance, so the first payment is higher and goes down over time, and the total interest is lower.

What is a CPI linked loan?

A loan whose balance is updated by the consumer price index. When the index rises, the balance and the payment rise with it. In the calculator you enter an assumption for the yearly index change, to see its effect on the payments and on the total paid.

How does the calculator know how much I can borrow?

Choose the option to borrow by payment and enter the monthly payment that suits you. The calculator finds the amount that payment carries at the rate, term and method you chose. It is arithmetic only: the amount a lender approves, if it approves, depends on the full file.

Is the result a loan offer?

No. It is an indication only, not an offer and not a commitment. The actual rate and terms are set by the lender. You can continue with the numbers on WhatsApp, and we will look together at what fits.

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