Amortization in Excel 2: Smart Loan Malaysia Comparison

Recap: please read Amortization in Excel: Do You Know Your Loan Well?

Mortgage Refinancing Parameter: completed, Selangor, RM100,000 loan, conventional and Islamic loan, floating interest, 10-year-tenure, no flexi loan. BLR=6.05%p.a.

Loan Comparison Platform: http://www.smartloans.my

Let's compare the cheapest and most expansive package.

Example 1: Hong Leong Flexi Package (BLR-1.9%) - Cheapest
1) Interest Rate = RATE(nper,pmt,pv,fv,type)

= 12*Rate(12*10,-1020,100000,0,0) = 4.16% p.a.

2) Total Interest Paid for 10 years loan = CUMIPMT(rate,nper,pv,start_period,end_period,type)
= CUMIPMT(0.0416/12,12*10,100000,1,12*10,0) = -22,408.80

3) Ratio = (interest paid + principle)/principle
= (22408.80+100000)/100000 = 1.22.

Example 2: Standard Chartered - Standard Term Loan - Most Expansive
How to calculate the Standard Chartered - Standard Term Loan?
Uneven cashflow is determined in the study via XIRR.
First 1 year: RM1,022, Next 4 years: RM1,025, thereafter RM1,205. Bank always confuses his customer, and it leads to difficult way to compare with others.





1) IRR = 5.99%p.a.

2) Total Interest Paid for 10 years loan = CUMIPMT(rate,nper,pv,star

t_period,end_period,type)
= CUMIPMT(0.0599/12,12*10,100000,1,12*10,0) = -33164.43.

3) Ratio = (interest paid + principle)/principle
= (33164.43+100000)/100000 = 1.33.