How do I check the instalment on my term loan?

An instalment is set so that the loan is repaid, with interest, over the months that remain. Take the balance, the rate your agreement gives and the remaining term, and work out the instalment that clears it. Do that for each month on your statements and compare. When prime moves on a linked loan, the instalment should move with it.

How the working goes

A term loan has a balance, a rate and a number of months left. From those three the instalment follows by a standard formula. If your rate is linked to prime, each change in prime gives a new rate, and the instalment is worked out again over the months that remain.

If your agreement fixes the rate, it stays put and so should the instalment.

The check is done month by month. It does not rebuild the loan day by day, so it is a test of the instalment and the rate behind it, not of every cent of interest.

Where Akurra fits

Akurra reads the rate, term and instalment from your agreement, works the instalment out again for each month, and shows where the instalment you were charged and the one the agreement gives part ways.