# Loan Comparison: [Loan purpose, for example home purchase or car] > A worksheet for comparing two or more loan or mortgage offers on what > they really cost over the time you expect to keep the loan, not only > on the monthly payment. It explains the interest rate, the annual > percentage rate (APR), the annual percentage rate of charge (APRC) > and the effective interest rate (EIR) in plain language, shows the > standard amortisation formula, and walks through a fully recomputed > example for the fictional household Drew and Casey Morgan, a renting > couple buying their first home (separate from the Ellison household > used in the other personal templates). It is > based on the public disclosure rules that make offers comparable: US > Regulation Z (12 CFR Part 1026, including the Loan Estimate), the EU > Consumer Credit Directive (EU) 2023/2225 and the EU Mortgage Credit > Directive 2014/17/EU. Replace every `[bracketed]` value and every row > marked *Example*. This is a document format for organising your own > information, not financial, tax, legal or credit advice. Obtain the > law or the lender's official disclosure for the normative text. ## Document control | Field | Value | |---|---| | Document ID | [LOAN-CMP-001] | | Version | [0.1] | | Status | [Draft / Offers collected / Decided / Closed] | | Owner | [@borrower-1] | | Approvers/reviewers | [@borrower-2], [optional adviser or trusted person] | | Last updated | YYYY-MM-DD | | Classification | Private (household) | | Borrowers | [Name 1], [Name 2] | | Loan purpose | [Home purchase / Refinance / Car / Education / Personal] | | Currency and unit | [currency], amounts rounded to 2 decimals | | Decision deadline | YYYY-MM-DD (earliest offer expiry or rate-lock end) | | Jurisdiction | [Country or state], rules checked as of YYYY-MM | ### Approvals | Role | Name | Decision | Date | |---|---|---|---| | Borrower | [Name 1] | [Agree / Disagree] | YYYY-MM-DD | | Co-borrower | [Name 2] | [Agree / Disagree] | YYYY-MM-DD | | Reviewer (optional) | [Name] | [Comments given] | YYYY-MM-DD | ### Revision history | Version | Date | Author | Change | |---|---|---|---| | 0.1 | YYYY-MM-DD | [@borrower-1] | First draft with offers A and B | | 0.2 *(Example)* | 2026-10-25 | Drew Morgan | Added offer C and the rate stress test | | 1.0 *(Example)* | 2026-10-30 | Casey Morgan | Decision recorded, offer B accepted | ## Contents 1. [Purpose and scope](#1-purpose-and-scope) 2. [Key terms in plain language](#2-key-terms-in-plain-language) 3. [Your need and limits](#3-your-need-and-limits) 4. [Offers received](#4-offers-received) 5. [How the monthly payment is calculated](#5-how-the-monthly-payment-is-calculated) 6. [Total cost of credit](#6-total-cost-of-credit) 7. [APR, APRC and effective rate compared](#7-apr-aprc-and-effective-rate-compared) 8. [Holding period and points break-even](#8-holding-period-and-points-break-even) 9. [Rate-change stress test](#9-rate-change-stress-test) 10. [Fees, insurance and conditions](#10-fees-insurance-and-conditions) 11. [Flexibility and early repayment](#11-flexibility-and-early-repayment) 12. [Lender, service and protection](#12-lender-service-and-protection) 13. [Decision and reasons](#13-decision-and-reasons) 14. [Documents checklist](#14-documents-checklist) 15. [Local terms and rules](#15-local-terms-and-rules) 16. [Review and follow-up](#16-review-and-follow-up) 17. [References](#17-references) 18. [Standard and licence note](#standard-and-licence-note) ## 1. Purpose and scope This comparison answers one question: which of the loan offers we hold costs us the least over the period we realistically expect to keep the loan, while still fitting our budget and our tolerance for payment changes. The lowest monthly payment and the lowest headline interest rate are often not the cheapest loan, because fees, discount points, insurance requirements, rate resets and early repayment charges change the total. | Item | Value | |---|---| | What we are financing | [Description] | | Price or amount needed | [currency] [amount] | | Own money available (down payment or deposit) | [currency] [amount] | | Loan amount compared across all offers | [currency] [amount] | | Term(s) considered | [years] | | Expected holding period | [years] (how long we expect to keep this loan before selling, moving or refinancing) | | Out of scope | [for example: refinancing existing student loans] | *Example:* Drew and Casey Morgan are buying a home priced at USD 375,000. They will put down USD 75,000 of savings and borrow USD 300,000 over 30 years. They expect to stay about 7 years before moving for work, so the 7-year cost matters more to them than the 30-year total. ## 2. Key terms in plain language | Term | What it means here | |---|---| | Principal | The amount you borrow and must pay back, before any interest. | | Interest rate (nominal rate, borrowing rate) | The yearly percentage the lender charges on the outstanding balance. It does not include fees. A loan quoted at 6.25% with monthly payments charges 6.25% / 12 per month. | | Amortising loan | A loan where each regular payment covers that period's interest plus part of the principal, so the balance reaches zero at the end of the term. | | Term | The number of years (or payments) over which the loan is scheduled to be repaid. | | Fees (closing costs, arrangement fees) | One-off charges for setting up the loan: origination, application, broker, valuation, legal and registration costs. Some count in the APR, some do not; the official disclosure says which. | | Discount points | An upfront payment, usually quoted as a percentage of the loan (1 point = 1% of the loan amount), that buys a lower interest rate. Common in the US. | | APR (annual percentage rate) | In the US, the yearly cost of credit including the interest rate and most required finance charges, calculated by a method set in Regulation Z. It is a nominal rate: the monthly rate multiplied by 12. | | APRC (annual percentage rate of charge) | In the EU (and in the UK for many products), the total cost of credit to the consumer expressed as a yearly rate, calculated by a formula set in the consumer and mortgage credit directives. It is an effective annual rate, so compounding is included. | | EIR (effective interest rate, effective annual rate) | The yearly rate once monthly compounding is taken into account. Some countries publish it as the official comparison figure under that name. | | Flat rate | A rate applied to the original amount for the whole term, ignoring that the balance falls. It makes a loan look cheaper than it is (see section 7). | | Total cost of credit | Everything you pay to borrow: total interest plus all fees and required charges. It excludes the principal. | | Fixed rate | A rate that cannot change for a stated period. | | Variable or adjustable rate | A rate that can change, usually tied to a reference index plus a margin, often after an initial fixed period. | | Early repayment charge (prepayment penalty) | A fee for paying off all or part of the loan ahead of schedule. | | Loan-to-value (LTV) | Loan amount divided by the value of the property or asset, as a percentage. Higher LTV usually means a higher rate or required insurance. | | Rate lock | A lender's promise to hold a quoted rate until a date. | ## 3. Your need and limits Write down what you can afford and how much uncertainty you can live with. A lender approval only tells you what the lender is willing to lend; it does not tell you what fits your other goals. | ID | Limit | Our value | Where it comes from | |---|---|---|---| | LIM-001 | Maximum total monthly housing or loan payment | [currency] [amount] | Budget (`personal/budget`) | | LIM-002 | Maximum payment we could survive if the rate rose | [currency] [amount] | Budget, stress column | | LIM-003 | Maximum upfront cash for fees and points | [currency] [amount] | Savings after down payment and emergency fund | | LIM-004 | Emergency fund that must stay untouched | [months] of essential costs | Emergency Fund Plan (`personal/emergency-fund-plan`) | | LIM-005 | Preferred rate type | [Fixed / Variable / Either] | Our tolerance for payment changes | | LIM-006 | Expected holding period | [years] | Life plans | | LIM-001 *(Example)* | Maximum monthly principal and interest | USD 1,900 | Morgan budget, current rent plus planned savings shift | | LIM-002 *(Example)* | Maximum stressed payment | USD 2,100 | Morgan budget with holidays and dining cut | | LIM-003 *(Example)* | Maximum upfront cash for fees and points | USD 8,000 | Savings after the USD 75,000 down payment | | LIM-004 *(Example)* | Emergency fund kept separate | 6 months of essential costs | Household rule | | LIM-006 *(Example)* | Expected holding period | 7 years | Planned relocation | ## 4. Offers received Enter one row per offer. Leave a cell blank only if the lender confirms the item does not apply, and write "n/a" in that case. | ID | Lender | Product | Amount | Term | Rate type | Interest rate | Points | Fees | Disclosed APR or APRC | Prepayment charge | Offer date | Expires | |---|---|---|---|---|---|---|---|---|---|---|---|---| | OFR-[NNN] | [Lender name] | [Product name] | [currency] [amount] | [years] | [Fixed / Variable] | [%] | [%] | [currency] [amount] | [%] | [Yes, terms / No] | YYYY-MM-DD | YYYY-MM-DD | | OFR-001 *(Example)* | Lender A (fictional) | 30-year fixed | USD 300,000 | 30 | Fixed | 6.250% | 0 | USD 4,500 | [as disclosed] | No | 2026-10-20 | 2026-11-19 | | OFR-002 *(Example)* | Lender B (fictional) | 30-year fixed with 1 point | USD 300,000 | 30 | Fixed | 5.875% | 1 (USD 3,000) | USD 4,500 | [as disclosed] | No | 2026-10-21 | 2026-11-05 | | OFR-003 *(Example)* | Lender C (fictional) | 5-year fixed, then variable | USD 300,000 | 30 | Variable after 60 months | 5.500% initial | 0 | USD 4,000 | [as disclosed] | No | 2026-10-22 | 2026-11-12 | Write the disclosed APR or APRC exactly as printed on the official form. Section 7 shows a simplified recomputation, which can differ from the official figure because the lender includes or excludes specific charges under the rules of your country. ## 5. How the monthly payment is calculated For a standard amortising loan with a fixed rate and equal monthly payments, the payment is: $$ M = P \cdot \frac{i}{1 - (1 + i)^{-n}} $$ where $M$ is the monthly payment of principal and interest, $P$ is the loan amount, $i$ is the monthly interest rate (the yearly nominal rate divided by 12) and $n$ is the number of monthly payments (years times 12). The balance still owed after $k$ payments is: $$ B_k = P (1 + i)^{k} - M \cdot \frac{(1 + i)^{k} - 1}{i} $$ Use the balance formula to find what you would still owe when you expect to sell or refinance. | Offer | $P$ | Yearly rate | $i$ | $n$ | Monthly payment $M$ | |---|---|---|---|---|---| | OFR-[NNN] | [amount] | [%] | [rate / 12] | [months] | [amount] | | OFR-001 *(Example)* | 300,000 | 6.250% | 0.0052083 | 360 | 1,847.15 | | OFR-002 *(Example)* | 300,000 | 5.875% | 0.0048958 | 360 | 1,774.61 | | OFR-003 *(Example)* | 300,000 | 5.500% (first 60 months) | 0.0045833 | 360 | 1,703.37 | Rounding convention: the example figures in this document are computed with the unrounded payment and rounded to cents only at the end, so multiplying the rounded payment by the number of months can differ by a few cents. All three example payments fit LIM-001 (USD 1,900). The payment shown is principal and interest only; property tax, home insurance and any mortgage insurance come on top and belong in your budget. ## 6. Total cost of credit Total cost of credit over the full term, if you keep the loan to the end and the rate never changes: $$ \text{Total cost} = M \cdot n - P + F $$ where $F$ is all upfront fees and points. | Offer | Total of payments | Total interest | Fees and points $F$ | Total cost of credit | |---|---|---|---|---| | OFR-[NNN] | [amount] | [amount] | [amount] | [amount] | | OFR-001 *(Example)* | 664,974.58 | 364,974.58 | 4,500.00 | 369,474.58 | | OFR-002 *(Example)* | 638,860.78 | 338,860.78 | 7,500.00 | 346,360.78 | | OFR-003 *(Example)*, rate held at 5.500% | 613,212.12 | 313,212.12 | 4,000.00 | 317,212.12 | Read OFR-003 with care: its full-term total assumes the rate stays at 5.500% for 30 years, which the contract does not promise. Section 9 tests what happens when it changes. List here any recurring charges that the formula above does not capture: | ID | Offer | Recurring charge | Amount per year | Required? | |---|---|---|---|---| | CHG-[NNN] | OFR-[NNN] | [Account fee / Required insurance / Servicing fee] | [amount] | [Yes / No] | | CHG-001 *(Example)* | OFR-003 | Required current account with the lender | USD 0 if salary is paid in, else USD 120 | Yes | ## 7. APR, APRC and effective rate compared All three comparison figures try to express the full cost as one percentage, but they differ in method: - **US APR (Regulation Z)** finds the monthly rate at which the money you actually receive (the loan minus prepaid finance charges) equals the present value of all your payments, then multiplies it by 12. It is a nominal yearly rate. For US mortgages, some closing costs (for example title, appraisal and recording fees) are excluded from the finance charge by 12 CFR 1026.4(c)(7), so a rate that counts every fee, like the APR-style rate below, can be higher than the APR disclosed on the Loan Estimate. - **EU APRC** sets the present value of all amounts drawn equal to the present value of all repayments and charges, using a yearly rate with compounding. It is an effective yearly rate, so for the same loan it is slightly higher than a nominal APR. - **EIR** converts a nominal rate into its effective yearly equivalent: $$ \text{EIR} = \left(1 + \frac{r}{12}\right)^{12} - 1 $$ The simplified cost rate used below treats all fees and points as reducing the money received: $$ P - F = \sum_{t=1}^{n} \frac{M}{(1 + x)^{t}}, \qquad \text{APR-style rate} = 12x, \qquad \text{effective rate} = (1 + x)^{12} - 1 $$ | Offer | Nominal rate | EIR of the nominal rate | APR-style rate with fees | Effective rate with fees | |---|---|---|---|---| | OFR-[NNN] | [%] | [%] | [%] | [%] | | OFR-001 *(Example)* | 6.250% | 6.432% | 6.394% | 6.584% | | OFR-002 *(Example)* | 5.875% | 6.036% | 6.111% | 6.285% | | OFR-003 *(Example)*, rate held | 5.500% | 5.641% | 5.622% | 5.769% | These recomputed figures are illustrative. They spread the fees over the full 30-year term, which flatters loans with high upfront costs if you expect to repay early. Section 8 corrects for that. **Flat-rate warning.** Some lenders, especially for cars and personal loans, quote a flat rate: interest is charged on the original amount for the whole term. *Example:* a USD 20,000 car loan at a 5% flat rate over 3 years charges 20,000 x 5% x 3 = USD 3,000 of interest, so 36 payments of USD 638.89. Because the balance actually falls every month, the equivalent reducing-balance rate is about 9.31% nominal (about 9.72% effective). Always ask for the APR, APRC or EIR on the official form. ## 8. Holding period and points break-even If you expect to sell, move or refinance before the end of the term, compare the cost up to that date: interest paid until then plus all upfront fees and points. $$ \text{Cost to month } k = \left( M \cdot k - (P - B_k) \right) + F $$ | Offer | Months held $k$ | Balance owed $B_k$ | Interest paid to month $k$ | Fees and points | Cost to month $k$ | |---|---|---|---|---|---| | OFR-[NNN] | [months] | [amount] | [amount] | [amount] | [amount] | | OFR-001 *(Example)* | 84 | 270,100.77 | 125,261.51 | 4,500.00 | 129,761.51 | | OFR-002 *(Example)* | 84 | 268,313.75 | 117,381.26 | 7,500.00 | 124,881.26 | | OFR-003 *(Example)*, rate held at 5.500% for all 84 months (see section 9 for reset risk) | 84 | 266,447.66 | 109,530.49 | 4,000.00 | 113,530.49 | Break-even for points: divide the extra upfront cost by the monthly saving. $$ \text{Break-even months} = \frac{\text{Extra upfront cost}}{M_{\text{higher rate}} - M_{\text{lower rate}}} $$ *Example:* OFR-002 costs USD 3,000 more upfront than OFR-001 and saves 1,847.15 - 1,774.61 = USD 72.54 per month. Break-even is 3,000 / 72.54 = 41.4 months, so about 3.5 years. The Morgans expect to stay 7 years, so the point pays for itself. This simple count ignores the interest you could earn on the USD 3,000 and the slightly faster principal reduction on the lower rate; for a precise view use the cost-to-month table above, which already includes both. ## 9. Rate-change stress test For a variable loan, find the balance at the reset date with the balance formula, then recompute the payment for the remaining months at higher rates. Read the contract for caps (the most the rate can rise at each reset and over the life of the loan) and for the index and margin that set the new rate. | ID | Offer | Reset month | Balance at reset | Stressed rate | New payment | Within LIM-002? | |---|---|---|---|---|---|---| | STR-[NNN] | OFR-[NNN] | [month] | [amount] | [%] | [amount] | [Yes / No] | | STR-001 *(Example)* | OFR-003 | 61 | 277,381.81 | 6.500% (+1.0 pp) | 1,872.90 | Yes | | STR-002 *(Example)* | OFR-003 | 61 | 277,381.81 | 7.500% (+2.0 pp) | 2,049.83 | Yes, barely | | STR-003 *(Example)* | OFR-003 | 61 | 277,381.81 | 8.500% (+3.0 pp) | 2,233.55 | No | *Example reading:* if OFR-003 reset to 7.500% after 5 years and stayed there, total interest over 30 years would be about USD 417,150, more than either fixed offer. A 3-point rise breaks the household limit. The Morgans decide the lower starting payment is not worth the risk for them, even though it is the cheapest offer if rates do not rise. Other stress questions to answer in writing: - What is the contract's rate cap at the first reset and over the life of the loan? - Is there a payment shock warning on the official form? - If the loan is in a currency other than your income, what happens to the payment if the exchange rate moves by 20%? (In the EU, the Mortgage Credit Directive Article 23 requires a framework for foreign currency loans; ask what conversion right applies.) ## 10. Fees, insurance and conditions | ID | Offer | Condition or charge | Amount or detail | In the APR or APRC? | Can we shop for it? | |---|---|---|---|---|---| | FEE-[NNN] | OFR-[NNN] | [Origination / Valuation / Legal / Registration / Broker / Mortgage insurance / Life or payment protection insurance / Account] | [amount] | [Yes / No / Unknown] | [Yes / No] | | FEE-001 *(Example)* | OFR-001 | Origination and underwriting | USD 2,700 | Yes | No | | FEE-002 *(Example)* | OFR-001 | Appraisal, title and recording | USD 1,800 | Partly | Partly | | FEE-003 *(Example)* | OFR-002 | Discount point (1%) | USD 3,000 | Yes | No | | FEE-004 *(Example)* | All | Home insurance | About USD 1,400 per year | No | Yes | Questions to ask each lender: - Which fees are refundable if the loan does not complete? - Is any insurance required, and may we buy it from another provider? (The EU consumer credit rules in Directive (EU) 2023/2225 Article 14 address tying and bundling practices; local rules vary.) - Does the rate depend on keeping another product with the lender? - How long is the rate lock, and what does an extension cost? ## 11. Flexibility and early repayment | ID | Offer | Overpayment allowed | Early repayment charge | Portable to a new home | Payment holiday or hardship options | Notes | |---|---|---|---|---|---|---| | FLX-[NNN] | OFR-[NNN] | [Free up to x% per year / Unlimited / Not allowed] | [Terms] | [Yes / No] | [Terms] | [Notes] | | FLX-001 *(Example)* | OFR-001 | Unlimited | None | No | Lender hardship programme on request | | | FLX-002 *(Example)* | OFR-002 | Unlimited | None | No | Lender hardship programme on request | | | FLX-003 *(Example)* | OFR-003 | Unlimited | None | No | Not stated, asked on 2026-10-23 | | In the EU, both Directive (EU) 2023/2225 (Article 29) and Directive 2014/17/EU (Article 25) give consumers a right to repay early, with a reduction in the remaining cost; member states set whether and how the lender may charge compensation. In the US, Regulation Z limits prepayment penalties on many mortgages and requires them to be shown on the Loan Estimate. Check the exact rule for your loan type and country. ## 12. Lender, service and protection | ID | Offer | Lender licensed or regulated by | Complaints and dispute route | Who services the loan after closing | Responsiveness so far | Score 1 to 5 | |---|---|---|---|---|---|---| | SVC-[NNN] | OFR-[NNN] | [Regulator and licence number] | [Ombudsman or regulator] | [Same lender / Transferred] | [Notes] | [score] | | SVC-001 *(Example)* | OFR-002 | State-licensed lender (fictional record) | Lender complaints team, then national regulator | Same lender for at least 12 months (stated in writing) | Replied within one business day | 4 | Check the lender's registration on the regulator's public register before sharing documents. Never send identity documents by unencrypted email to an address you did not verify. ## 13. Decision and reasons | Field | Value | |---|---| | Decision ID | DEC-[NNN] | | Chosen offer | OFR-[NNN] | | Decision date | YYYY-MM-DD | | Main reasons | [Lowest cost over holding period / Payment certainty / Flexibility] | | Rejected offers and why | [OFR-NNN: reason] | | Accepted risks | [For example: we pay more if rates fall and we cannot refinance] | | What would make us revisit | [Rate drop of x pp, move earlier than planned] | | Next step and owner | [Lock rate / Submit application], [@owner], YYYY-MM-DD | *Example:* DEC-001, 2026-10-30. The Morgans choose OFR-002. Over their expected 7 years it costs USD 4,880.25 less than OFR-001 (129,761.51 minus 124,881.26), the payment of USD 1,774.61 fits LIM-001, and it carries no reset risk. OFR-003 would be USD 11,350.77 cheaper over 7 years (124,881.26 minus 113,530.49) only if its rate stayed at 5.500% after month 60; they reject it because a 3-point rise at the reset would break LIM-002, and they judge that saving too small for that risk. They accept OFR-002 on 2026-10-30, before its 2026-11-05 offer expiry, and lock the rate for 30 days to 2026-11-29, which covers the planned closing on 2026-11-20. They will look at refinancing if market rates fall enough that a new loan's costs break even within 3 years. Traceability from limits to decision: | Limit | OFR-001 | OFR-002 | OFR-003 | |---|---|---|---| | LIM-001 payment *(Example)* | Pass | Pass | Pass | | LIM-002 stressed payment *(Example)* | Pass (fixed) | Pass (fixed) | Fails at +3 pp | | LIM-003 upfront cash *(Example)* | Pass (4,500) | Pass (7,500) | Pass (4,000) | | LIM-006 7-year cost *(Example)* | 129,761.51 | 124,881.26 | Depends on reset | ## 14. Documents checklist | ID | Document | Who provides it | Status | |---|---|---|---| | DOC-001 | Official disclosure for each offer (Loan Estimate, SECCI, ESIS or local equivalent) | Lender | [Received / Pending] | | DOC-002 | Proof of identity and address | Borrowers | [Ready] | | DOC-003 | Proof of income (pay slips, tax returns, business accounts for self-employed) | Borrowers | [Ready] | | DOC-004 | Bank statements for the period the lender asks | Borrowers | [Ready] | | DOC-005 | List of existing debts with balances and payments | Borrowers | [Ready] | | DOC-006 | Purchase contract or quote for the item financed | Seller | [Ready] | | DOC-007 | Valuation or appraisal report | Lender or valuer | [Ordered] | | DOC-008 | Insurance quotes required by the lender | Insurer | [Pending] | | DOC-009 | Final disclosure before signing (Closing Disclosure in the US, binding offer in the EU) compared line by line with DOC-001 | Lender | [Pending] | In the US, the lender must deliver or mail the Loan Estimate no later than the third business day after receiving your application (12 CFR 1026.19(e)), and you must receive the Closing Disclosure no later than three business days before consummation (12 CFR 1026.19(f)). Compare the two forms and ask about every change. ## 15. Local terms and rules Names only, as of 2026-10. Examples, not exhaustive, not advice. Check local rules. | Jurisdiction | Official cost figure | Official pre-contract form | Main rules (names) | |---|---|---|---| | United States | APR | Loan Estimate and Closing Disclosure (mortgages); Truth in Lending disclosures (other credit) | Truth in Lending Act, Regulation Z (12 CFR Part 1026) | | European Union, consumer credit | APRC | Standard European Consumer Credit Information (SECCI), Annex I of Directive (EU) 2023/2225 | Directive (EU) 2023/2225, applying from 2026-11-20; national law transposing Directive 2008/48/EC applies until then and continues for agreements existing on that date; check whether your member state has transposed it on time | | European Union, mortgages | APRC | European Standardised Information Sheet (ESIS), Annex II of Directive 2014/17/EU | Directive 2014/17/EU as transposed nationally | | United Kingdom | APR (consumer credit), APRC (mortgages) | Pre-contract credit information; mortgage illustration | FCA Handbook sourcebooks CONC and MCOB (names only). The UK consumer-credit APR is an effective annual rate, calculated like the EU APRC, not a nominal rate like the US APR | | Australia | Comparison rate | Key facts sheet | National Consumer Credit Protection Act 2009 (name only) | | Other | [Name of figure] | [Name of form] | [Law name], check local rules | ## 16. Review and follow-up | ID | Trigger or date | What to check | Owner | |---|---|---|---| | REV-001 | First statement after closing | Payment, rate and balance match the final disclosure | [@owner] | | REV-002 | Every 12 months | Market rates versus our rate; overpayment capacity | [@owner] | | REV-003 | 6 months before any reset date | New rate, payment and refinancing options | [@owner] | | REV-004 | Change in income or household | Whether LIM-001 and LIM-002 still hold | [@owner] | | REV-001 *(Example)* | 2026-12-15 | First payment USD 1,774.61 confirmed | Casey Morgan | ## 17. References - US Regulation Z (Truth in Lending), 12 CFR Part 1026, in particular 1026.4 (finance charge), 1026.19(e) and (f) (mortgage disclosure timing), 1026.22 (determination of the APR, with the 1/8 and 1/4 percentage point accuracy tolerances) and 1026.37 (Loan Estimate content), eCFR, checked 2026-10-25. - Consumer Financial Protection Bureau, "What is a Loan Estimate?" consumer page, checked 2026-10-25. - Directive (EU) 2023/2225 of 18 October 2023 on credit agreements for consumers, OJ L 2023/2225, 30.10.2023: Article 10 (pre-contractual information), Article 14 (tying and bundling), Article 26 (right of withdrawal, 14 calendar days), Article 29 (early repayment), Article 30 and Annex III (APRC), Articles 47 and 48 (repeal and application from 2026-11-20). - Directive 2014/17/EU of 4 February 2014 on credit agreements for consumers relating to residential immovable property: Article 14 and Annex II (ESIS; Article 14(6) period of at least seven days to compare), Article 17 and Annex I (APRC), Article 18 (creditworthiness), Article 23 (foreign currency loans), Article 25 (early repayment). - Related templates: Major Purchase Plan (`personal/major-purchase-plan`), Debt Payoff Plan (`personal/debt-payoff-plan`), Budget (`personal/budget`), Financial Plan (`personal/financial-plan`). ## Standard and licence note Based on US Regulation Z (12 CFR Part 1026, a US federal work in the public domain), Directive (EU) 2023/2225 and Directive 2014/17/EU (EUR-Lex, reuse with acknowledgement; source: EUR-Lex, https://eur-lex.europa.eu). Sections and articles are cited by number and described in original words; no form wording is reproduced. The amortisation, APR-style and break-even formulas are standard mathematics. The households, lenders and figures are fictional. This template is original text written for this collection and is not financial, tax, legal or credit advice. Check the current official version of each law and your lender's official disclosures before use. Template licence: MIT.