Loan Calculator

30 May 2008 - 12:29pm
6 years ago
4 replies
3255 reads
John Gibbard
2008

Scenario: A loan calculator (for amounts under $50,000 / £25,000)

Option A:
Two sliders (with associated input fields) one for total amount,
second for duration.
Moving the sliders affects a results panel which shows amount
repayable per month & total cost of loan.

Option B:
Three sliders, as option A but this time also including a 'monthly
amount' slider. Moving 'amount' and 'duration' moves the 'monthly
amount' automatically. User can also move the 'monthly amount' slider
to affect the total amount slider.

I don't agree with option B, I think it is over complicating the
calculation. When you are considering a mortgage you consider what you
can afford per month and calculate backwards to work out what this
will let you spend, I'm not sure the same is true of smaller loans as
in this case where you generally have an amount and purchase in mind.
In option A you are able to see the cost to you per month in real-time
so can make a decision about whether you can afford it.

what do you guys & girls think?

J.

--
John Gibbard (User Experience Architect)
t. +44 (0)7957 102577 skype. johngibbard

Comments

30 May 2008 - 12:50pm
Fabio Fernandes
2008

This example shows quite a bit of sliders, which I don't necessarily like.
But I think it's a good place to start and get ideas on how you can improve/simplify this experience.

http://www.jeacle.ie/mortgage/

Fabio

30 May 2008 - 1:21pm
John Gibbard
2008

> www.jeacle.ie/mortgage/

Interestingly this example locks-out interactivity on the monthly
slider unless requested. It's also a mortgage example which, I
concede, does benefit from backward calculation on the monthly, and
has been executed as such here: www.barclays.co.uk/mortgages/

So, leaving aside mortgages and getting back to personal loans, I
started to think about this more scientifically. Effectively 'monthly
amount' is the dependent variable right? So the interaction should
only take place on the independent variables of 'total amount' and
'duration'.

Does this provide more evidence for the prosecution (ie. option A above)?
--
John Gibbard (User Experience Architect)
t. +44 (0)7957 102577 skype. johngibbard

30 May 2008 - 1:56pm
gibbardj at goo...
2008

Ok, to help you help me:
http://www.flickr.com/photos/smorgasbord-design/2537112992/

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Posted from the new ixda.org
http://www.ixda.org/discuss?post=29642

30 May 2008 - 9:42pm
dmitryn
2004

John,

In general, I would tend to agree with your argument. But, the answer
you are looking for may depend on whether the scenario of the user
working back from a monthly payment figure, rather than from a desired
loan amount, is important.

This may in turn depend on the kind of loans your client is providing
(auto, line of credit, home equity, etc.). That, combined with the
specific usage patterns you are trying to address, should dictate
whether the monthly payment scenario is accommodated explicitly, or
implicitly through real-time feedback.

Dmitry

On Fri, May 30, 2008 at 1:29 PM, John Gibbard
<john at smorgasbord-design.co.uk> wrote:
> Scenario: A loan calculator (for amounts under $50,000 / £25,000)
>
> Option A:
> Two sliders (with associated input fields) one for total amount,
> second for duration.
> Moving the sliders affects a results panel which shows amount
> repayable per month & total cost of loan.
>
> Option B:
> Three sliders, as option A but this time also including a 'monthly
> amount' slider. Moving 'amount' and 'duration' moves the 'monthly
> amount' automatically. User can also move the 'monthly amount' slider
> to affect the total amount slider.
>
> I don't agree with option B, I think it is over complicating the
> calculation. When you are considering a mortgage you consider what you
> can afford per month and calculate backwards to work out what this
> will let you spend, I'm not sure the same is true of smaller loans as
> in this case where you generally have an amount and purchase in mind.
> In option A you are able to see the cost to you per month in real-time
> so can make a decision about whether you can afford it.
>
> what do you guys & girls think?
>
> J.
>
> --
> John Gibbard (User Experience Architect)
> t. +44 (0)7957 102577 skype. johngibbard
> ________________________________________________________________
> Welcome to the Interaction Design Association (IxDA)!
> To post to this list ....... discuss at ixda.org
> Unsubscribe ................ http://www.ixda.org/unsubscribe
> List Guidelines ............ http://www.ixda.org/guidelines
> List Help .................. http://www.ixda.org/help
>

Syndicate content Get the feed