8

Software Requirements Specification (SRS) for Early Loan Payoff Calculator

Introduction

Purpose:

The purpose of this document is to define the requirements for the development of an Early Loan Payoff Calculator. This web-based application aims to allow users to see how making additional payments can impact the early payoff of a loan.

Scope:

The Early Loan Payoff Calculator will provide users with an interface to input details such as loan amount, interest rate, current monthly payment, and additional payments. The application will calculate and display the impact of additional payments on the loan’s early payoff.

System Overview

System Description:

The system will be a client-server application. Users will access the Early Loan Payoff Calculator through a web browser. The server will handle the logic for early payoff calculations.

System Architecture:

The application will follow a three-tier architecture: presentation layer (client-side browser), application layer (server-side processing), and data layer (storage and retrieval of data).

Functional Requirements

Use Cases:

Calculate Early Loan Payoff:

  • Users can input details such as loan amount, interest rate, current monthly payment, and additional payments.
  • The system will calculate and display the impact of additional payments on the early payoff of the loan.

Functional Requirements:

Input:

  • The system shall allow users to enter the following details:
    • Loan Amount (Decimal)
    • Interest Rate (Decimal)
    • Current Monthly Payment (Decimal)
    • Additional Payments (Decimal)

Calculation:

  • The system shall calculate the remaining loan balance and the estimated time for early payoff based on user-input details.

Output:

  • The system shall display the impact of additional payments on the early payoff, including the remaining balance and estimated time for payoff.

External Interface Requirements

 User Interfaces:

  • The user interface shall consist of input fields for loan amount, interest rate, current monthly payment, and additional payments, along with a “Calculate” button.
  • The calculated impact on early loan payoff shall be displayed prominently.

Hardware Interfaces:

The system should be compatible with standard computing hardware.

Software Interfaces:

  • The application will be developed using HTML, CSS, and JavaScript for the frontend.
  • The backend can be implemented using a server-side framework (e.g., Node.js, Django) with a database for data storage.

Communication Interfaces:

The application will communicate with the server for early payoff calculations.

Performance Requirements

Response Time:

The system should provide a response time of under 3 seconds for a typical user input.

Throughput:

The application should handle at least 50 simultaneous users.

System Constraints

Regulatory Requirements:

The application should comply with relevant financial regulations.

 Hardware Limitations:

The system should be compatible with devices supporting standard web browsers.

Security Requirements

 Authentication:

  • User authentication may be implemented for personalized features.

Data Protection:

  • User data, if stored, should be securely protected.

Quality Attributes

 Reliability:

The application should provide accurate early loan payoff calculations based on the entered details.

 Maintainability:

The code should be well-documented for ease of maintenance.

 Usability:

The user interface should be intuitive, requiring minimal guidance.

Testing Requirements

Test Cases:

Test cases should cover various scenarios with different loan amounts, interest rates, current monthly payments, and additional payments to ensure accurate early loan payoff calculations.

Test Case 1:

  • Inputs: Loan Amount = 20,000 INR, Interest Rate = 5%, Current Monthly Payment = 500 INR, Additional Payments = 100 INR.
  • Expected Output: Remaining Balance ≈ 15,000 INR, Estimated Time for Payoff ≈ 2 months.

Test Case 2:

  • Inputs: Loan Amount = $10,000, Interest Rate = 3%, Current Monthly Payment = $300, Additional Payments = $50.
  • Expected Output: Remaining Balance ≈ $7,500, Estimated Time for Payoff ≈ 3 months.

Test Case 3:

  • Inputs: Loan Amount = 15,000 INR, Interest Rate = 6%, Current Monthly Payment = 600 INR, Additional Payments = 200 INR.
  • Expected Output: Remaining Balance ≈ 10,000 INR, Estimated Time for Payoff ≈ 4 months.

 Acceptance Criteria:

The application is considered successful if it produces correct early loan payoff calculations based on the provided details.

Project Timeline

 Milestones:

Design, Development, Testing, Deployment.

 Development Phases:

Frontend development, Backend development, Testing, Deployment.

Glossary

  • None

Database Structure

 Tables:

  • EarlyLoanPayoff_Calculator_Records:
    • RecordID (Primary Key, Auto-increment)
    • UserID (Foreign Key, if user accounts are implemented)
    • LoanAmount (Decimal)
    • InterestRate (Decimal)
    • CurrentMonthlyPayment (Decimal)
    • AdditionalPayments (Decimal)
    • RemainingBalance (Decimal)
    • EstimatedTimeForPayoff (Integer)
    • CalculationDate (DateTime)

Conclusion

This SRS document outlines the requirements for the Early Loan Payoff Calculator. It serves as a guide for the development team and ensures that the application meets the specified criteria. Review and approval by relevant stakeholders are essential before proceeding with the development phase.

68 comments

  1. hello there and thank you for your information – I’ve certainly picked up something new from right here.
    I did however expertise a few technical issues using this web site, since I experienced
    to reload the site a lot of times previous to I could get it to load properly.
    I had been wondering if your web host is OK? Not that I
    am complaining, but sluggish loading instances times will very
    frequently affect your placement in google and could
    damage your high quality score if advertising and marketing with Adwords.
    Well I am adding this RSS to my e-mail and can look out for a lot more of your respective exciting content.

    Ensure that you update this again soon.. Escape rooms

  4. The next time I read a blog, Hopefully it does not disappoint me just as much as this one. After all, Yes, it was my choice to read through, nonetheless I genuinely believed you would have something useful to say. All I hear is a bunch of complaining about something that you could fix if you were not too busy seeking attention.

  5. Hi there, I do think your website might be having web browser compatibility issues. Whenever I take a look at your site in Safari, it looks fine however, when opening in Internet Explorer, it’s got some overlapping issues. I just wanted to give you a quick heads up! Besides that, great website!

  7. Having read this I believed it was extremely enlightening. I appreciate you spending some time and effort to put this information together. I once again find myself personally spending a lot of time both reading and posting comments. But so what, it was still worthwhile.

  11. After looking at a few of the blog posts on your web site, I really like your way of writing a blog. I added it to my bookmark website list and will be checking back in the near future. Take a look at my website as well and let me know what you think.

  13. An interesting discussion is definitely worth comment. I think that you should write more on this subject matter, it may not be a taboo matter but typically folks don’t discuss such subjects. To the next! All the best!

  15. Nice post. I learn something new and challenging on websites I stumbleupon everyday. It’s always exciting to read content from other authors and practice a little something from other websites.

  18. Having read this I thought it was extremely enlightening. I appreciate you taking the time and energy to put this short article together. I once again find myself personally spending a lot of time both reading and leaving comments. But so what, it was still worth it!

  19. I blog frequently and I truly appreciate your information. The article has really peaked my interest. I am going to bookmark your blog and keep checking for new information about once a week. I subscribed to your Feed as well.

  24. I really love your blog.. Pleasant colors & theme. Did you build this web site yourself? Please reply back as I’m hoping to create my own blog and would like to know where you got this from or just what the theme is named. Many thanks.

  25. This is the right webpage for everyone who wishes to find out about this topic. You realize a whole lot its almost hard to argue with you (not that I actually will need to…HaHa). You definitely put a fresh spin on a subject that’s been discussed for ages. Great stuff, just wonderful.

  32. It’s difficult to find well-informed people in this particular topic, however, you sound like you know what you’re talking about! Thanks

  36. Good post. I learn something totally new and challenging on sites I stumbleupon on a daily basis. It’s always exciting to read through content from other writers and practice a little something from their web sites.

  48. You’re so awesome! I do not think I’ve read anything like that before. So good to discover another person with original thoughts on this issue. Seriously.. many thanks for starting this up. This web site is something that is required on the web, someone with some originality.

  56. An intriguing discussion is definitely worth comment. I believe that you need to publish more on this topic, it may not be a taboo matter but usually folks don’t talk about these issues. To the next! Kind regards!

  58. I was pretty pleased to uncover this great site. I wanted to thank you for ones time due to this wonderful read!! I definitely really liked every bit of it and i also have you book marked to look at new stuff in your web site.

  65. Hi, I believe your blog could be having internet browser compatibility issues. When I take a look at your site in Safari, it looks fine however, if opening in IE, it’s got some overlapping issues. I simply wanted to give you a quick heads up! Aside from that, wonderful blog.

  68. I have to thank you for the efforts you have put in writing this website. I’m hoping to see the same high-grade blog posts from you later on as well. In truth, your creative writing abilities has inspired me to get my very own website now 😉

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like
46

Software Requirements Specification (SRS) for EMI Calculator

Software Requirements Specification (SRS) for EMI Calculator Introduction Purpose: The purpose of…
6

Software Requirements Specification (SRS) for Loan Tenure Calculator

Software Requirements Specification (SRS) for Loanecur Tenure Calculator Introduction Purpose: The purpose…
4

Software Requirements Specification (SRS) for Post Office Savings Calculator

Software Requirements Specification (SRS) for Post Office Savings Calculator Introduction Purpose: The…
Software Requirements Specification SRS for Tax Saving Calculator

Software Requirements Specification (SRS) for Cost of Debt Calculator

Software Requirements Specification (SRS) for Cost of Debt Calculator Introduction  Purpose: The…