Input different payment amounts for a loan to see how long it will take you to pay off the loan. Input loan amount, number of months required to pay off the loan and payment amount to calculate the interest rate on the loan. If you have an existing loan, input your interest rate, monthly payment amount and how many payments are left to calculate the principal that remains on your loan. Try different loan amounts to see how it affects the required monthly payment. Loan payment table to easily compare principal and interest amounts. Try different loan scenarios and create and print an amortization schedule or create a Find your ideal payment amount by changing loan amount, interest rate, and number of payments in the loan. Calculator OptionsĬalculate the payment required for your loan amount and term. Payment Amount The amount to be paid on the loan at each payment due date. Number of Payments ÷ Payment Frequency = Loan Term in Years. Payment Frequency How often payments are made each year. Number of Payments The number of payments required to repay the loan. If compounding and payment frequencies are different, this calculator converts interest to anĮquivalent rate and calculations are performed in terms of payment frequency. Compounding The frequency or number of times per year that interest is compounded. Interest Rate The annual nominal interest rate, or stated rate of the loan. Loan Amount The original principal on a new loan or principal remaining on an existing loan. You can also use ourīasic loan calculator which assumes your loan has the typical monthly payment frequency and monthly interest compounding. Create and print a loan amortization schedule to see how your loan payment pays down principal and bank interest over the life of the loan.Ī key feature of this calculator is that it allows you to calculate loans with different compounding and payment frequencies. Use this calculator to try different loan scenarios for affordability by varying loan amount, interest rate, and payment frequency. This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them.Calculate loan payments, loan amount, interest rate or number of payments. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this loan to be applied to principal You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together.
Current Monthly Loan Payment the amount currently to be paid on this loan on a monthly basis toward principal and interest only. Make Extra Payments Calculate how much your loan term and interest will change by applying extra money to your payments each month Reduce Term (Months) Calculate how much extra you need to pay each month in order to pay off your loan early Current Loan Balance the original amount on a new loan or principal outstanding if you are calculating a current loan Interest Rate the annual interest rate (stated rate) on the loan Remaining Term (Months) number of months which coincides with the number of payments to repay the loan. Create amortization schedules for the new term and payments. Try different loan scenarios for affordability or payoff. Use this calculator to determine 1) how extra payments can change the term of your loan or 2) how much additional you must pay each month if you want to reduce your loan term by a certain amount of time in months.