Loan Calculator - Finance

Finance - Monthly Payment - Interest - Principal - Amortization Table - Balance

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Description:

Are you in the market for a loan, credit or mortgage? Use this app to calculate or double check loan details.

This calculator is for fixed interest and fixed period types of loans. These types of loans are typically used to buy automobiles, homes, boats, new or used cars, motorcycles, recreational vehicles (RV) and trucks. With these types of loans your payment does not increase or decrease. The payments are always the same.

This app does not work with variable interest rate loans. Some examples are credit cards and adjustable rate mortgages (ARM). The payments are not the same from month to month. For credit cards, the consumers decides on how much to pay.

This software computes the monthly payment, total interest, total principal and the total amount paid for a loan. In addition, it gives monthly details of interest paid and applied principal for each payment. This can be observed in the amortization table. For visualization, charts, graphs and plots are provided in this rich Internet application.


Calculation Instructions:

  1. Enter loan amount - This is the amount of money being borrowed for the purchase.
  2. Enter interest rate - This is the annual or yearly rate. This is the amount being charged to borrow money.
  3. Enter term - This is number of years it will take to pay back the loan.

Inputs:

Unit Unit Type Unit Used Description
Loan Amount Currency Dollars The amount of cash being borrowed.
Interest Rate percentage percentage The annual or yearly percentage rate. Usually, this is determined by credit score. A person with bad credit will likely have a higher interest rate. A person with a good score, will pay less to borrow money.
Term Time Years The number years it will take to pay back the loan.


Outputs/Solution:

Unit Unit Type Unit Used Description
Term Time Months The number of months it will take to pay the loan off. A majority of loan payments are monthly.
Monthly Payment Currency Dollars The amount on money required for each monthly payment.
Total Interest Paid Currency Dollars The amount paid to interest over the life of the loan
Total Principal Paid Currency Dollars The total amount of money applied to principal. This is equal to the loan amount.
Grand Total Currency Dollars The combination of total interest and total principal paid.
Chart or Graph Not applicable Not applicable Line and pie plots of total and monthly interest, total and monthly principal, total payments and remaining balance.
Amortization Table Not applicable Not applicable Grid table showing monthly details of applied principal, interest paid and loan balance.


Disclaimer:

Use this calculator at your own risk. This calculator may or may not be accurate or reliable. By using this calculator you acknowledge any reliance on this calculator shall be at your sole risk.

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