With Payment Schedule

Since you may have happened upon this loan calculator to calculate a monthly payment, I'll cut to the chase. You'll only need to enter three numbers, and __you can leave the other dozen or so options untouched__.

Here's all you need to do.

- Click clear and enter values for:
- Loan Amount
- Number of Payments
- Annual Interest Rate

- Leave Loan Payment Amount set to 0.
- Click either
**"Calc"**or**"Payment Schedule."**

There you have it. Now you have what you need.

This calculator though offers users so much more. Spend a few minutes with it, and you'll see. More below...»

Original Size

VERY IMPORTANT - You __must__ enter a 0 if you want a value calculated. Some users have been frustrated by this. They want to know why the calculator does not just recalculate a payment if they have changed the loan amount, interest rate or term.

This is because we want the calculator to be able to create an amortization schedule using whatever parameters you want to use. This behavior is a feature! After all, there is no such thing as a "correct" loan payment. The payment amount is correct as long as both the lender and debtor agree to it!

ABOUT DATES - This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. __This will result in payment amounts as well as interest charges that do not match other calculators__. If you want to match other calculators then set the "Loan Date" and "1st Payment Date" so that the time between them equals one full period as set in "Payment Frequency". Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly," then the "1st Payment Date" should be set to June 15th, that is __IF__ you want a conventional interest calculation. See the end of the "Help" text for some more details.

Of course, you can always leave the dates set as they are when the calculator loads.

Since the calculator will solve for multiple unknowns, it can easily be used to answer the following questions:

- How much can I borrow?
- What would my payment be?
- What is the lending rate?
- How long will it take to pay off my loan?
- What date is my loan paid off?
- NEW - what is the impact of extra payments?

This calculator will solve for any one of four possible unknowns: "Amount of Loan", "Total Scheduled Periods" (term), "Annual Interest Rate" or the "Periodic Payment".

Enter a '0' (zero) for one unknown value.

The term (duration) of the loan is a function of the "Total Scheduled Periods" and the "Payment Frequency". If the loan is calling for monthly payments and the term is four years, then enter 48 for the "Total Scheduled Periods". If the payments are made quarterly and the term is ten years, then enter 40 for the "Total Scheduled Periods".

The "Amortization Method" should be set to "Normal" (level payments) unless you have a specific reason to set it to another method. &Fixed Principal" causes the amount allocated to principal to be the same each period which result in decreasing payments.

If the terms of the loan call for a 0% interest rate, then the "Amortization Method" must be set to "No Interest," otherwise entering a zero for "Annual Interest Rate?" will cause the calculator to calculate an interest rate. Selecting "No Interest," also lets the user set the payment amount to "0" to tell the calculator to calculate it.

When the first period, the period of time between the "loan date" and the "first payment date" is longer than one full period, there will be interest due for the "extra days". This is known as "odd day interest." Example: if the "loan date" is March 24 and the "first payment date" is May 1, then there are 8 odd days of interest - March 24th to April 1st. How the odd day interest is calculated and collected is controlled with the "Long Period Options." By default, the odd days interest is shown being paid on the loan date.

Conversely, if the time between the "loan date" and "first payment date" is less than the payment period set, then the first period is said to be a "short initial period" and the first payment will be reduced due to less interest being owed. How the payment amount and interest is calculated for a short period is determined by the "Short Period Options."

Loan Carrying Cost: Interest Reduction Techniques

On a more general note, we have been discussing details about loans, some structured with unusual features, over several decades. At this point, we believe our software calculators can create a schedule for any **structured settlement loan** that exists. If you have a loan with special requirements, please ask.

Hopefully, you'll find this loan calculator as well as all the financial calculators on this site to be useful tools. Why not take another sip of your favorite beverage and explore for a few minutes? Start by checking out The Reading Room. Here you'll find a half dozen articles, written by professionals, about money.

Some of you may be wondering about a particular calculated result or how to use a feature. I fully intend to enhance this page with examples and prehaps screen shots. In the mean time, please ask your questions below.

Hi,

I am trying to figure out the true “value” or interest rate of this loan. I loan my friend $20,000. He returns the money as follows:

90 days later: $1250

180 days later: $1250

270 days later: $1250

1 year later: $21,250 (another $1250 + the original $20k).

SO – after 1 year, I am making $5000 on a $20000 loan. That sounds like 25%, but since he is holding the original $20k for the entire year, is that really 25% returns?

Appreciate your insight.

S

First, congratulations on having a friend that pays you back. 🙂

What you are looking for is a "Rate-of-Return" calculation.

You can use this Internal Rate of Return calculator

You’ll find that the IRR will be a bit more than 25% due receiving some payments before the year-end.

The text with the calculator will give you some background. You’ll need to pay attention to the negative entries vs the positive amount entries.

I have been using your free Loan Calculators for years.

They have been very accurate and help me greatly.

Thank you very much.

You’re very welcome Dennis. Glad to hear they are helpful.

I used your calculator to determine a payment schedule on a 3 year contract for deed with 30 year amortization and balloon payment. It is an excellent tool and was easily understood by the buyer.

I am currently considering whether I could use the calculator for a variable rate longer term loan (maybe 15 years) when the 3 year term is finished in about 14 months. I was considering updating loan interest rate every 3 years or so with some formula that would be a factor of 10 year treasury rate or CPI. Assume I would make first calculation for first 3 years rate using 15 year amortization; but only showing 3 years payments. Then at end of 3 years recalculate with updated interest rate with a 12 year amortization; and so forth every 3 years with updated rate and reduced amortization years. Sounds a little complicated right now. Any thoughts on this?

Thanks for the online calculator. It is really appreciated.

Bob

Bob,

The loan calculator won’t do what you need, but there is a free calculator on this site that you can use for adjustable rate loans.

Please try the Ultimate Financial Calculator. 🙂

If you try it, scroll down the page to the tutorial section. Check out tutorial #1 to get started. Then see this tutorial for a specific example:

This calculator is very flexible. It could be used to replace nearly every calculator on this site. It does take a while to get use to though. However, if you regularly run into loans (or investments) cash flows that have an irregular component, this is the calculator to use and it should be worth your time to learn.

Naturally, if you have any questions, just ask.

What calculator should I use where periodic increases in principal can be added to an existing schedule and an updated schedule calculated from that date forward under terms of original schedule, and without changing the schedule prior to that date.

For example, I have a 10 year owner finance loan where the borrower is supposed to pay property taxes before delinquency. If he does not pay, then I pay and add the amount I paid to the loan principal due at that time. I need future P&I payments calculated based on the new principal from date paid and automatically updated into the original schedule until the end of term of the original loan.

Use this financial calculator. It will allow the user to make any payment on any date and there can be additional loan amounts added to the loan balance as time goes on.

Once on that page, scroll down, and you’ll see a number of tutorials. Check out #1 for an overview of how the calculator works.

I would also look at this tutorial:

OK, thanks for pointing me in the right direction. Your calculator does the job I need. If my borrower wants to add property taxes as extra principal to the original loan, then I will buy the C-Value! program so I can save my work. Do you have any more details on how the 3 computer license works? For example, does an uninstall of the program from an older computer recover one of the licenses so you can reinstall the program on a newer computer? Are there any periodic renewal fees? Are program updates, if any, freely available?

Glad to hear the calculator does what you need, Dennis.

An uninstall does free up a license.

There are no ongoing fees.

If and when there is a major version update, then there is a fee to purchase the update – price determined on a case by case basis. Maintenance and bug fixes are free.

HI,

Firstable I want to thank you for your wonderful work and great calculators! I wish to use this calculator on my site, but I want to translate it in Bulgarian before that. I can send you the translation after to add it to the plugin if you want.

How can I do that?

I couldn’t find any .pot or .po and .mo file in it…

I will be glade if you can help me with info how to translate it.

All the best,

Ivan

Thank you, Ivan. Glad to hear you feel it may be of use.

As to the translation, this is something that you can do, at least to a large extent.

Please go to this folder:

\fc-loan-calculator\en

And find this file:

`calculator.gui.php`

You’ll see all the English text that the user sees on the calculator.

The harder part to translate will be the report and dropdowns (“daily”, “weekly”, etc).

Those are found in the file located here:

`\fc-loan-calculator\src`

`common.LIB.gpl.js`

`schedules_and_charts.gpl.js`

After you translate those (or have a programmer do it if you’re not a programmer), you’ll have to use the Google JavaScript Closure compiler to minify the code again and more it to the "min" folder.