With Payment Schedule

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About dates - if you want to create a schedule that accurately reflects a loan's origination date (the day the money is borrowed) and the first payment date followed by regularly scheduled payments, then use our amortization schedule.

Don't over pay, don't under collect. If you need to track payments on the exact date they are paid (or missed) for whatever amount, then use our Ultimate Financial Calculator.

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?

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".

Normally you would set the "Payment Method" to "Arrears" for a loan. This means that the monies are lent on one day and the first payment isn't due until one period after the funds are received.

If the first payment is due on the day the funds are available, then set "Payment Method" to "Advance". This is typical for leases.

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.

The *Total Interest* and *Total Principal & Interest* at the bottom of the calculator itself are approximations. The numbers do not include final payment rounding. Please see the schedule for the exact principal and interest amounts as well as any rounding amount required. The difference is greatest when solving for term, otherwise, the difference is usually pennies and not more than a dollar or two.

Loan Carrying Cost: Interest Reduction Techniques

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

Please tell me how you use this calculator. Are you using it personally or professionally? What feature is important to you? If it didn't meet your needs, why? Your feedback will help me make improvements. Complete sentences aren't necessary! :)

THis is what I am looking for but I would like to see this calculator as an IPHONE App. Any chance that will happen?

It’s not likely, at least not for a good while. First, I don’t know how to program for iOS. But secondly, what would an iOS version offer that the web calculator doesn’t? I use this calculator on my iPhone 5 regularly. I can even print to a wireless inkjet without a problem from the iPhone.

Subject: C-Value! Financial Calculator for Loan Payoffs

Thank you, Karl, for your previous response. I worked through the Loan Payoff Calculator example online. I am sure I will be buying your download if you can assure me it will meet our requirements…

I have questions about a few things:

Can you further describe the “Initial Period Interest Options”?

For example, our buyers made the first payment the day before it was due (which included an extra payment of $100.81). Does the choice “Reduce all” apply here?

When choosing “Rounding,” why choose 360?

The land contract we hold for our buyers states that the interest is to be figured monthly (365/12), since equal monthly payments are due on a set day each month–in that case, should I select “365”?

When to choose “Daily” compounding?

When I chose “monthly” initial compounding, and calculated the payment amount, it equaled the amount stated on our contract. We believe, however it should be compounded daily, since some payments have come as early as 18 days after the previous payment was made; the previous pymt happened to be 8 days late, as a matter of fact. We believe this to be fair, since MORE of the payment interest should go to interest/LESS to principle with late payments; and LESS of the payment should go to interest/MORE to principle if payment is early.

Will this all come out when using your program?

What kind of support do you offer if I was to purchase the program for $19.99?

My second email to “webmaster@Financial-Calculators.com” asking for information was labeled “spam” by your server and bounced back to me?

Thank you!

Marcia

Hi, not sure about the email bounce back. I think that must have come from some intermediate server.

I’ll take the questions one at a time.

`When choosing “Rounding,” why choose 360?`

`When to choose “Daily” compounding?`

These two settings are terms of the loan. There is no right or wrong answer here. Set the terms to whatever the lender and borrower have agreed on.

`Initial Period Interest Options`

If you are using C-Value! or the Ultimate Financial Calculator to track payments, this option has no impact. When tracking payments, the user is entering one payment at a time, for the exact amount and on the date paid. There is no payment amount calculation, and that is what this option impacts.

`Will this all come out when using your program?`

The program supports the features and the calculations will be accurate for the terms selected.

Re, support, via email or the website comment areas.

Helpful as an individual looking to purchase second home. Can fi d out normal payment amount over 15 yrs, yet see the amount I should pay if I desire to pay it off in fewer years – 10 for example. If for some reason I can not pay the extra for a few months, I can recalculate using loan balance.