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 time value of money 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.

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! :)

Can you guys put back the old calculator because this one doesn’t work if the payment frequency is daily and compounding is monthly.

It does now.

Isn’t working what I try to calculate number of payments with biweekly payments/monthly compounding. Get an error message saying “Cannot calculate term when initial period is irregular length. Dates must match frequency.”

That’s not so much an error message as a message that tells the user about a limitation the calculator (at this time) has — it can’t calculate the term when the compounding and payment frequencies don’t match. If you set compounding to be the same as payment, you can calculate term. Term calculations are imprecise anyway (because it’s not possible to have 3/4 of a payment period, for example) which is what you would most likely need when you pick a payment amount.

Further, even after the calculators are updated to allow calculating term with mixed payment and compounding frequencies, the difference you’ll get with monthly/biweekly and monthly/monthly might be a period less. Do the calculation with monthly/monthly then change to monthly/biweekly using the term calculated to run the schedule. Depending on the rounding, you can adjust the term by a period, if you desire.

Since you are using biweekly payments, would this biweekly loan calculator be a better choice for you?

Sorry if TMI.