# Payment Calculator

#### Info...

## Payment calculator help...

This payment calculator assumes monthly payments while user enters number of years. User has fewer options with this calculator than with other calculators on this site, but that makes the calculator faster to use and smaller - making it a particularly good choice for smaller screens. (Though our other calculators will work fine on small screens too.)

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

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

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.

## Katrina Wegmann says:

How can I adjust the loan date and first payment due date?

Katrina Wegmann

## Karl says:

There are 2 calculators which should serve your needs:

Amortization Schedule

Ultimate Financial Calculator

The amortization schedule is simpler to learn, but not as flexible. The TVM calculator will let you set the individual payment dates. If you give the TVM a try, then see tutorial #1 – the link is about half way down the page.

Please let me know if you need something else.

## Meredith says:

Is there a plugin that gives you a “Days With Interest Free Option” input field?

## Karl says:

You can get a payment schedule that has days when there is no interest calculated using this finance calculator, which is what your goal is, I assume. It doesn’t ask for the number of days. They way it works is, you can set the interest rate to 0% and then there will be no interest, of course. The calculator lets you change the interest rate as often as you like and on any day you like. If the beginning of the loan term is when there is no interest, then start with 0%. Then enter the loan amount in the first row followed by any payments you want. Then enter a row with an interest rate change for the date the interst starts to accrue.

When you get to the calculator page, scroll down, and you’ll see a number of tutorials. Look at #1 and then see the one about adjustable interest rates.

If you have any questions you may ask on that calculator’s page.

## david brenner says:

Nicely done! Thank You!!

## Karl says:

You’re very welcome. Thanks for stopping by.

## Rudy says:

is there a function that will allow me to plug in irregular payments and recalculate balances? Other free/very cheap tracking program?

## Karl says:

Yes, there sure is.

Please see Ultimate Financial Calculator.

Once on that page scroll down to the tutorials and check out #25 (and #1 to get started).