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.

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.

Hi, I’m looking for a loan calculator for my website, but I need to set the interest rate so it can’t be overwritten by the customer. They can change the term and deposit etc. Is this possible with your product?

Many thanks

Jayne

Is your website built on WordPress? If so, you can click on the above "Widgets & Plugins" button in the header and select the loan calculator. The way to make it so the users can’t change the rate is to set the input to "disabled". If this isn’t enough detail, post a follow-up question on the plugin page. Thanks.

We run a small consumer loan company and are looking to find a program that will track past dues, figure payoff’s etc. We process eft’s or run cc’s for almost all monthly pmts.

Do you offer anything that would help our company in this respect?

As far as calculating and tracking loan balances there are two options, one is free online, Ultimate Financial Calculator. With this calculator, the user can track or enter any payment amount or interest rate change on any date. It also supports multiple loan advances (as for a construction loan) within the same loan agreement. See tutorial #1 at above link for an overview and tutorial #25 for how to track a loan balance.

C-Value is the Windows version of the above. It has the same features plus it also lets the user save the loan details for later editing. You would install it on a Windows computer. Cost, $49.95.

I should point out that both or calculators and not a loan management application. That is, they do not calculate past dues across a a portfolio of loans. You would need to look at each loan individually.

Thank you so much for this useful tool. I’d like to know how I can add in an additional payment here and there (say an extra $1000 one month, an extra $500 another month) and be able to see the results.

You’re welcome.

As you discovered, this calculator does not handle extra payment. However, I do have another calculator that supports both regular and random extra payments.

Please see the Ultimate Financial Calculator. Once there, scroll down the page and look at the tutorials. There are a couple extra payment tutorials. Plus read #1 to get an overview of how this calculator works.

exactly what i was looking for. Sold a house to someone that knew what he could afford a month. this let us find out how many payments.

The calculator has been having issues with the print layout.. Is there something that can be done?

Also calculating some loans.. I’ve had some trouble with the correct interest amount lately. For example, putting in 8800.- as the loan amount and calculating 52 payments of 215.- biweekly, the interest amount shows as 2480.- In reality, when multiplying 52×215 and subtracting the loan amount 8800.-, the interest should be 2380.- This has happened on a few other calculations as well.

Overall it’s a great calculator and I really want to continue to use it. Could these issues be looked into? Thanks in advance.

I will certainly correct anything that is not calculating correctly. When we talk about the math, however, the details are important.

For your example, what is the interest rate?

Also, it is not possible to calculate accurately the interest paid on a loan using the formula you are using (the calculator did calculate interest that way for the summary at the bottom of the calculator up until perhaps a few months ago). When you look at this calculator’s payment schedule, go to the end and see if there is a "rounding message". Is there? What does it say? Is it $100? The interest shown on the front of the calculator (summary) will match the total interest at the end of the schedule.

For the printing problem – is the problem with the print on the calculator? Or the printing of the payment schedule? Can you give a few more details?

Hi,

Thank you for this promising app.

I have noticed that the selection of the option of 360, 364 or 365 has no impact on the calculation of the payment nor on the schedule. I suggest you have a look…

It won’t have an impact unless:

Hello,

I entered data to create payment schedule for a loan originated on 3/21/17 in the amount of $43,698.00, with interest accruing at 9% per annum, and payments of $1000/month commencing on 12/1/17.

The first line of the resulting Payment Schedule is dated 3/17/17 and shows a Payment of $2,414.41, Interest of $2,414.41, Principal of $0.00, and a Balance of $43,698.00.

The $2,414.41 appears to be the interest accrued from 3/17/17 – 12/1/17, but why would it be showing a corresponding payment in that same amount? The end result is that the balance due as of the first payment date (12/1/17) is simply the original loan amount.

Thank you,

Dan

Hi Dan,

I’ll assume the schedule payment frequency is something less than annual. If this is correct, the time between March 17th and Dec. 1 results in what is called an initial long period. And you are right, what you are seeing is the accrued interest for that long period. By default, the calculator handles the interest due for the long period as "prepaid interest," that is, it is due on the origination date of the loan.

But notice I said, "by default." 🙂

If you don’t like this, then go to the options tab and down near the bottom, there is an option call "Long Period Options." You can set the calculator so this initial interest is paid with the first payment due, or you can also amortize the odd day’s interest, that is, in essence, it will be added to the balance of the loan.

Does this help? Or do you need for this interest to be handled in some other way?

OK, I chose “amortized” and it worked. It was not intuitive to figure out how to do that, but nevertheless this is a very useful calculator. Thank you!

You’re welcome. It is always a challenge to figure out how to make some of the more subtle settings intuitive. If you have any suggestions, feel free to make them.

Glad it worked for you.

Hi,

Appreciate the use of your calculator!

A quick question re my NFCU residential mortgage loan. Under initial loan values it reports “Number of payments 54,” “1st payment due 10/23/2017” and “last payment due 10/14/2024” but the payment schedule shows a last payment #108 on 11/15/2021.

I entered

loan amount $253917

Annual in rate 2.5%

Loan date 10/6/2017

payment freq every 4 weeks

periodic payment $3961.52

options:

additional $1000 payment every 28 days through life of the loan

interest compounded monthly

Which is the correct loan payment end date…11/15/2021 or 10/14/2024?

Looking forward to hearing from you.

Chris

Hi Chris, sure thing. I’m happy you are using it.

Yeah, I have to think of some way to make this clearer. Both dates are right. 🙂

"Last Payment Due" is just that – when the last payment would normally be due without any extra payments. The schedule itself shows the impact on the term of the extra payments. The intent is to give the user some way to see how the term of the loan is being impacted by the extra payments.

By the way, if you like studying numbers, then you may want to give this mortgage calculator a try. You can factor in an appreciation rate and calculate a final appreciated value. I like to compare the expected appreciated value to the total principal and interest paid on the loan. The calculator will also calculate the potential tax savings if you are able to deduct the loan interest and the property taxes from your income taxes. Basically, those features are added to what this calculator can do.