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...»

**01/20/2018: Bug.** Intermittently the loan schedule did not display if a user had entered an extra payment on the options page. **This is fixed.** It seems to me, this could have impacted a lot of users. Folks, I will fix things if you have a problem. Please report any issues in the comment section below. In this case, this was fixed within about 4 hours of me having read a user's comment.

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.

Karl, you are a genius! I should have read through the comments before sending my initial comment. I found your Ultimate Financial Calculator and it fit my needs perfectly. Thank you for sharing your expert tools. By the way, these are so intuitive to use even for a “non” numbers person like me!

Thank you and best wishes to you.

Wow, thanks! Yup, UFC is the right calculator to use for your needs. Glad you found it, and found it useful.

For a traditional loan and flexi loan, I am going to assume the calculations are the same if you’re not going to dump any money in the principal? I mean the method of calculating how much goes to principal and how much goes to interest is the same regardless of the loan type?

By "flexi loan", are you referring to the payment amount changing?

If so, then yes, but I will add one condition to your statement "the method of calculating how much goes to principal and how much goes to interest is the same regardless of the loan type and when the

amortization method is set to Normal"Ah, got it! Thanks, Karl!

You’re welcome.

Hi. I am owner financing a mobile home….The occupants want to pay it off about 1/2 way into the loan term. This is good news.

The only things I don’t know how to calculate are:

The cost of plywood for a floor repair that I paid for them the first month – need to add that to the loan balance (or take it off of the original down payment).

Also 6 months ago, I had to have the property inspected due to an insurance company complaint following the company’s drive by.

I hired an inspector, met with the tenants, had a contractor ready to do work when purchasers emailed that they would do all repairs. So there were those expenses also.

How to best get reimbursed…calculate. I can also ask for those funds to be paid at closing, but they are kind of the type that think everything should be done in their favor and i am certain that they do not want to reimburse me…oh my!

They also owe taxes and insurance for the last year.

what to do if the title company drew up a closing statement that the tenants told them was accurate…NOT!

What calculator would help me with CRAZY!

Have a good and fun day!

For tracking a loan payment by payment and/or for a loan with what we call multiple borrows (loan amount increases) you can use this

loan payoff calculator.Once on that page, scroll down and look at the tutorials. You should look at #1 to get started and then #25 deals with your needs. Also the tutorial about

construction loans#11, should be useful for you as well.Great calculator, easy to use and very comprehensive.

Can you set this up to show a 20 year amortization with a 5 year balloon?

Thank you.

Yes, you can create a balloon schedule with it. It is not required that there be an unknown. What you can do is enter the terms of the loan, loan amount, rate etc and set the payment amount. For the number of payments enter the payment number when the balloon will be due. Click on the "Payment Schedule" button rather than "Calc" for a schedule showing the balloon amount paid.

If this does not meet your needs tell me where it falls short. There are other calculators on this site that will also create a schedule with a balloon. Perhaps one of those will be better suited.

I used your loan calculator with 0 interest and printed the schedule. After about 2 years the payment was increased. I entered the additional information in the options section, but I could not bring up the new schedule. The table chart came up but not the schedule. What have I done wrong?

You are correct.

However, the problem should be fixed now. I say "should" because it takes a while for code changes to propagate across the network. Depending on where you are located, you may not see the fix yet.

Thank you for letting me know. I really appreciate it.