Please tell a friend about us. Thank you.

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...»

New! Multiple Debt Calculator!
Use this Multiple Debt Calculator to test 5 debt reduction strategies including extra payment and Debt Snowball.
Buying or Selling a Car?
This Auto Loan Calculator is an amortization calculator that considers ALL the variables. Sales tax, trade-in value, down payment and more. Calculates APR.
Enter a "0" (zero) for one unknown value above.

©2016 financial-calculators.com, all rights reserved
$ : mm/dd/yyyy

For "#", type a "U" for "Unknown" to pay until loan is paid off.

©2016 financial-calculators.com, all rights reserved
  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.

Much More Than a Payment 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?
  • NEW - what is the impact of extra payments?
loan calculator extra payment results
Loan calculator results showing total extra payments made.
See the payment schedule for total interest saved.

Related: 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.

This documentation is not complete.
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.

115 thoughts on “loan-calculator

  1. Hi,

    I am trying to figure out the true “value” or interest rate of this loan. I loan my friend $20,000. He returns the money as follows:
    90 days later: $1250
    180 days later: $1250
    270 days later: $1250
    1 year later: $21,250 (another $1250 + the original $20k).

    SO – after 1 year, I am making $5000 on a $20000 loan. That sounds like 25%, but since he is holding the original $20k for the entire year, is that really 25% returns?

    Appreciate your insight.

    S

    • First, congratulations on having a friend that pays you back. 🙂

      What you are looking for is a "Rate-of-Return" calculation.

      You can use this Internal Rate of Return calculator

      You’ll find that the IRR will be a bit more than 25% due receiving some payments before the year-end.

      The text with the calculator will give you some background. You’ll need to pay attention to the negative entries vs the positive amount entries.

  2. I have been using your free Loan Calculators for years.
    They have been very accurate and help me greatly.
    Thank you very much.

  3. I used your calculator to determine a payment schedule on a 3 year contract for deed with 30 year amortization and balloon payment. It is an excellent tool and was easily understood by the buyer.

    I am currently considering whether I could use the calculator for a variable rate longer term loan (maybe 15 years) when the 3 year term is finished in about 14 months. I was considering updating loan interest rate every 3 years or so with some formula that would be a factor of 10 year treasury rate or CPI. Assume I would make first calculation for first 3 years rate using 15 year amortization; but only showing 3 years payments. Then at end of 3 years recalculate with updated interest rate with a 12 year amortization; and so forth every 3 years with updated rate and reduced amortization years. Sounds a little complicated right now. Any thoughts on this?

    Thanks for the online calculator. It is really appreciated.

    Bob

    • Bob,

      The loan calculator won’t do what you need, but there is a free calculator on this site that you can use for adjustable rate loans.

      Please try the Ultimate Financial Calculator. 🙂

      If you try it, scroll down the page to the tutorial section. Check out tutorial #1 to get started. Then see this tutorial for a specific example:

      4.  Adjustable Rate Mortgage or Loan
          ARM with interest rate changes on any date you desire
      

      This calculator is very flexible. It could be used to replace nearly every calculator on this site. It does take a while to get use to though. However, if you regularly run into loans (or investments) cash flows that have an irregular component, this is the calculator to use and it should be worth your time to learn.

      Naturally, if you have any questions, just ask.

  4. What calculator should I use where periodic increases in principal can be added to an existing schedule and an updated schedule calculated from that date forward under terms of original schedule, and without changing the schedule prior to that date.

    For example, I have a 10 year owner finance loan where the borrower is supposed to pay property taxes before delinquency. If he does not pay, then I pay and add the amount I paid to the loan principal due at that time. I need future P&I payments calculated based on the new principal from date paid and automatically updated into the original schedule until the end of term of the original loan.

    • Use this financial calculator. It will allow the user to make any payment on any date and there can be additional loan amounts added to the loan balance as time goes on.

      Once on that page, scroll down, and you’ll see a number of tutorials. Check out #1 for an overview of how the calculator works.

      I would also look at this tutorial:

          13. Construction Loan
          Generally a short-term loan with multiple borrows
      
      • OK, thanks for pointing me in the right direction. Your calculator does the job I need. If my borrower wants to add property taxes as extra principal to the original loan, then I will buy the C-Value! program so I can save my work. Do you have any more details on how the 3 computer license works? For example, does an uninstall of the program from an older computer recover one of the licenses so you can reinstall the program on a newer computer? Are there any periodic renewal fees? Are program updates, if any, freely available?

        • Glad to hear the calculator does what you need, Dennis.

          An uninstall does free up a license.

          There are no ongoing fees.

          If and when there is a major version update, then there is a fee to purchase the update – price determined on a case by case basis. Maintenance and bug fixes are free.

  5. HI,

    Firstable I want to thank you for your wonderful work and great calculators! I wish to use this calculator on my site, but I want to translate it in Bulgarian before that. I can send you the translation after to add it to the plugin if you want.

    How can I do that?
    I couldn’t find any .pot or .po and .mo file in it…

    I will be glade if you can help me with info how to translate it.

    All the best,
    Ivan

    • Thank you, Ivan. Glad to hear you feel it may be of use.

      As to the translation, this is something that you can do, at least to a large extent.

      Please go to this folder:


      \fc-loan-calculator\en

      And find this file:

      calculator.gui.php

      You’ll see all the English text that the user sees on the calculator.

      The harder part to translate will be the report and dropdowns (“daily”, “weekly”, etc).

      Those are found in the file located here:

      \fc-loan-calculator\src

      common.LIB.gpl.js
      schedules_and_charts.gpl.js

      After you translate those (or have a programmer do it if you’re not a programmer), you’ll have to use the Google JavaScript Closure compiler to minify the code again and more it to the "min" folder.

Comments, suggestions & questions welcomed...

* Required