With Payment Schedule

Since you may have happened upon this loan calculator because you want to calculate a typical monthly payment, I'll cut to the chase.

There are perhaps only a few things simpler than calculating a payment amount with this calculatorf. Most likely you'll only need to enter three numbers, and you can leave the other dozen or so options untouched.

If you want to calculate a payment amount:

- 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!

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".

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 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 enchance 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.