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.

Can you guys put back the old calculator because this one doesn’t work if the payment frequency is daily and compounding is monthly.

It does now.

Isn’t working what I try to calculate number of payments with biweekly payments/monthly compounding. Get an error message saying “Cannot calculate term when initial period is irregular length. Dates must match frequency.”

That’s not so much an error message as a message that tells the user about a limitation the calculator (at this time) has — it can’t calculate the term when the compounding and payment frequencies don’t match. If you set compounding to be the same as payment, you can calculate term. Term calculations are imprecise anyway (because it’s not possible to have 3/4 of a payment period, for example) which is what you would most likely need when you pick a payment amount.

Further, even after the calculators are updated to allow calculating term with mixed payment and compounding frequencies, the difference you’ll get with monthly/biweekly and monthly/monthly might be a period less. Do the calculation with monthly/monthly then change to monthly/biweekly using the term calculated to run the schedule. Depending on the rounding, you can adjust the term by a period, if you desire.

Since you are using biweekly payments, would this biweekly loan calculator be a better choice for you?

Sorry if TMI.

On the schedule the print is so small when printed that it is difficult to read even after enlarging it.

Printing does vary from browser to browser and even between different versions of the same browser. (This is due to inconsistent standards.) Please tell me what browser and version you are using and I’ll try to take a look. Also, is the problem when you are printing the schedule, or just using the print button on the calculator?

FYI: I test with current version of Chrome and IE 11. Chrome gives the best results but IE 11 should also be ok.

Using the same input information, I get two different final payments with this calculator and the amortization calculator. With this calculator the final payment is $92.00, but using the mortgage calculator with the exact same information, the last payment is $99.09. Why is this?

Input info: term 36 months

Principal: $4000.00

Interest: 2.0%

Payment: $115.00/mo

Compounding: Monthly

Payment: Monthly

I would like to suggest that for this Loan calculator a start date be optional. As is, it assumes the start date at the first day of the month following the input month.

I think I answered my own question: one uses advance payment, the other uses “arrears” payment, meaning interest is figured for the month, whereas the advance payment would be less 30 days interest. Or something like that I think. So then, is a mortgage considered Advance or Arrears? It would seem to be Advance, yet it was the larger final payment. So, I’m still confused.

Before we get into details, because I’m not clear exactly on just what calculators we are talking about, the final payment may seem to vary between two calculators due to various options, particularly the final payment rounding option (which users do not, in all cases, have access to setting only because I want to try to keep some things as simple as possible).

In addition to this calculator you mentioned both Amortization Calculator (Schedule) and Mortgage Calculator. These are two different calculators on this site. I think you are only referring to the Mortgage Calculator, correct?

If you use the Amortization Schedule, then you have full control over both the loan date and the first payment date – which lets you set an irregular first period if necessary.

Generally, mortgage or loans are payment in arrears. All payment in advance means is that the first payment happens on the same date as the day the monies are lent. If the first payment is paid on any day after the day the monies are lent, then we have payment in arrears. (With payment in advance there is no interest collected with the first payment only.)

When I enter your values into both this loan calculator and the mortgage calculator and set the payment amount to $115.00 month, I get the same final payment of $99.09, leaving a 0 balance.

Feel free to ask anything else if this is not clear.

I don’t see an option as to being able to have the calculation based on 360/364/365 days. It would be nice to be able to have that option if it isn’t already there and I am not finding it.

Some calculators have this option and others don’t. In some cases, there are fewer choices just to keep things simpler, which itself is a feature.

But all is not loss. Please try the Amortization Schedule Calculator. It does all that this loan calculator does, plus it gives the user the ability to set loan and first payment dates and the days per year. Click on the “Settings” button for the 360/364/365 options.

Hi

Where can I get the source codes for this Calc

The source code isn’t available.

However, are you looking to put this calculator on a website? If that’s the case, I’ll have versions for other websites available sometime this month. You’ll be able to control style/colors and you’ll be able to label them with your own brand.

Thanks. please notify when ready

I want to get loan schedule for a loan already running its . it will be better if i get a loan calculator which can set a previous starting date . My Loan is started on 30 June 2015 . i need schedule for that laon

No problem. Please use this amortization schedule. With this calculator, you can set both the loan date as well as the first payment date.

The calculator gave erroneous results:

$59,500 loan

$1,000 mo. payment

Interest rate of 2.65% compared with 2.85%

Results on your calculator were the same for both rates and not correct for either.

I believe I understand your point, though it would have been useful if you had provided a few more details. I assume you are solving for the term and then looking at the bottom of the calculator for the total interest. The total interest shown is an approximation. The reason is, the formula is the total number of payments times the payment amount less the loan amount. This formula does not allow for the rounding necessary (typically at the last payment period) for most loans.

If / when you need precision, please look at the schedule. The value in the header and at the end of the schedule is accurate.

I’ll update the calculator’s help to reflect this detail.

Hope this helps.

I’ll add two more things. The discrepancy is going to be greatest when solving for term. It’s just the nature of the math since when solving for term, the payment amount used will frequently not be the “ideal” amount – that is, the amount that requires the least amount of rounding.

Based on your comment and your detail review of the results, you perhaps would be more interested in using the Amortization Schedule. It also gives the user control over the loan date and first payment date.

I love it. Worked perfectly for my particiular situation.

Thank you for this great tool. I am trying to calculate a loan’s monthly payment …it has 0% interest but the system is telling me there are too many unknowns. Any suggestion? Thanks.

Thank you. And of course I have a suggestion! 🙂

Change the “Amortization Method” to “No Interest”. This is what tell the calculator to ignore the 0 entered for unknown interest rate.

NOTE: After you calculate, you may see a very small interest amount for “Total Interest”. This is due to the calculator not allowing for the final rounding adjustment at that point since the schedule was generated. For complete picture, including rounding adjustment, please see the “Payment Schedule”.

Great! All I need, in a simple straightforward layout. I especially appreciate that you can pick which variable to leave blank without having to leave the page and start over again with some other premise. All the what-ifs can be answered in one page.

Im trying to put together a Mortgage with these parameters.

Principal Amount of $125,000

Yearly Interest Rate of 3.5%

Amortized over 30 years

With a balloon payment at 7 years.

And Payments starting 3 months after closing date.

Is this possible?

Thanks, the website as a whole has been a great tool for calculating Seller Financing for my Real Estate Deals.

www.oasishomebuyers.com

Yes, it is possible. I would recommend a different calculator however, particularly since you do seller financing. Please try the

You could also use the Amortization Schedule but you’ll have to do the calculation in 2 steps. 1st calculate the payment based on the 30 year loan. Then enter that calculated amount into the input for the payment amount, change the number of periods to 84 for the 7 year loan and click the payment schedule button.

Hello Karl, I have to issue a promissory note on the following terms. What calculator do I use? Can you assist to figure this out?

437,250 repayable in full over 8 years from 1.1.17. There shall be no pmt for the first 24 months only interest accrues. 25th month principal and interest starts for 6 years.

Interest (currently) is 6.25% variable rate adjustable quarterly compounded monthly based on the WSJ Prime rate plus a margin of 2.75% with no Pmts to me for first 2 years. Thank you.

Regards, Wolfgang

Wremkes@whjr.com

Hi Wolfgang, you should use the Ultimate Financial Calculator

Scroll down the page and you’ll see a series of tutorials. Everyone should read #1 to get acquainted with the calculator. Then for you, take a look at tutorial :

Is the page down today? I am trying to calculate an interest rate and it isn’t calculating one? I typically use the page and it usually works Great!

Thanks,

Laura

Hi. Sorry about the problem, I just tried it and had no issues. Is your connection slow today and/or, has the page fully downloaded?

Yes the page was down loaded fully. I did try on a different amount here a few minutes ago and it worked just fine on that loan amount. I am wondering if the people are lucky enough to have a 0 IR or if this one is just not working for me LOL! Monday on a Friday 🙂

What are the inputs? I’d like to take a look. Sometimes interest rates can’t be calculated, but in those cases, the calculator should tell the user.

$30550.00 , 60 mos, $536 a month, daily compound

Sorry wrong one ….It was $23,160.00, 60 months, $386.00 monthly with daily compounding

Thanks for the example. Guess what? The calculator is solving the interest rate. It’s 0.0% 🙂

Here’s why, you’re saying that there are 60 payment of $386. 60 X 386 = 23,160.00 which, of course is the loan amount. There is no “extra” for interest. Thus the 0.0% interest rate.