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."

3 Easy Ways to Save on Your Next Loan

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.

Please explain what you mean by a “normal” loan? Is this a 365/360 loan, a 365/365, or something else?

As for Canadian loans, only mortgages are compounded semi-annually. Personal loans are based on simple interest.

I’ll try.

These are two different things. "Normal" is an amortization method while the "Days per year" impacts the interest calculation. Notice these are 2 different setting for this calculator. (The days per year setting is under the "Options" tab.)

So, you can have in "normal" loan that uses either a 360 or 365 days just as you can have an "Interest Only" loan that uses 360 or 365.

Note that the 360/365 day selection only impacts interest charges when there are odd days or when the compounding is set to daily or exact/simple.

Good afternoon, Im having an issue with the loan calculator on one of my sites. I installed it and tested it at http://www.20westdigital.com/calculator and it works perfectly. But I did the exact same thing on the live environment, and all I see is the short code. http://www.pmghome.net/loan-calculator Any help would be greatly appreciated. Thanks!!

Hello, silly question. Did you remember to activate the plugin on the live site?

Take a look at the source of the test site. At the bottom of the page, you’ll find these JavaScript files being included:

They are not included in the source on the live site.

Hi Karl,

Thanks for the speedy reply! I did activate it. Im not sure what I have done differently. Should I maybe uninstall and reinstall the plug in?

FC Loan Calculator

Deactivate

A responsive loan calculator with amortization schedule and charts. Rebrand with your brand name. Supports multiple currency and date conventions.

Version 1.2.0 | By financial-calculators.com | View details

Hmmm. I don’t know what to say Eric. I’ve not run into this problem before. The two sites do not appear to be using the same theme. Perhaps the theme running on the live site is not compatible?

Or has the new site been upgraded to WordPress 5.0? If so, I’ve not yet tested the plugins in v5. I understand that shortcodes work differently.

You can certainly try uninstalling and then reinstalling, but I’m not too hopeful about that working. For some reason, the plugin’s code is not being called from the page.

Do you know about ‘functions.php’? Are they the same on both sites?

Karl,

Taking your notes, I omitted the back-end editor that theme was using and just put the raw code in the new page and it worked just fine. Looks like the theme was ripping out the JS. Thanks for all your help today!

Eric

Glad to hear you have it working. Thanks for letting me know.