With this amortizing loan calculator you can evaluate the loan amount for a given amount of payment, or the amount of payments required for a given loan amount. This critical job is simply done by taking the interest rate and term length into consideration. Furthermore, you can graphically analyze the loan balance, payment schedule, and total principal and interest payment with the help of exclusive graphs and tables. Input in specific fields the amount of monthly payment, term length (in months) to repay the loan, total loan amount, and the interest rate you will be charged annually.
Amount that is paid monthly for the loan.
Term in months
Term length (in month) to repay the loan. It’s the total number of months you are allowed at maximum to repay the loan amount.
Total amount of the loan contract. This is the beginning balance of the loan during the initiation of the loan contract.
Rate of interest charged yearly for the loan. Dividing this rate by 12, the yearly rate is converted to monthly rate for the purpose of finding the monthly payment. But you need to mention the yearly rate only and the calculator will automatically adjust it for monthly rate calculation.