- Monthly payment
- Amount of monthly dollar payment for this loan. It is assumed that there will be no additional payments. It means all the payments will be made as per the schedule and at the beginning of each month.
- Interest rate
- Rate of interest for the loan contract. This rate is applied on the outstanding loan balance till the current period. This rate is useful to work out the monthly payments. The annual interest rate should not be confused with annual percentage rate which is much higher than this rate. The APR is higher because it includes origination fees and mortgage insurance premiums.
- Term in months
- Number of months over which the loan should be repaid.
- Loan amount
- Total amount of the loan. Input the initial amount of this particular loan not the remaining balance.
- Calculate for
- Choose what you want to calculate. You can calculate the remaining loan balance, rate of interest, term length, or the monthly payment required to pay off the loan.