Compare two loans -or- Calculate payments for a single loan.
Amortization Notes
Payments are rounded up to the nearest cent (since people can't write checks in fractional pennies). This payment rounding typically results in slightly lower total interest payments than the main loan calculator shows. This is also the reason the final payment is typically a little less than the rest of the payments (there's slightly less accumulated interest over the course of the loan due to rounded up payments).
Select Calc Term from the button's popup menu (the up arrow).
Enter the current credit card balance in Loan Amount .
Enter the card's current interest rate in Interest Rate .
(check your statement or call your credit card provider if necessary)
Enter the amount you can pay each month in Payment .
Press the Calc Term button.
The loan's Term field now reflects how long it will take to pay off the credit card with the specified payment amount and interest rate.
Press the Calc Term button.
Loan #2's Term now reflects the shortened Term as a result of the extra payments. Repeat steps 4 5 as often as you like to see how different payment amounts affect the loan's duration (aka Term ).
Analyze an existing loan.
Set any 3 of the 4 values (identically for Loan #1 Loan #2) and compute the 4th value.
When setting values:
Loan Amount = Remaining Balance
Term = Remaining Term
For example.
Select Calc Interest Rate from the button's popup menu.
Enter your monthly payment for Payment , the remaining balance for Loan Amount , and the remaining number of payments for Term (be sure term units are set to mo for months).
Press the Calc Interest Rate button.
If computed values differ significantly from your existing loan, double check that you entered the correct values for the other fields.
Select Calc Loan Amount from the button's popup menu (the up arrow).
Enter the Interest Rate , Term , Payment for one or both loans.
Press the Calc Loan Amount button.
The Loan Amount field will now reflect the calculated loan amount. To try different scenarios adjust the Payment , Interest Rate , or Term and press Calc Loan Amount again.
Mortgage Payments
Mortgage payments include escrow payments which are intended to cover property taxes and insurance. Escrow payments can add significantly to a borrower's total Payment amount.