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Every loan has four primary attributes or variables. (1) The loan amount, (2) the number of payments, (3) the annual interest rate and (4) the payment amount.
Enter any 3 values and zero ('0') for the unknown value. Click the [Calc] button for a schedule.
The 'Loan Date' is the date the monies are advanced. It is also called the 'origination date'.
The 'First Payment Date' is the date the first payment is due. It may be the same date as the 'Loan Date' but not usually. When they are the same this is known as 'Payment-in-Advance' and this is typical for leases.
'Payment Frequency' determines how often payments are made. Monthly is the most common in the USA.
'Compounding' impacts how interest is calculated. In most cases 'Compounding' should equal the 'Payment Frequency'.
'Points' are charged on some loans by the lender. Points are expressed as a percentage of the loan amount. A 300,000.00 loan with 2 points results in an extra fee due the lender of 6,000.00. Points are common for mortgages in the USA only. Normally, you will want to leave this input set to 0.0%.
The 'Amortization Method' should almost always be left set to 'Normal'. If the loan originates in 'Canada' then you'll want to set this to the 'Canadian' method. In some special cases loans will have only the interest paid as the regular payment or no interest at all. In that case, you can set the 'Amortization Method' to accommodate those types of loans. The Rule-of-78's is sometimes used for car loans or other consumer loans.
To print any loan schedule, click on 'Print Preview' and then 'Print this schedule'.
If the first period, the period of time between the 'loan date' and the 'first payment date' is longer than one full period, then there will be interest on the 'extra days'. This is known as 'odd day interest'. The odd day interest, with this schedule, is shown as being paid on the loan date. Example: if the 'load 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.
Note: This calculator allows for an irregular length first period. The payment calculation compensates for short or long first periods and this will cause you to get results that do not match other calculators. If you are trying to match other calculators then set the "Loan Date" and "1st Payment Date" so that they equal 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 IF you want a conventional payment amount.
Amortization is the process of paying back a loan with a series of payments. An amortization schedule shows the user what part of each payment is applied to principal and what part is applied to interest. A fully amortized loan is a loan that is paid off — that is, the balance is zero.
Our online amortization schedule offers the user a lot of flexibility that we have not found when using other online amortization schedules. First, regular loan payments may be set to any frequency, not just monthly. Compounding frequency may be set separately from the payment frequency.
Secondly, with nearly every loan, the first payment date does not fall one full period after the day the monies are lent (the loan date). This causes an irregular length first period. Because this amortization schedule allows you to set the loan date and first payment date separately, it supports irregular length first periods. Note, if the first period is longer than the selected payment frequency, then this causes "odd day interest" to be calculated. If you see an interest amount in the first row of the schedule ("Init/1"), this is why — the first period is longer than the other periods.
Additionally, in the US, for real estate transactions, there are often "points" charged on a loan. This calculator has the ability to calculate and show the dollar value of the points being charged.
Finally, while most loans are calculated using a "normal" amortizing method, our amortization schedule does give you the ability to amortize a loan using the "Rule-of-78s", the "Canadian method" or the "fixed principal method" in addition to several other amortization methods.
Click on "Help" for more details.
Certainly this calculator has a lot of features, especially when compared with other online amortization schedules. However, there still may be calculations that you want to do that this calculator does not support.
if you need to do any of the above or more, then download and try a fully functioning, 21-day evaluation copy of SolveIT!, C-Value! or AmortizeIT!.
If you want guidance in selecting a program, then please email:
sales@pine-grove.com
and tell us what you want to accomplish and we'll be more than happy to make a suggestion.
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