You can use this calculator to calculate loan details when the down payment is expressed as an amount. (If you need a calculator that works with a down payment that is express in percent, then use our mortgage loan calculator.
Unlike our general loan or simple loan calculators, this calculator will allow you to have more than one unknown value in certain cases.
To indicate an unknown value, enter '0' (zero).
You can enter the price of the car (or other asset), the down payment amount you have available, the total number of periods you want the loan for and the interest rate. When you click on "Calc", the amount of the loan and the monthly payment will be calculated.
If you enter the loan amount and 0 for the down payment amount, then the calculator will calculate how much down payment you need.
If you enter 0 for the price of the car, a down payment amount, 0 for the amount of loan, the total periods, the interest rate and the payment you can afford, the calculator will calculate the amount of the loan and the price you can afford to pay for the car. You can use this calculation to tell you what you can afford to pay and borrow and still stay within a budget.
Update 01/18/2013 (BETA): Changed technology used which is both faster and more reliable (fixed "Can't calculate result" problem that some people experienced). Added ability to simultaneously calculate total price and loan amount. Please let us know of any problems — contact us
The name of this calculator is a bit of a misnomer. You may use this calculator to calculate a loan for any asset which requires a down payment. It will calculate any loan variable including down payment amount, the price of the asset or the loan amount in addition to payment amount, term or rate.
Click on above "Help" button for more details.
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Time Value of Money