The loan calculator will solve for any one of four possible unknowns: "Amount of Loan", "Total Scheduled Periods" (term), "Annual Interest Rate" or the "Periodic Payment".
Enter a '0' (zero) for one unknown value.
The term (duration) of the loan is a function of the "Total Scheduled Periods" and the "Payment Frequency". If the loan is calling for monthly payments and the term is four years, then enter 48 for the "Total Scheduled Periods". If the loan payments are made quarterly and the term is ten years, then enter 40 for the "Total Scheduled Periods".
Normally you would set the "Payment Method" to "Arrears" for a loan. This means that the monies are lent on one day and the first payment isn't due until one period after the funds are received.
If the first payment is due on the day the funds are available, then set "Payment Method" to "Advance". This is typical for leases.
The "Amortization Method" should be set to "Normal" unless you have a specific reason to set it to another method.
This is a general purpose loan calculator. You can calculate the loan payment, loan amount, interest rate or term (number of payments) at different payment and compounding frequencies.
Please click on the above "Help" button for details.
For other more specialized online loan calculators, you may want to try one of these:
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