The remaining balance calculator calculates the principal balance after a particular payment number or any one of four other variables.
If you have a four year car loan and you've made a year and a half of monthly payments (18 months), this calculator will tell you the balance of the loan.
Enter the original loan amount, say $28,500. Enter 6.5% for the "Annual Interest Rate" and 18 for the "Remaining Balance @ Period (#)". Enter your "Periodic Payment". We'll assume $675.88. Enter '0' (zero) for the "Balance After Payment #". Leave the other setting set to their default values. Click the "Calc" button (of if you want to see a more detailed schedule, click "Payment Schedule" or for charts click the "Charts" button of course. (With this calculator, there is no need to click the "Calc" button first.) The result is $18,667.96.
NOTE: The actual balance may vary slightly. This is because the calculator calculates the balance after the payment. If some days have passed since the payment was made, then interest is accruing for those days since the last payment. You can use our Exact Day Compound or Simple Interest Calculator to calculate any odd days of accrued interest.
The "Payment Method" option is normally left set to "Arrears" for loans. You would use "Advance" for finding the balance of a lease. The difference between the two is this: If the first payment is due and paid on the same date that the loan was made (that you had use of the monies from the loan), then you would set this option to "Advance", otherwise you would set this to "Arrears".
Update 09/10/2012 Added ability to create payment schedule and charts to visualize the cash flow. Updated to solve for any one of five unknowns and not just the remaining balance. This means a user can structure nearly any loan scenario. Example: Answers question "What does the periodic payment have to be so that the balance remaining after the 60th payment is $400,000?"
Calculates the remaining principal balance for a loan immediately after any payment is made. Additionally it calculate the loan balance when the next payment is due. This second calculation includes the accrued interest due since the prior payment. The combination of the two calculations enables you to know the loan balance either just after a payment is made or at the time a payment is due.
Please click on the above "Help" button for details.
If you need to calculate a loan balance as of an exact date, then we suggest you try a free evaluation copy of SolveIT!, C—Value! or AmortizeIT!. They will all easily handle this task for you. The difference between the programs is what calculators are bundled together (SolveIT! includes all of our calculators).
For other more specialized online loan calculators, you may want to try one of these:
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Calculate exact date balances...
Time Value of Money