Credit News

# Loan Calculator

Since you may have happened upon this loan calculator to calculate a monthly payment, I’ll cut to the chase. You’ll only need to enter three numbers, and you can leave the other dozen or so options untouched.

Here’s all you need to do.

• Click clear and enter values for:
• Loan Amount
• Number of Payments
• Annual Interest Rate
• Leave Loan Payment Amount set to 0.
• Click either Calc or Payment Schedule.

There you have it. Now you have what you need.

This calculator though offers users so much more. Spend a few minutes with it, and you’ll see. More below.

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VERY IMPORTANT – You must enter a 0 if you want a value calculated. Some users have been frustrated by this. They want to know why the calculator does not just recalculate a payment if they have changed the loan amount, interest rate or term.

This is because we want the calculator to be able to create an amortization schedule using whatever parameters you want to use. This behavior is a feature! After all, there is no such thing as a correct loan payment. The payment amount is correct as long as both the lender and debtor agree to it!

ABOUT DATES – This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will result in payment amounts as well as interest charges that do not match other calculators. If you want to match other calculators then set the Loan Date and 1st Payment Date so that the time between them equals 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, that is IF you want a conventional interest calculation. See the end of the Help text for some more details.

Of course, you can always leave the dates set as they are when the calculator loads.

## Much More Than a Payment Calculator

Since the calculator will solve for multiple unknowns, it can easily be used to answer the following questions:

• How much can I borrow?
• What would my payment be?
• What is the lending rate?
• How long will it take to pay off my loan?
• What date is my loan paid off?
• NEW – what is the impact of extra payments?

See the payment schedule for total interest saved.

## Loan Calculator Help.

This 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 payments are made quarterly and the term is ten years, then enter 40 for the Total Scheduled Periods .

The Amortization Method should be set to Normal (level payments) unless you have a specific reason to set it to another method. Fixed Principal causes the amount allocated to principal to be the same each period which result in decreasing payments.

If the terms of the loan call for a 0% interest rate, then the Amortization Method must be set to No Interest, otherwise entering a zero for Annual Interest Rate? will cause the calculator to calculate an interest rate. Selecting No Interest, also lets the user set the payment amount to 0 to tell the calculator to calculate it.

When the first period, the period of time between the loan date and the first payment date is longer than one full period, there will be interest due for the extra days . This is known as odd day interest. Example: if the loan 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. How the odd day interest is calculated and collected is controlled with the Long Period Options. By default, the odd days interest is shown being paid on the loan date.

Conversely, if the time between the loan date and first payment date is less than the payment period set, then the first period is said to be a short initial period and the first payment will be reduced due to less interest being owed. How the payment amount and interest is calculated for a short period is determined by the Short Period Options.

On a more general note, we have been discussing details about loans, some structured with unusual features, over several decades. At this point, we believe our software calculators can create a schedule for any structured settlement loan that exists. If you have a loan with special requirements, please ask.

Hopefully, you’ll find this loan calculator as well as all the financial calculators on this site to be useful tools. Why not take another sip of your favorite beverage and explore for a few minutes? Start by checking out The Reading Room. Here you’ll find a half dozen articles, written by professionals, about money.

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# Loan Amortization Calculator

Simply input details about your loan such as the interest rate, amount borrowed, any down payment and the loan term. The calculator will the calculate details of your loan such as the required payment amount and a number of graphs showing financial details of your loan through time.

You can also see an amortization schedule of your loans payments by clicking the Create Amortization Schedule button which will produce an amortization table in a separate, printable window.

Many of the inputs and outputs of the calculator are fairly self explanatory. Here we will provide information on some of the more detailed functionality of the calculator:

The calculator will graph financial metrics through time. One of these graphs shows the total principal remaining as well as the cumulative interest payments.

You can see that early in the loan, the total principal decreases slowly while the cumulative interest payments increases at a faster rate than during the latter part of the loan.

This is due to the greater interest accumulating on the larger balance and therefore, a greater portion of your regular payment is going to payoff this interest in the initial part of the loan.

It is for this reason that making a few larger payments early in the life of the loan can have a strong effect on reducing the total interest you will pay over the course of the loan.

You can also see a graph of the principal and interest components of you regular payments through time. You can see very clearly here what we were talking about above where initially, your payments are paying a large interest component and a smaller principal component while this situation reverses as the loan matures and your remaining principal decreases.

The calculator can also produce an amortization schedule of you loans payments by clicking the Create Amortization Schedule button. This table is produced in a separate window to allow easy printing of the amortization schedule.

The amortization schedule will show for each payment, the total payment, how much of the payment was off the principal verse the interest of the loan and the total remaining balance on the loan.

The table will then total your interest payments so you can see the total interest paid through the course of the loan.

Understand the Role of this Calculator

Please understand that it is not possible for a calculator such as this to take account of all the financial factors that may affect the costs associated with you loan. For example, different countries may have different tax implications and there may be various fees associated with different loans.

As such, the calculator should only be used to get an initial idea of the costs associated with a loan rather than being used as financial advice. For proper financial advice, you should consult a financial professional who can look at your situation and the specific details of your loan in more detail.

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# Bank of India Home Loan Interest Rates 2017 EMI Calculator online

Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest rates 2017, Documents Required Bank of India Housing loan. Current Interest Rates starts from 8.40%.

### Bank of India Home Loan Details

The Salient features Benefits Why to choose Bank of India Home Loan Schemes:

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Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate

### Latest Interest Rates of Bank of India Home Loans 2017

STAR HOME LOAN SCHEME – Interest Rates are 8.55% for women, 8.60% for others

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### Bank of India Home Loan EMI Calculator

Enter your required loan amount, Interest Rates No. of repayment years and click calculate answer in front of you within seconds.

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Available Products of Bank of India:

# Current Auto Loan Interest Rates

Estimate your monthly payment with a car loan calculator.

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# Ultimate Mortgage Calculator New!

8 calculators to compare mortgages, from ditching your fix to saving for a deposit

## Basic mortgage calculator

Shows the cost per month and the total cost over the life of the mortgage, including fees interest.

### Could you get a cheaper rate?

Use the MSE’s Mortgage Best Buys Comparison to find the best deal for you.

### Your remaining debt

(assuming your interest rate stays the same)

## The nerdy bit see how the debt is gradually paid off

In the first few years of the mortgage, you’re paying proportionally more interest, so the debt only reduces slowly, as the table above shows. However, making overpayments can eat into the debt and massively reduce the amount you repay in total as it means less interest overall (always check there aren’t overpayment penalties beforehand).

This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.

It’s important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors (please report faults above).

### Assumptions

In order to create these results, we have had to make a few assumptions:

• 1) Interest is charged monthly.
• 2) Interest rate stays the same over the term.
• 3) If you selected ‘Interest only’, we assume your standard monthly payment doesn’t decrease even if you pay off some of the balance.

### How this site works

We think it’s important you understand the strengths and limitations of the site. We’re a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong.

• This info does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances and remember we focus on rates not service.
• Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.
• We don’t as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it’s rarely made public until it’s too late (see the Section 75 guide for protection tips).
• We often link to other websites, but we can’t be responsible for their content.
• Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

MoneySavingExpert.com is part of the MoneySupermarket Group, but is entirely editorially independent. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code.

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# auto loan payment calculator

## What would my loan payments be?

The loan amount, the interest rate, and the term of the loan can have a dramatic effect on the total amount you will eventually pay on a loan. Use our loan payment calculator to determine the payment and see the impact of these variables on a specified loan amount complete with an amortization schedule.

#### Advantages of a Good Credit Score

Interest is the charge added to a loan that makes up the cost of money. Interest is usually expressed as a percentage of the loan principal. The principal is the original amount of the loan. The interest rate tells you what percentage of the unpaid loan will be charged each period. The period is usually a year but may be any agreed-upon time. Here is how it works. Let’s say you loan your friend \$100 at 5% annual interest. At the end of a year the period you should receive \$105, or \$100 of principal and \$5 interest. Simple, isn’t it?

Let’s say your friend doesn’t repay the \$100 principal, but pays you only the \$5 interest; then the next year your friend will still owe you the \$100 plus another \$5 in interest. The preceding is an example of simple interest. Simple interest is the amount of money to be paid each period on a principal amount due.

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In personal finance, you set financial goals so you can plan your budget around those goals. After all, they are your priorities, aren’t they? Here is how financial planners work with budgets:

A budget has two main components: cash coming in (inflows) and cash going out (outflows). If you subtract the outflows from the inflows, the answer should always be zero. That is called balancing the budget.

#### Credit 101

An important part of personal finance is how you manage your debt. Ideally, you would not have any debt, but in practice, most families do. It is not likely that most persons would be able to buy a car, a house, an education, or even major appliances without having to incur some debt. Sometimes, debt may actually be desirable, especially if you could borrow money at a low interest rate to make a high-interest investment.

Debt makes everything cost more. If you saw a sign in a store window advertising “Sale — Everything 25% Off,” you might be tempted to rush in and buy, buy, buy. But what if the sign said “Sale — Everything 25% More Than Marked”? That is just what happens when you pay for goods and services using debt. Moreover, you may be using debt without even realizing it.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

# Today’s Interest Rates and Financial Advice:

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

November 14th 2017

The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

November 13th 2017

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

November 13th 2017

Here’s how to make all of the right decisions so that you’ll save more, invest wisely and take full advantage of all the tax breaks to build your retirement nest egg.

November 10th 2017

It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

November 10th 2017

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

November 8th 2017

##### Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.