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Money Tools - Calculate Loan Payments Tool:
The Calculate Loan Payments tool will help you be a better-informed borrower. What is the true cost of your loan?
Is it better to take the lower interest rate or the longer payoff period? What will your monthly payments be?
How much interest will you pay during the life of the loan? How much faster could you pay off the
loan if you make additional payments? How much interest will you save?
The answers to these questions are at your fingertips as you use this powerful tool. Create what-if
scenarios and compare loan programs. Determine the best loan program for your needs. No need to
wait for that busy loan broker or bank representative to get back to you.
Enter the amount, APR (interest rate) and duration of the loan. Loan payment periods may be on a
monthly or yearly basis. Interest is compounded on the payment period. The monthly or yearly payment,
total amount of payments, and total amount of interest charged will be calculated.
You can also enter an additional amount to be paid each period and view its effect. The number of periods at which
the loan will be paid off and the amount of interest you will save will be calculated. Significant savings
on interest can be achieved through even small additional payments.
In the above example, the borrower wishes to borrow $25,000 at an annual interest rate of 7.5% for 60 months or 5 years.
The monthly payment for this loan would be about $500 a month. The total interest charge will be $5056. If the borrower pays
an additional $150 a month, it will only take 45 months (less than 4 years) to pay off the loan. In addition to paying off
the loan sooner, the borrower will save $1344 in interest charges.
The Scenarios buttons allow you to create multiple scenarios with different values. The scenarios may also be printed for
comparison and review.
When you select the Print Scenarios button the following window appears:
Check the box next to each completed scenario that you want to print then select the View or Print button.
To print an Amortization Schedule, select the Print Payment Schedule button:
Next: Track Loan Payments
Click on a button above to learn more about the tool.
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