Annual Interest Rate - the nominal interest rate.For a loan term of five years, if the payment frequency is monthly, you need to enter 60 for the number of payments. Number of Payments (term) - the "Payment Frequency" setting impacts the loan's term.Loan Amount - the principal amount borrowed.Yet keeping it simple - if you only need estimates and not absolute accuracy, you can always leave the dates set as they are when the calculator loads. See "Long Period Options" and "Short Period Options" below for additional details about payment amounts and interest calculations. If you want to match other calculators, then set the "Loan Date" and "First Payment Due" 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 "First Payment Due" should be set to June 15th, that is IF you want a conventional interest calculation. Warning - Selecting dates will result in payment amounts as well as interest charges that do not match other calculators. You can do that on the "Options" tab of this calculator. But if you want accurate interest and payment calculations, you need to be able to independently set the loan origination date and the first payment due date. Very few (if any?) online calculators can correctly handle this detail. The first period will typically be either longer or short than a month.Ī longer or shorter first period impacts the interest calculation. That is, if a loan's payment schedule is monthly, the time from when the loan originates (when the borrower receives the money) until the day the first payment is due will likely not equal one month.
Important - The first loan payment period is seldom equal to the frequency of other schedule payments. The payment amount is correct as long as both the lender and debtor agree to it! (If the calculator always recalculated the last unknown, then this feature would not be possible.) About the loan origination date (start date) and first payment date. This behavior is a feature! After all, there is no such thing as a "correct" loan payment. Why not design the calculator to recalculate the last unknown?īecause we want the calculator to be able to create a payment schedule using the loan terms you need. Note - You must enter a zero if you want a value calculated. Always enter (and reenter) a 0 for the unknown value. Please check that all settings got loaded as expected. Most likely, the problem is with the new file load feature. If you happen to get a different calculated result, do not assume that this calculator is making an error. File save and open are new beta test features.
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