A loan calculator is a simple tool that can be used to calculate the monthly payments on a loan. To use a loan calculator, you will need to know the amount of the loan, the interest rate, and the term of the loan. It will then calculate the monthly payment based on these factors.
If you were to manually do the equations on a scientific calculator, you would need to do the following: monthly payment = ( loan amount * interest rate ) / ( 1 – ( 1 + interest rate )^-term of loan ). This would give you, with a loan of $100,000 with an interest rate of 5%, and a term of 30 years, a monthly payment of be $536.82.
You can use the loan calculator from financial-calculators.com below to compare different loans and find the one that best suits your needs. If you click the payment schedule option. you will get a table of potential payments due on the loan. The schedule will show the date of each payment, the amount of the payment, and the balance of the loan after the payment is made.
The payment schedule helps you budget for your loan payments. It is a great tool to help you keep track of your progress in paying off the loan.
Finally, the charts provide a helpful graphic representation of the drivers and the resulting interest payment or balance.