Credit CardsĬredit card loans are considered revolving credit. For more information, use the Student Loan Calculator. Federal extended repayment plans can be stretched up to 25 years, but keep in mind that this will result in more interest paid out overall. Repayment of most federal student loans can be postponed to some point in the future. Depending on the individual borrower, there are repayment plans that are income-based, plans that extend the term of the loan, or plans specifically for parents or graduate students. In the United States, the government offers specialized plans that are geared specifically towards the repayment of federal student loans.
For more information, use the Auto Loan Calculator. Borrowers can also choose to pay more (but not less) than the required repayment amount. Like mortgage loans, auto loans need to be repaid monthly, usually at fixed interest rates. For more information, use the Mortgage Calculator. This calculator does not consider variable rate loans. Borrowers can choose to pay more (but not less) than the required repayment amount. For fixed-rate mortgages, the monthly repayment amount is fixed throughout the loan term. In the U.S., mortgages are required to be repaid monthly using fixed or variable rates, or even switched from one to the other during the life of the loan. The following are four of the most common loans. In the U.S., most of the consumer loans are set to be repaid monthly.
For instance, this may be a set amount of disposable income determined by subtracting expenses from income that can be used to pay back a credit card balance. The calculated results will display the loan term required to pay off the loan at this monthly installment. Fixed InstallmentsĬhoose this option to enter a fixed amount to be paid each month until the loan and interest are paid in full. The calculated results will display the monthly installment required to pay off the loan within the specified loan term. For instance, the calculator can be used to determine whether a 15-year or 30-year mortgage makes more sense, a common decision most people have to make when purchasing a house. Fixed Loan TermĬhoose this option to enter a fixed loan term. Also, in the calculator, there are two repayment schedules to choose from: a fixed loan term or a fixed installment. There can possibly be fees involved in loans when doing calculations, all upfront fees entered will be rolled into the loans. The repayments of consumer loans are usually made in periodic payments that include some principal and interest. Repayment is the act of paying back money previously borrowed from a lender, and failure to repay debt can potentially force a person to declare bankruptcy and/or severely affect credit rating. The interest charged decreases so the monthly payment also decreases.Related Mortgage Calculator | Auto Loan Calculator | Credit Card Calculator | Loan Calculator In this case the principal amount remains the same as the loan is paid off. Loan Calculator with Compounding so that the interest rate is calculated in terms of payments.įixed principal payments. If payment and compounding frequency do not coincide, you should use the Compounding This calculator assumes that compounding coincides with payments. Payment Frequency How often is the loan payment due? Typically loan payments are due monthly, but several options are provided on the calculator. Number of Payments The total number of payments, initial or remaining, to pay off the given loan amount. Interest Rate The annual stated rate of the loan. Loan Amount The size or value of the loan. Increases over time, and the portion applied to interestĭecreases because you owe less principal. The payment amount is the same over the life of the loan but the way the payment is applied changes: the portion of the payment applied toward the principal Most typical car loans and mortgages have an amortization schedule with equal payment installments. With each payment the principal owed is reduced and this results in a decreasing interest due. You can see that the payment amount stays the same over the course of the mortgage. Enter these values into the calculator and click "Calculate" to produce an amortized schedule of monthly loan payments. Say you are taking out a mortgage for $275,000 at 4.875% interest for 30 years (360 payments, made monthly). Payment Amount = Principal Amount + Interest Amount The amortization table shows how each payment is applied to the principal balance and the interest owed. This amortization schedule calculator allows you to create a payment table for a loan with equal loan payments for the life of a loan.