Using the loan calculator is straight forward and can be applied to a commercial loan or personal loan of any size. Enter your desired “loan amount,” the term of the loan is “number of months,” and your expected “annual interest rate.” The calculator calculates the number of monthly payments.
Click on the “Payment Schedule” button to see a month-by-month amortization schedule of your payments, with the principal and interest broken out.
Click on the “Charts” button to view a few visual graphs of how your principal and interest progress over the life of your loan.
The “Payment Method” determines when the first payment is due. With the default selection, “End-of-Period,” the first payment will be due one month after the loan is made. If “Start-of-Period” is selected, then the first payment will be due on the loan date.
The term (duration) of the loan is expressed as a number of months.
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years