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Loan Calculator

Loan Calculator Definitions

Loan type
Choose installment loan a that is fully amortized over the term. This option will always have a term that is equal to the amortization term. Choose balloon to have a loan with a balloon payment where the term of the loan will be shorter than the amortization term. Choose interest only to make interest only payments. Choose Principal + Interest for a loan that has a fixed principal payment plus accrued interest.
Amount of loan
Total amount of your loan.
Financing start date
This is the first day that interest will begin to be charged to your loan balance. This is also typically the same date that funds are distributed to the borrower.
Interest rate
Annual interest rate for this loan. Interest is calculated monthly at 1/365th of the annual rate times the number of days in the month on the current outstanding balance of your loan.
Loan term
Number of months for this loan.
Amortization term
The number of years over which your loan payment is calculated.
Interest only term
The number of months where the initial payments are interest only.
First payment date
This is the date of your first payment. It is typically the first day of the month following the distribution date, but can be any date on or after the financing start date.
Final payment date
This is the date of final payment.
Monthly payment
Monthly payment for this loan.