Repayment Calculator
A repayment calculator will help you find out how much your monthly payment will be on the money that you borrowed. It is not a straight forward calculation because your loan balance is declining when you have an amortizing loan. An amortizing loan is one that is paying both principal and interest for a fixed period of time until the loan is paid off. The complication in the calculation is because you will only incur interest on the current balance.
The Loan Calculator
The good news is that you do not have to know how the calculation works. Just think of the loan calculator below to be a black box. You simply put in the required numbers and you instantly get your loan payment amount.
- The amount of the loan.
- The annual interest rate charged.
- The duration of the loan.
Once you have this information you can simply enter it in the calculator below to get your payment amount.
Other Repayment Calculator Uses
A useful way to use a repayment calculator is to try out different possibilities. Here is a list of several "what if" questions that you can answer:
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Compare interest rates and payments. You can simply change the interest rate to see how the payments would change.
This could be particularly valuable when considering a refinancing of your loan.
- Compare shorter term loans. Often the interest rate will be lower for a shorter term loan. You can input the 2 sets of interest rate and duration into the loan calculator for a comparison of repayment amounts.
Summary
You will be a more savvy financial consumer or business person, if you can use and understand simple to use tools such as this repayment calculator.
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