Enter 0 to calculate the payment from the loan term. Enter a payment amount to use that value for each schedule.
Loan Amount ($): The total amount borrowed before interest is applied.
Annual Interest Rate (%): The yearly interest rate charged on the loan. The calculator converts this to a periodic rate based on the schedule being shown.
Loan Term (Number of Monthly Payments): The original term of the loan, entered as the number of monthly payments. For example, 360 means a 30-year loan.
Payment Amount ($): Enter 0 to have the calculator compute the scheduled payment. Enter a value greater than 0 to use that amount for the monthly, twice-monthly, and bi-weekly schedules. If the final payment is smaller, the calculator adjusts only the final row.
An amortization schedule separates each payment into interest and principal. Interest is calculated from the current balance for each payment period. The rest of the payment reduces the balance.
When the payment field is 0, the calculator uses the standard amortization formula to determine a payment for each schedule. When a custom payment is entered, that payment is applied to each period until the balance is paid off.
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