Loan Calculator

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Loan Repayments By Month

Loan Payments: $158,963.30
Monthly Payment: $2,649.39
Total Interest: $58,963.30

Month Balance Principal Interest Payment
1 $100,000.00 $982.72 $1,666.67 $2,649.39
2 $99,017.28 $999.10 $1,650.29 $2,649.39
3 $98,018.18 $1,015.75 $1,633.64 $2,649.39
4 $97,002.43 $1,032.68 $1,616.71 $2,649.39
5 $95,969.74 $1,049.89 $1,599.50 $2,649.39
6 $94,919.85 $1,067.39 $1,582.00 $2,649.39
7 $93,852.46 $1,085.18 $1,564.21 $2,649.39
8 $92,767.28 $1,103.27 $1,546.12 $2,649.39
9 $91,664.01 $1,121.65 $1,527.73 $2,649.39
10 $90,542.36 $1,140.35 $1,509.04 $2,649.39
11 $89,402.01 $1,159.35 $1,490.03 $2,649.39
12 $88,242.65 $1,178.68 $1,470.71 $2,649.39
13 $87,063.98 $1,198.32 $1,451.07 $2,649.39
14 $85,865.66 $1,218.29 $1,431.09 $2,649.39
15 $84,647.36 $1,238.60 $1,410.79 $2,649.39
16 $83,408.76 $1,259.24 $1,390.15 $2,649.39
17 $82,149.52 $1,280.23 $1,369.16 $2,649.39
18 $80,869.29 $1,301.57 $1,347.82 $2,649.39
19 $79,567.72 $1,323.26 $1,326.13 $2,649.39
20 $78,244.46 $1,345.31 $1,304.07 $2,649.39
21 $76,899.15 $1,367.74 $1,281.65 $2,649.39
22 $75,531.41 $1,390.53 $1,258.86 $2,649.39
23 $74,140.88 $1,413.71 $1,235.68 $2,649.39
24 $72,727.17 $1,437.27 $1,212.12 $2,649.39
25 $71,289.91 $1,461.22 $1,188.17 $2,649.39
26 $69,828.68 $1,485.58 $1,163.81 $2,649.39
27 $68,343.11 $1,510.34 $1,139.05 $2,649.39
28 $66,832.77 $1,535.51 $1,113.88 $2,649.39
29 $65,297.26 $1,561.10 $1,088.29 $2,649.39
30 $63,736.16 $1,587.12 $1,062.27 $2,649.39
31 $62,149.04 $1,613.57 $1,035.82 $2,649.39
32 $60,535.47 $1,640.46 $1,008.92 $2,649.39
33 $58,895.01 $1,667.80 $981.58 $2,649.39
34 $57,227.20 $1,695.60 $953.79 $2,649.39
35 $55,531.60 $1,723.86 $925.53 $2,649.39
36 $53,807.74 $1,752.59 $896.80 $2,649.39
37 $52,055.14 $1,781.80 $867.59 $2,649.39
38 $50,273.34 $1,811.50 $837.89 $2,649.39
39 $48,461.84 $1,841.69 $807.70 $2,649.39
40 $46,620.15 $1,872.39 $777.00 $2,649.39
41 $44,747.77 $1,903.59 $745.80 $2,649.39
42 $42,844.17 $1,935.32 $714.07 $2,649.39
43 $40,908.85 $1,967.57 $681.81 $2,649.39
44 $38,941.28 $2,000.37 $649.02 $2,649.39
45 $36,940.91 $2,033.71 $615.68 $2,649.39
46 $34,907.21 $2,067.60 $581.79 $2,649.39
47 $32,839.61 $2,102.06 $547.33 $2,649.39
48 $30,737.54 $2,137.10 $512.29 $2,649.39
49 $28,600.45 $2,172.71 $476.67 $2,649.39
50 $26,427.73 $2,208.93 $440.46 $2,649.39
51 $24,218.81 $2,245.74 $403.65 $2,649.39
52 $21,973.07 $2,283.17 $366.22 $2,649.39
53 $19,689.90 $2,321.22 $328.16 $2,649.39
54 $17,368.67 $2,359.91 $289.48 $2,649.39
55 $15,008.76 $2,399.24 $250.15 $2,649.39
56 $12,609.52 $2,439.23 $210.16 $2,649.39
57 $10,170.29 $2,479.88 $169.50 $2,649.39
58 $7,690.41 $2,521.21 $128.17 $2,649.39
59 $5,169.19 $2,563.24 $86.15 $2,649.39
60 $2,605.96 $2,605.96 $43.43 $2,649.39

What is a loan?

A loan is the sum of money that borrowed from anyone or a financial institute especially banks and paying back in the future with interest. The loan may be for the specific period, can be paid back in installments, one-time amount etc. The lender may ask for collateral for borrowing money.

Types of loans:

There are different types of loans offered by banks or financial institutes. Each loan has its own specifications.

  • Home loans: This loan is borrowed to buy a home. The property will be under the bank until the repayment. The period of paying the loan is 15 years and 30 years. This loan works best if you want to keep them for the long period of time or entire term.
  • Auto loans: This loan is borrowed for buying a new vehicle or a used one. The time period is five years or shorter and you have to pay off with a fixed monthly payment. There are also long-term loans available but it may exceed car’s resale value if you take long-term payment option and interest will be high.
  • Personal loans: This loan is borrowed for personal use. The time period of paying off the loan is 3 years with fixed interest rates and fixed monthly payments. These types of loans are useful for debt consolidation or small projects.
  • Student loan: the students borrow this loan for higher studies. The loan is provided by the bank in installments during and after the studies. The repayments are flexible and the interest rates are low.
  • Business loan: This loan is borrowed for starting the business ventures. The repayment is done after a period of time.

Factors to be considered:

Credit record: The credit score will help the borrower to determine the interest rates. If the Credit score is good then the borrower gets lower interest rates.

Loan duration: The loan duration depends on the type of loan borrowed. As longer the duration the interest rates will be higher.

Type of loan: The type of loan will be used to determine the interest rates. The secured loan will have lower rates when compared to unsecured loans.

Inflation rate: The inflation rate is the main factor in the economy and the inflation rate has the major impact on the interest rates.

Secured loan:

A secured loan is a loan where the borrower has to keep the owned assets as security. At the time of applying for the loan, the borrower has to hand over the assets as the collateral for an exchange of money.

Unsecured loans:

An unsecured loan is a normal loan without collateral securities. This loan is given on the bases of credit histories and debt ratio. The interest rates are higher when it comes to unsecured loans.

The components included in the loan calculator:

  • Loan amount: The loan amount borrowed.
  • Loan term: The time period for which loan is applied.
  • Interest rate: The interest that to be paid for the loan.
  • Compound: The compounding period of the loan like monthly, quarterly etc.
  • Predetermined due amount: The predetermined amount that to be paid.

Using this calculator we can calculate the loan payback with fixed amount periodically, deferred payment with payback a lump sum due maturity and bond with payback a predetermined amount due at maturity.