Extra Payment Frequency - set how frequently you'll make additional payments.If you pay a loan monthly and payments are due on the first, you may want to make extra payments on the 15th to align with your pay periods. ![]() The date does not have to align with payment due dates. ![]() Extra Payments Start - enter the date you want extra payments to start.Extra Payment Amount - want to make a single extra payment or series of additional payments? Enter the amount here.See "About the loan origination date (start date) and first payment date" above. First Payment Due - for leases, it may be the same as the loan date.If the loan is for a vehicle or home, it is the loan's closing date. Loan Date - the date the money is available.Related: Three Easy Ways to Save on Your Next Loan Thus the total amount you'll pay for the loan.Įleven loan options you may want to tweak. Total Principal & Interest - the loan amount plus the total interest paid.Note, the total interest saved is reported on the payment schedule. Total Prepaid Principal - this is the total of any extra payments.Total Interest - assuming the debtor makes the payments as scheduled, this is the interest they will pay over the term of the loan.See the payment schedule for total interest saved. Results - your loan summary Loan calculator showing lump sum payment made. For a complete explanation of these options, see Nine Loan Amortization Methods. Amortization Method - leave this setting set to "normal" unless you have a specific reason for setting it otherwise.Setting this option to "Exact/Simple" results in simple, exact day interest. Doing so results in simple, periodic interest. Compounding - usually, you should set the compounding frequency to be the same as the payment frequency.The schedule calculates payment due dates from the first payment due date. The calculator supports 11 options, including biweekly (every other week), monthly, and annually. Payment Frequency - set how often payments are scheduled.Three loan options you most likely don't need to touch. set the annual interest rate to "0" (zero), and.What interest rate allows me to pay $350 a month? set the number of payments to "0" (zero).enter the desired or expected payment amount.Payment Amount - the amount that is due on each payment due date.(If the lender is quoting anything other than an annual interest rate, you probably should avoid the loan.) This the quoted interest rate for the loan. Annual Interest Rate - the nominal interest rate.For a loan term of five years, if the payment frequency is monthly, you need to enter 60 for the number of payments. ![]() ![]()
0 Comments
Leave a Reply. |