Payment Calculator

Loan Amount: Annual Interest Rate (%): Loan Term (years): Calculate Monthly Payment

Loan Payment Calculator

Introduction

A Loan Payment Calculator is a financial tool that helps users estimate their monthly loan payments based on factors such as loan amount, interest rate, and loan term. This article introduces a simple Loan Payment Calculator and explains how to use it.

Features

1. Input Parameters:

   • Loan Amount: The total amount of the loan.
   • Annual Interest Rate: The annual interest rate on the loan.
   • Loan Term: The duration of the loan in years.

2. Output Results:

   • Monthly Payment: The estimated monthly loan payment.
   • Total of Monthly Payments: The total amount repaid over the loan term.
   • Total Interest: The total interest paid over the loan term.
   • Annual Schedule: A detailed schedule showing the breakdown of each monthly payment into interest and principal.

How to Use

1. Enter Loan Details:

   • Input the Loan Amount, Annual Interest Rate, and Loan Term in the respective fields.

2. Calculate Loan Payment:

   • Click the "Calculate Loan Payment" button to generate the results.

3. Review Results:

   • The tool will display the estimated Monthly Payment, Total of Monthly Payments, Total Interest, and an Annual Schedule.

4. Explore Annual Schedule:

   • The annual schedule provides a detailed breakdown of each monthly payment, showing how much goes towards interest and principal.

Example

• Loan Amount: $200,000.00
• Annual Interest Rate: 5%

• Loan Term: 5 years

• Monthly Payment: $3,774.25

• Total of Monthly Payments: $226,455.07
• Total Interest: $26,455.07