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This is a basic loan calculator. Thinking of getting a loan to buy that $25,000 boat? Enter the loan amount, interest rate, and term of the loan into this calculator and it will show you the monthly payment amount, the total interest you will pay, and the total amount you will pay over the length of the loan so you can see the actual cost of that "$25,000" boat. You can even enter any additional payment amount you intend to pay each month to work down your principal and the calculator will show you the anticipated payoff time. You can also display and/or print the amortization schedule for your loan.

Input Fields:
Title A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Lender The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Loan Amount The amount you plan to borrow.
Interest Rate The annual percentage rate you will pay for this loan.
Length of Loan How long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.
Additional Principal The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.

Output Fields:
Monthly Payment Principal + Interest + Additional Principal (where applicable) to be paid each month.
Total Interest Total amount of interest you will pay over 'Length of Loan'.
Total Paid Total amount of principal + interest you will pay over 'Length of Loan'.
Payoff Time Amount of time until the loan is paid off.
Number of Payments The number of payments you will make to pay off the loan.
Annual Cost The amount of money you will pay each year for this loan.

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All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Loan calculators are not intended to provide financial advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. Users are advised to seek personalized advice from qualified professionals regarding all personal finance issues.
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Updated 04 Jul 2007