Payment Calculator - Calculatorall.com
Our payment calculator is the solution for you to determine payment length or payment amount for fixed-interest loans. If you are looking to calculate monthly payments for your fixed-term loan then use the Fix Term Calculator. However, if you want to calculate the amount of time you will need for paying off your loan with fixed monthly payments then use our Fix Payment calculator.
Fix Term Calculator
Fix Payment
The schedule for loan amortization can be worked out with the help of a payment calculator. It's the option you have for referring to size and number of your monthly payments for paying off your loan in full with fixed interest rate. Mortgages and auto loans make good examples for such loans.
There are basically two categories in which you can put these loans. First, you can either pay a fixed amount each month for paying off your loan and if you choose this route then you may require longer for paying the loan off completely. Alternately, you can fix the amount of time required for paying off your loan. In such a scenario, there may be unequal monthly payments but the loan might be paid off sooner than the other option.
Auto loans and mortgages usually use time limit for repayments. The repayment plans usually have fixed payments every month when it comes to credit cards. Making a fixed payment each month for the credit card, rather than minimum payment, it is ensured that debt is quickly paid off and you also end up saving considerable amount of money in terms of interest along the way.
Talking about our payment calculator, you can use the Fix Term option for calculating monthly payments, time required for completely paying off the loan, total interest and total number of payments along with total amount paid. Here you just have to enter the loan amount, loan term and interest rate at which you are getting the loan or you want to get the loan. A total schedule of payments will also be shown in the table.
The other option is to use the Fix payment calculator. Here you have to enter loan amount, monthly payment that you want to make and the interest rate. Hitting calculate button will yield the total payoff period, total number and amount of payment and the total interest that you will incur at the end.
Both the options work fine and it actually depends on what route you want to take. So, decide accordingly!