Loan Calculator

Review the Calculator Caution page before proceeding ahead with the calculator below.

Unlike the forecast calculators, in which the future return on investment (ROI) is uncertain, this calculator determines your monthly payment on a loan assuming you lock in your interest rate.

To do this:

  • Enter the loan amount
  • Enter the number of months
  • Enter the annual interest rate
  • Select either the end of period or start of period from the drop-down box.
  • Click on the “Calc” button to make the calculations that are displayed in the bottom half of the box
  • Click on “Schedule” or “Charts” if desired.

To see how much raising your monthly payment will reduce the total number of payments and interest you will ultimately pay, go up to the “Number of Months?” box and change it.  For example, change it from 120 payments to 108 payments to pay off your loan in 9 years instead of 10.  Click on “Calc” and subtract the monthly payment for the 120 month case from the 108 month case.

It may surprise you how much a nominal additional amount will decrease the time to payoff and the amount of interest you will ultimately pay.  However, be sure to verify there is no pre-payment penalty on the loan before paying an additional amount.

Also, using this loan calculator when you purchase a car may be eye-opening on the interest rate a car dealer is charging on your auto loan.  How do you get this number?  Put in the loan amount and then adjust the interest rate up and down until you zero in on the “Monthly Payment” figure that matches what they’re quoting you for a monthly payment.  Doing this will likely help your wallet at the cost of the dealer.  But, don’t feel sorry for the dealer, as they’re not going to agree to a deal that’s not profitable for them.

Also, the monthly payment amount may differ slightly from your creditor due to differences in compounding period, etc.  However, the numbers should be close.  If they’re not, start asking questions, but don’t be surprised when no one from the financial institution can tell you how they calculate the payment amount, interest rate, etc.

DISCLAIMER:  Neither, nor Schulz Media, nor Schulz Financial nor any other entity directly or indirectly affiliated with this web site assume any risk or responsibility for the accuracy, implications, results or decisions made using the calculators contained herein.


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