Loan Payment Calculator

Choose whether to use 360 or 365 Days per year interest.

Type of Loan

Amortized Loan is a repayment plan that consists of both principal and interest. Payments are usually divided into equal amounts for the length of the loan.

Interest Only Loan is a payment plan that covers only the interest amount of the principal. With Interest Only loans, the monthly payments do not reduce the principal balance. The principal is repaid at the end of the loan term.

Partially Amortized Loan is a repayment plan whereby the loan is not fully amortized so that at the end of the loan term, there is a balance of the principal that needs to be paid. Sometimes this balance at the end of the loan is referred to as a balloon payment.

Principal and Interest at Maturity is a repayment plan that is a single payment due at the end of the loan period. The payment at the end of the loan is a combination of both principal and interest. This type of loan is common for agricultural loans or loans where the cash is not available to pay off a loan until the end of the term.

Fixed Payment – A fixed payment loan allows the user to specify a payment amount. If the payment is less than the interest due or less than the fully amortized payment; the loan will have both a remaining interest and principal balance at maturity.

Final Payment – A final payment loan type allows the user to set the final principal amount. This loan type will have a remaining principal balance; and may have unpaid interest at maturity.

Add-on Principal & Interest – Add-on Principal & Interest lets the user establish a principal & interest payment that will be the same every month. It may be fully amortized or partially amortized as determined by the user.

Add-on Interest – Add on Interest allows the user to set the periodic interest payment. The interest payment is the same regardless of the number of days in the month. Add-on Interest loan types will have a remaining principal balance at the loans maturity.

An amortized loan has regular, equal payment through out the term of the loan.

An interest only loan has regular payment of interest only, with the principle and due with the last payment.