Using the calculator is straight forward. User enters a "loan amount", "number of months", "annual interest rate". The calculator calculates the number of monthly payments.
The "Payment Method" determines when the first payment is due. With the default selection, "End-of-Period", the first payment will be due one month after the loan is made. If "Start-of-Period" is selected, then the first payment will be due on the loan date.
The term (duration) of the loan is expressed as a number of months.
60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years
Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://financial-calculators.com/loan-calculator
Currency and Date Conventions
All calculators will remember your choice. You may also
change it at any
"Save changes" will cause the calculator to reload. Your
edits will be
Disclaimer– Calculators are made available through a third party service provider and not The County Federal Credit Union. Calculators are for informational/illustrative purposes only and are not intended to provide financial advice. All examples are hypothetical. Although we have obtained content from sources deemed to be reliable, County Federal Credit Union is not responsible for any content provided by unaffiliated third parties. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Utilization of this calculator is not a commitment for a loan.
The County Federal Credit Union recommends consultation with a tax advisor for further information regarding the deductibility of interest and charges.
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