# Advanced Loan Calculator

## Calculator Use

Calculate your payment, loan amount, interest rate or number of payments (term). A key feature of this calculator is that it allows you to calculate loans with compounding and payment frequencies that do not coincide. For a more basic calculation you can use our simple loan calculator. On both, you can print amortization schedules from calculation results.

- Loan Amount
- is the original principal on a new loan or principal outstanding if you are calculating a current loan
- Interest Rate
- is the annual nominal interest rate or stated rate on the loan
- Compounding
- is the frequency or number of times per year that interest is compounded. Annually=1, quarterly=4, monthly=12, daily = 365, etc. If compounding and payment frequencies do not coincide, interest is converted to an equivalent rate to coincide with payments then calculations are performed in terms of payment frequency.
- Number of Payments
- is total number of payments to repay the loan
- Payment Frequency
- is how often payments are made each year. Number of Payments ÷ Payment Frequency = Term in Years
- Payment Amount
- is the amount to be paid on this loan at each payment time

### Calculation Choices

**Find the Payment Amount**

Calculate the payment required for your loan amount and term. Run numbers for an original loan and get an amortization schedule or try different scenarios to compare loan amounts, interest rates and length of the loan to come up with a monthly payment amount you want. Or, create a payment table to easily view comparison payment amounts.

**Find the Loan Amount **

Try different scenarios to calculate how much loan you can afford; with a current loan, if you know your interest rate, monthly payment amount and how many payments are left, you can calculate the principal loan amount that is left to pay.

**Find the Interest Rate**

If you know the loan amount, number of months to payback and the payment amount you can calculate the interest rate on the loan.

**Find the Number of Payments**

Try different scenarios to see how long it will take you to payoff a loan; with a current loan, if you know how much principal is left to pay, interest rate and your monthly payment, you can calculate the number of payments remaining on your loan.

## Amortization Calculations

** When payments and compounding have different frequencies, the Equivalent Rate will be calculated to coincide with payments. The calculated rate will be used to create the proper loan payment schedule.

**Cite this content, page or calculator as:**

Furey, Edward "Advanced Loan Calculator"; from *http://www.calculatorsoup.com* - Online Calculator Resource.