# Advanced Loan Calculator

## Calculator Use

Calculate loan payments, loan amount, interest rate or number of payments. Use this calculator to try different loan scenarios for affordability by varying loan amount, interest rate, and payment frequency. Create and print a loan amortization schedule to see how your loan payment pays down principal and bank interest over the life of the loan.

A key feature of this calculator is that it allows you to calculate loans with different compounding and payment frequencies. You can also use our basic loan calculator which assumes your loan has the typical monthly payment frequency and monthly interest compounding.

- Loan Amount
- The original principal on a new loan or principal remaining on an existing loan.
- Interest Rate
- The annual nominal interest rate, or stated rate of the loan.
- Compounding
- The frequency or number of times per year that interest is compounded. If compounding and payment frequencies are different, this calculator converts interest to an equivalent rate and calculations are performed in terms of payment frequency.
- Number of Payments
- The number of payments required to repay the loan.
- Payment Frequency
- How often payments are made each year. Number of Payments ÷ Payment Frequency = Loan Term in Years.
- Payment Amount
- The amount to be paid on the loan at each payment due date.

### Calculator Options

**Find the Payment Amount**

Calculate the payment required for your loan amount and term. Find your ideal payment amount by changing loan amount, interest rate, and number of payments in the loan. Try different loan scenarios and create and print an amortization schedule or create a loan payment table to easily compare principal and interest amounts.

**Find the Loan Amount**

Try different loan amounts to see how it affects the required monthly payment. Alternatively, see our How Much Loan Can I Afford? calculator. If you have an existing loan, input your interest rate, monthly payment amount and how many payments are left to calculate the principal that remains on your loan.

**Find the Interest Rate**

Input loan amount, number of months required to pay off the loan and payment amount to calculate the interest rate on the loan.

**Find the Number of Payments**

Input different payment amounts for a loan to see how long it will take you to pay off the loan. If you have an existing loan input remaining principal, interest rate and monthly payment to calculate the number of payments remaining on your loan.

## Amortization Calculations

When payment and compounding frequencies differ, we first calculate the Equivalent Interest Rate so that interest compounding is the same as payment frequency. We use this equivalent rate to create the loan payment amortization schedule.