Example: In the form above there is some example information already
entered. Lets say, for this example, I'm wanting to borrow $30,000 to buy a new car. With this calculator
I can enter the principal amount borrowed ($30,000 in this case), my expected interest rate (5.9%), and how many
years I will pay on the loan (4 years). Then I just hit "Calculate and Show Amortization" and my estimated monthly payment is calculated
and displayed for easy viewing.
A detailed amortization table will also be displayed, with info such as how much of each total
monthly payment will go towards the principal, how much goes towards interest, month-by-month calculations of
total interest paid and remaining balance.
The amortization table will also show you, month by month, how your principal payment increases
as your interest payment decreases - while your total payment stays the same.
Simply fill in the fields above with your desired numbers, and click the "Calculate and Show Amortization"
button for your results.
This calculator can be used for personal loans, auto loans, mortgages, credit cards, and any other
type of credit line or loan with a fixed interest rate and a set repayment period. However, if using
for mortgage loan calcuation, your results will not include any homeowner's insurance premiums, mortgage
insurance, taxes etc. Only principal and interest calculations are done with this tool.
