#Clean date calculator full#
#Clean date calculator plus#

First Payment Due - for leases, it may be the same as the loan date.If the loan is for a vehicle or home, it is the loan's closing date. Loan Date - the date the money is available.Related: Three Easy Ways to Save on Your Next Loan Thus the total amount you'll pay for the loan.Įleven loan options you may want to tweak.

#Clean date calculator plus#

Total Principal & Interest - the loan amount plus the total interest paid.

Note, the total interest saved is reported on the payment schedule.

Total Prepaid Principal - this is the total of any extra payments.

Total Interest - assuming the debtor makes the payments as scheduled, this is the interest they will pay over the term of the loan.

See the payment schedule for total interest saved. Results - your loan summary Loan calculator showing lump sum payment made. For a complete explanation of these options, see Nine Loan Amortization Methods.

Amortization Method - leave this setting set to 'normal' unless you have a specific reason for setting it otherwise.

Setting this option to 'Exact/Simple' results in simple, exact day interest. Doing so results in simple, periodic interest.

Compounding - usually, you should set the compounding frequency to be the same as the payment frequency.

The schedule calculates payment due dates from the first payment due date. The calculator supports 11 options, including biweekly (every other week), monthly, and annually.

Payment Frequency - set how often payments are scheduled.

Three loan options you most likely don't need to touch.

set the annual interest rate to '0' (zero), and.

What interest rate allows me to pay $350 a month?

set the number of payments to '0' (zero).

enter the desired or expected payment amount.

Payment Amount - the amount that is due on each payment due date.

(If the lender is quoting anything other than an annual interest rate, you probably should avoid the loan.) This the quoted interest rate for the loan.

Annual Interest Rate - the nominal interest rate.

For a loan term of five years, if the payment frequency is monthly, you need to enter 60 for the number of payments.

Number of Payments (term) - the 'Payment Frequency' setting impacts the loan's term.

Loan Amount - the principal amount borrowed.

Yet keeping it simple - if you only need estimates and not absolute accuracy, you can always leave the dates set as they are when the calculator loads.

See 'Long Period Options' and 'Short Period Options' below for additional details about payment amounts and interest calculations.

#Clean date calculator full#

If you want to match other calculators, then set the 'Loan Date' and 'First Payment Due' so that the time between them equals one full period as set in 'Payment Frequency.' Example: If the 'Loan Date' is May 15th and the 'Payment Frequency' is 'Monthly,' then the 'First Payment Due' should be set to June 15th, that is IF you want a conventional interest calculation. Warning - Selecting dates will result in payment amounts as well as interest charges that do not match other calculators. You can do that on the 'Options' tab of this calculator. But if you want accurate interest and payment calculations, you need to be able to independently set the loan origination date and the first payment due date. Very few (if any?) online calculators can correctly handle this detail. The first period will typically be either longer or short than a month.Ī longer or shorter first period impacts the interest calculation. That is, if a loan's payment schedule is monthly, the time from when the loan originates (when the borrower receives the money) until the day the first payment is due will likely not equal one month. Important - The first loan payment period is seldom equal to the frequency of other schedule payments. The payment amount is correct as long as both the lender and debtor agree to it! (If the calculator always recalculated the last unknown, then this feature would not be possible.) About the loan origination date (start date) and first payment date. This behavior is a feature! After all, there is no such thing as a 'correct' loan payment. Why not design the calculator to recalculate the last unknown?īecause we want the calculator to be able to create a payment schedule using the loan terms you need. Note - You must enter a zero if you want a value calculated. Always enter (and reenter) a 0 for the unknown value. Please check that all settings got loaded as expected. Most likely, the problem is with the new file load feature. If you happen to get a different calculated result, do not assume that this calculator is making an error. File save and open are new beta test features.