Comprehensive source of free online mortgage loan and loan payment calculators
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Loan & Line Payment
This calculator helps determine your
loan or home equity line of credit payment
. For a loan payment, select fixed term loan. For a line of credit payment, you can choose 2%, 1.5% , 1.0% of the outstanding balance or interest only.
Loan & Line Payment Calculator - Definitions
Loan amount - Total dollar amount of your loan.
Interest rate (APR) - The annual percentage rate APR for this loan or line of credit.
Term in months - Number of months for this loan or line of credit.
Fixed loan term - Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.
2%, 1.5% or 1% of balance - Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
100% of interest owed - For lines of credit paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.