Simple Loan Calculator

Help © 2008 Vertex42 LLC

Periods (Payments) Per Year 12

Option A: Solve for the PAYMENT

Loan Amount $15,000.00
Annual Interest Rate 7.500%
Term of Loan (in Years) 5
PAYMENT $300.57
Total Interest $3,034.15

Option B: Solve for LOAN AMOUNT

Payment
Annual Interest Rate
Term of Loan (in Years)
LOAN AMOUNT ---
Total Interest ---

Option C: Solve for INTEREST RATE

Loan Amount
Term of Loan (in Years)
Payment
Annual INTEREST RATE ---
Total Interest ---

Option D: Solve for TERM of LOAN

Loan Amount
Annual Interest Rate
Payment
TERM of LOAN (in Years) ---
Total Interest ---

Caution: Results are only estimates. Interest rates may vary, values may be off due to rounding,
and the calculator does not take into account fees, extra payments, tax deductions, etc.
Please consult a qualified professional regarding financial decisions.
[42]

http://www.vertex42.com/Calculators/loan-calculators.html © 2008 Vertex42 LLC

Help

This loan calculator uses the PMT, PV, RATE, and NPER formulas to calculate the Payment, Loan Amount, Annual
Interest, or Term Length for a fixed-rate loan.

Caution: This calculator is only for educational purposes. The results are only estimates. The calculate does not include
rounding, fees, missed payments, and other factors that may be important when making loan decisions. Please consult a
qualified professional regarding financial decisions.

Periods Per Year

The number of payments per year. Enter 12 for Monthly, 52 for Weekly, 1 for Annual etc.

Loan Amount
This is the amount that you have borrowed. You can also enter your current balance, if you also adjust the Term of Loan
to be the number of years left to pay off the loan.

Annual Interest Rate

This calculator assumes a fixed interest rate, and the interest is compounded each period.

Payment (Per Period)

This is the amount that is paid each period, including both principal and interest (PI).

Term of Loan (in Years)

Mortgage loans usually have 15 or 30-year terms. Auto loans are usually between 2 and 5 years. For a 6-month term,
enter =6/12 or 0.5. If you entered your current balance in the Loan Amount, then for the Term enter the number of
years you have left until your loan is paid off.