Editors' reviewThis very stripped-down and cost-free loan calculation tool helps users quickly determine interest rate, terms, and payments, but it lacks any sort of advanced features. The program's interface is beyond simple, with input fields for loan amount, annual interest rate, total number of payments, and payments per year. Once you've typed in all four of these variables, Loan Calculator by Schwenk instantly returns the results. The program lacks the ability to save or export information, but it does allow you to print the figures. If you want a quick way to figure monthly payments on amortization loans, this application will suffice, but if you need to do anything else, you'll need to look elsewhere.
Loan Calculator by Schwenk is easy to use, intuitive, and free. The application calculates loan payments on cars, homes, refinances, or anything else. You tell it how much, how long, and at what rate, and it will figure out the amortized payment. It's great for comparing different rates, and terms for various loans, and useful for both borrowers and lenders. It's fully functional and free, with no annoying pop-ups or ads. A voluntary $3 fee is requested if you find the program useful.