This is a simple loan calculator that gives you a good forecast of what to expect in regards to loan repayment, it allows you to see the impact of adding extra payments and therefore motivates for a better outcome.
It is supported 3 Payment methods:
- Equal Payment : Pay an equal payment in every month.
- Equal Principal : Pay an equal amount of principal every month. Monthly interest is calculated based on current balance. Monthly payment is the sum of month principal and monthly interest.
- Interest Only: Pay interest every month and pay the loan in the last month of loan schedule.
Additional feature "Add per month"/"Add per year" is supported in Equal Payment and Equal Principal tab. This is the amount of additional payment you want to pay more every month or every year.
Easy and simple to use. Let's try !!