Loan Payment Calculator
This tool will calculate the monthly payment, effective interest rate, total interest and loan amortization schedule for a fixed interest rate loan.
Explanation of Fields
For a complete explanation of interest, follow this link: What is Interest?
The current outstanding amount on the loan, or in the case of a new loan, the total amount to be financed.
The nominal interest rate of the loan.
The length of the loan (in years).
The payment schedule, how regularly you will make payments.
The compounding period (for most banks, this will be daily).