Loan Calculator
How to Use the Loan Calculator
This loan calculator creates printable loan schedules with dates.
- Calculate unknown payment, term, interest rate, or loan amounts
- Saves to Excel & Word files.
- Print or export colorful charts
- Supports extra payments too!
Use this calculator to compute a loan payment.
- Click
Clear, then enter values for:Loan AmountNumber of Payments(term)Annual Interest Rate
- Optionally, set the start date and end date.
- Leave
Loan Payment Amountset to0. - Click
“Calc”or“Payment Schedule”.
Leave the other settings unchanged unless you need to modify them.
This loan calculator also offers many features beyond basic payment calculations. See more below…
The Calculator-Calculate Loan Amount, Rate, Term or Payment Amont
To set your preferred currency and date format, click the “$ : MM/DD/YYYY” link in the lower right corner of any calculator.
Information
Operating Details
Always enter 0 for the unknown value (and reenter 0 after changes).
Note - You must enter 0 for the value you want the calculator to compute.
Why does the calculator not automatically recalculate the last unknown value?
The calculator is designed to generate a payment schedule that matches the loan terms you specify. This behavior is intentional. There is no single “correct” loan payment amount—the payment is valid as long as both the lender and the borrower agree to it. If the calculator always recalculated the last unknown, that flexibility would not be possible.
About the loan origination date (start date) and the first payment due date.
Important - The first loan payment period is rarely equal in length to the regular payment frequency. For example, if the schedule is monthly, the time from loan origination (when the borrower receives the funds) to the first payment due date is usually not exactly one month. The first period is often either longer or shorter.
A longer or shorter first period directly affects the interest calculation.
Very few online calculators handle this detail correctly. For accurate interest and payment results, you must be able to set the loan origination date and the first payment due date independently. You can do this on the Options tab.
Warning - Selecting dates may produce payment amounts and interest charges that do not match the results from other calculators.
This difference is intentional.
If you want results that match other calculators, set the Loan Date and First Payment Due so that the time between them equals one full payment period as defined in Payment Frequency. Example: If the Loan Date is May 15 and the Payment Frequency is Monthly, then set the First Payment Due to June 15. This will produce a conventional interest calculation.
See Long Period Options and Short Period Options below for additional details about payment amounts and interest calculations.
Keeping it simple - If you only need estimates and not precise accuracy, you can leave the dates as they are when the calculator loads.
Much More Than a Payment Calculator
The four required values
Loan Amount— the principal borrowed, not including interest.Number of Payments(term) — thePayment Frequencydetermines the loan term. For a five-year loan with monthly payments, enter60for the number of payments (60 months = 5 years).Annual Interest Rate— the nominal annual interest rate. (If a lender quotes anything other than an annual rate, consider avoiding the loan.)Payment Amount— the amount due on each payment date.
Set one of the above values to 0 if it is unknown.
How much can I borrow?
- Set the loan amount to
0. - Enter the number of payments.
- Enter the annual interest rate.
- Enter the desired or expected payment amount.
- Click
Calc.
How long will it take to pay off a loan?
- Enter the loan amount.
- Set the number of payments to
0. - Enter the annual interest rate.
- Enter the desired or expected payment amount.
- Click
Calc.
What interest rate allows me to pay $350 per month?
- Enter the loan amount.
- Enter the number of payments.
- Set the annual interest rate to
0. - Enter
$350for the payment amount. - Click
Calc.
Three loan options you usually do not need to change
Payment Frequency— how often payments are scheduled. The calculator supports 11 options, including biweekly (every two weeks), monthly, and annually. Payment due dates are calculated from the first payment date.Compounding— in most cases, set the compounding frequency equal to the payment frequency. This produces periodic interest. SelectingExact/Simpleresults in exact-day simple interest.Amortization Method— leave this set toNormalunless you have a specific reason to change it. For a full explanation of available methods, see Nine Loan Amortization Methods.
Results — Loan Summary
See the payment schedule for the total interest saved.
Total Interest— total interest paid over the loan term, assuming payments are made as scheduled.Total Prepaid Principal— the sum of all extra payments. The payment schedule also reports the interest saved.Total Principal & Interest— the loan amount plus interest. This is the total cost of the loan.
Eleven advanced loan options
Loan Date— the date funds are disbursed. For vehicle or home loans, this is the closing date.First Payment Due— for leases, this may be the same as the loan date. See “About the loan origination date (start date) and the first payment due date” above.Extra Payment Amount— enter the amount if you plan to make one or more extra payments.Extra Payments Start— enter the date when extra payments should begin. This does not have to match payment due dates. For example, if regular payments are due on the 1st, you could schedule extra payments on the 15th to align with your pay periods.Extra Payment Frequency— how often you plan to make extra payments. For example, annually when receiving a year-end bonus.Number of Extra Payments— enter any whole number. To continue extra payments until the loan is paid off, enterUfor “Unknown.”Days Per Year— choose 360 or 365. Also called the day-count convention, this affects interest calculations when compounding is based on days (daily, exact/simple, or continuous) or when an initial irregular period creates odd days.Rounding Options— because payment and interest amounts are rounded each period (e.g., 345.0457 becomes 345.05), most loan schedules require a final rounding adjustment to bring the balance to zero. The payment schedule includes a footnote showing the rounding amount.Long Period Options(odd-day interest) — controls how interest is shown when the first period is longer than the selected payment frequency.Short Period Options— controls how payments are adjusted when the first period is shorter than the selected payment frequency.Fiscal Year-End— defines the fiscal year for reporting totals. Use this if your fiscal year does not match the calendar year.
More details about odd-day and irregular-period interest settings
Loan Equations
This section documents the formulas used by the calculator and shows the step-by-step process for solving them. Use the links below to go directly to a specific equation:
- Term equation
- Loan amount equation
- Annual interest rate equation
- Payment amount equation
- Amortization equation
Term Equation — Calculate the Number of Payments (N)
Fig. 2 – Step-by-step solution of the term equation.
Variables: A = 50,000; R = 6 %; P = 1,000; n = 12.
Variable Definitions
- R
- Nominal annual interest rate (the quoted rate).
- n
- Number of compounding or payment periods per year.
- i
- Periodic interest rate.
- A
- Loan amount (principal).
- P
- Amount of each equal payment.
- N
- Total number of payments (loan term).
Calculation Steps Explained — Fig. 2
- How do you calculate the number of payments required to repay a loan?
To calculate the number of payments needed to repay a loan, apply the loan amortization formula with logarithmic operations. This method assumes fixed periodic payments and a constant interest rate. The following example illustrates the process:
- Calculate the periodic interest rate by dividing the annual rate
R = 6%by the number of periods per yearn = 12:i = 0.005. - Substitute the values into the repayment formula:
N = -ln(1 - iA/P) ÷ ln(1 + i), whereA = 50,000,P = 1,000, andi = 0.005. - Evaluate the ratio:
iA/P = (0.005 × 50,000) ÷ 1,000 = 0.25. Thus,1 - 0.25 = 0.75. - Compute the natural logarithm:
ln(0.75) ≈ -0.2876820724…. Apply the negative sign:-ln(0.75) ≈ 0.2876820724…. - Evaluate the denominator:
ln(1.005) ≈ 0.0049875415…. - Divide the values:
N ≈ 0.2876820724… ÷ 0.0049875415… ≈ 57.6801…. - Round to the nearest whole payment period: N ≈ 58.
This means 58 monthly payments of $1,000 are required to repay a $50,000 loan at a 6 % annual interest rate, compounded monthly.
- Calculate the periodic interest rate by dividing the annual rate
Step-by-step Solution – Fig. 2
i = 0.06 ÷ 12 = 0.005N = -ln(1 - (0.005 × 50,000 ÷ 1,000)) ÷ ln(1.005)= -ln(1 - 0.25) ÷ ln(1.005)= -ln(0.75) ÷ ln(1.005)≈ -(-0.2876820724…) ÷ 0.0049875415…≈ 0.2876820724… ÷ 0.0049875415…≈ 57.6801…≈ 58
Final Answer
The final answer (N) is approximately 57.6801…. Because partial payment periods are not possible, we round up to 58.
Validate the calculator. $50,000 loan at 6 % annual rate with $1,000 monthly payments.
| Loan Amount: | 50,000.00 |
|---|---|
| Number of Payments (#): | = 58 |
| Annual Interest Rate: | 6.0 % |
| Payment Amount: | 1,000.00 |
| Payment Frequency: | Monthly |
| Compounding: | Monthly |
| Amortization Method: | Normal |
Notes:
- This example uses the same calculation shown in Fig. 2.
- The equation assumes fixed payments and equal-length periods. If you do not obtain the same result, confirm that the loan date and first payment due date (on the
Optionstab) are exactly one month apart, and ensure no extra payments are entered. - The equation provides a guideline. Rounding down to 57 payments will make the last payment larger than if you use a full 58-payment term.
Loan Amount Equation — Calculate the Amount You Can Borrow (PV)
Fig. 4 – Step-by-step solution of the loan amount equation.
Variables: R = 6 %; f = 12; n = 60; PMT = 1,000.
Variable Definitions
- R
- Nominal annual interest rate (the quoted annual rate).
- i
- Interest rate per period (
Rdivided byf). - f
- Number of payment periods per year.
- n
- Total number of payments for the loan or investment.
- PMT
- Amount of each equal periodic payment.
- PV
- Loan amount, or present value — the amount you can borrow.
Calculation Steps Explained — Fig. 4.
- How do you calculate how much you can borrow based on a fixed payment?
To determine the loan amount you can borrow when the monthly payment, interest rate, and loan term are known, use the present value formula for an ordinary annuity. The process with example values is as follows:
- Compute the periodic rate from the annual rate:
i = R ÷ f = 0.06 ÷ 12. - Evaluate the periodic rate:
i = 0.005. - Substitute into the formula:
PV = 1,000 × [(1 − (1 + 0.005)−60) ÷ 0.005]. - Simplify the base inside the exponent:
1 + 0.005 = 1.005. Result:PV = 1,000 × [(1 − (1.005)−60) ÷ 0.005]. - Evaluate the power term:
(1.005)−60 ≈ 0.741372196…. - Subtract from
1and divide by the rate:(1 − 0.741372196…) ≈ 0.258627804…; then ÷0.005. - Evaluate the bracketed factor:
≈ 51.7255608…. - Multiply by
1,000to obtain the unrounded present value:≈ 51,725.5608…. - Round to cents for currency reporting: PV ≈ $51,725.56.
This result means that a borrower making 60 monthly payments of $1,000 at a 6 % annual interest rate, compounded monthly, could borrow approximately $51,725.56.
- Compute the periodic rate from the annual rate:
Step-by-step Solution – Fig. 4
i = 0.06 ÷ 12= 0.005PV = 1,000 × [(1 − (1 + 0.005)−60) ÷ 0.005]= 1,000 × [(1 − (1.005)−60) ÷ 0.005]≈ 1,000 × [(1 − 0.741372196…) ÷ 0.005]≈ 1,000 × [0.258627804… ÷ 0.005]≈ 1,000 × 51.7255608…≈ 51,725.5608…≈ 51,725.56
Final Answer
The final answer for the loan amount (PV) is approximately 51,725.56.
Validate the calculator. 60-month loan at 6 % annual rate with $1,000 monthly payments.
| Loan Amount: | = 51,725.56 |
|---|---|
| Number of Payments (#): | 60 |
| Annual Interest Rate: | 6.0 % |
| Payment Amount: | 1,000.00 |
| Payment Frequency: | Monthly |
| Compounding: | Monthly |
| Amortization Method: | Normal |
Notes:
- This example uses the same calculation shown in Fig. 4.
- The loan amount equation assumes that all periods are equal in length and that the payment amount remains fixed.
Annual Interest Rate Equation — Calculate the Interest Rate (R) for a Loan
Fig. 6 – Step-by-step solution of the annual interest rate equation using a closed-form expression.
Variables: PMT = 938.99; n = 60; P = 50,000; f = 12.
Variable Definitions
- PMT
- The fixed payment amount.
- n
- Total number of payments (loan term).
- P
- Loan principal (initial borrowed amount).
- f
- Number of payments per year (payment frequency).
- r
- Periodic interest rate (decimal form).
- R
- Nominal annual interest rate (percentage).
Calculation Steps Explained — Fig. 6
- How do you calculate the interest rate based on known payment and loan values?
To calculate the periodic interest rate from known loan terms, use the present value formula and apply an iterative method such as Newton–Raphson. This method refines the interest rate until the calculated loan value matches the target. Example:
- Set up the net present value equation using the annuity factor:
NPV(r) = 938.99 × (1 − (1+r)−60)/r − 50,000. - Choose an initial guess for the rate:
r₀ = 0.005. - Evaluate the annuity factor at
r₀:((1 − (1+r₀)−60)/r₀) ≈ 51.7255607511…. - Form the residual at
r₀:f(r₀) ≈ 938.99 × 51.7255607511… − 50,000. - Compute:
≈ 48,569.7842897054… − 50,000. - Residual:
≈ −1,430.2157102946…. - Evaluate the derivative at
r₀:f′(r₀) ≈ −1,401,824.5767294535…. - Apply Newton’s update:
r₁ = r₀ − f(r₀)/f′(r₀) ≈ 0.0039797470…. - Evaluate the annuity factor at
r₁:((1 − (1+r₁)−60)/r₁) ≈ 53.2803574944…. - Residual:
f(r₁) ≈ 938.99 × 53.2803574944… − 50,000. - Compute:
≈ 50,029.7228836692… − 50,000. - Residual:
≈ 29.7228836692…. - Derivative:
f′(r₁) ≈ −1,460,553.6747891533…. - Next update:
r₂ = r₁ − f(r₁)/f′(r₁) ≈ 0.0040000974…. - Evaluate annuity factor at
r₂:((1 − (1+r₂)−60)/r₂) ≈ 53.2487163871…. - Residual:
f(r₂) ≈ 938.99 × 53.2487163871… − 50,000. - Compute:
≈ 50,000.0122003501… − 50,000. - Residual:
≈ 0.0122003501…. - Derivative:
f′(r₂) ≈ −1,459,354.8371115437…. - Next update:
r₃ = r₂ − f(r₂)/f′(r₂) ≈ 0.0040001058…. - Evaluate annuity factor at
r₃:((1 − (1+r₃)−60)/r₃) ≈ 53.2487033941…. - Residual:
f(r₃) ≈ 938.99 × 53.2487033941… − 50,000. - Compute:
≈ 50,000.00000000206… − 50,000. - Residual:
≈ 0.000000002058…. - Derivative:
f′(r₃) ≈ −1,459,354.3448535450…. - Final Newton correction:
r ≈ r₃ − f(r₃)/f′(r₃) ≈ 0.004000105796…. - Convert to nominal annual rate:
R = r × 12 ≈ 0.04800126955…. - Express as a percentage (to four decimals): R ≈ 4.8001 %.
This result shows that the loan carries a nominal annual interest rate of approximately 4.8001 %, based on 60 monthly payments of $938.99 to repay $50,000.
- Set up the net present value equation using the annuity factor:
Step-by-step Solution – Fig. 6
NPV(r) = 938.99 × (1 − (1+r)−60)/r − 50,000r₀ = 0.005((1 − (1+r₀)−60)/r₀) ≈ 51.7255607511…f(r₀) ≈ 938.99 × 51.7255607511… − 50,000≈ 48,569.7842897054… − 50,000≈ −1,430.2157102946…f′(r₀) ≈ −1,401,824.5767294535…r₁ = r₀ − f(r₀)/f′(r₀) ≈ 0.0039797470…((1 − (1+r₁)−60)/r₁) ≈ 53.2803574944…f(r₁) ≈ 938.99 × 53.2803574944… − 50,000≈ 50,029.7228836692… − 50,000≈ 29.7228836692…f′(r₁) ≈ −1,460,553.6747891533…r₂ = r₁ − f(r₁)/f′(r₁) ≈ 0.0040000974…((1 − (1+r₂)−60)/r₂) ≈ 53.2487163871…f(r₂) ≈ 938.99 × 53.2487163871… − 50,000≈ 50,000.0122003501… − 50,000≈ 0.0122003501…f′(r₂) ≈ −1,459,354.8371115437…r₃ = r₂ − f(r₂)/f′(r₂) ≈ 0.0040001058…((1 − (1+r₃)−60)/r₃) ≈ 53.2487033941…f(r₃) ≈ 938.99 × 53.2487033941… − 50,000≈ 50,000.00000000206… − 50,000≈ 0.000000002058…f′(r₃) ≈ −1,459,354.3448535450…r ≈ r₃ − f(r₃)/f′(r₃) ≈ 0.004000105796…R = r × 12 × 100 ≈ 4.800126955…R ≈ 4.8001 %
Final Answer
The final answer for the annual interest rate (R) is approximately 4.8001 %.
Validate the calculator. $50,000 loan with $938.99 monthly payments for a 60-month term.
| Loan Amount: | 50,000.00 |
|---|---|
| Number of Payments (#): | 60 |
| Annual Interest Rate: | = 4.8001 % |
| Payment Amount: | 938.99 |
| Payment Frequency: | Monthly |
| Compounding: | Monthly |
| Amortization Method: | Normal |
Notes:
- Why an iterative method is required.There is no algebraic (closed-form) solution for the interest rate when the payment, term, and loan amount are known. The rate appears in both exponents and denominators, so it must be found using a numerical method that refines the estimate through repeated steps.
- Displayed values are shortened for clarity.To improve readability, decimal values shown in each step are shortened. However, all calculations use high-precision values. If verifying results independently, use at least 12 decimal places for the periodic rate and full calculator or software precision for intermediate steps (do not round between steps).
- How the rate is refined at each step.Each iteration uses the current estimate, the function value, and its slope (derivative) to compute a better estimate:
rk+1 = rk − f(rk) ÷ f′(rk). This continues until the estimate stabilizes. - About the algorithm used to find the interest rate.The calculation uses the Newton–Raphson method, a standard numerical algorithm widely used in finance. It finds the periodic rate that sets the net present value (NPV) of cash flows to zero—the internal rate of return (IRR).
- You can verify the calculated interest rate by using it to recompute the payment or loan amount. If the recomputed value differs by no more than a few cents, the rate is considered accurate. Minor differences may occur due to rounding the displayed rate to four decimal places.
Payment Amount Equation — Calculate the Periodic Payment Amount
For step-by-step guidance on solving the payment equation, seeAmortization Schedule — Payment Calculation Steps.
Amortization Equation — Calculate the Amortization Schedule
Normal amortization, for any period: ending balance = beginning balance + periodic interest − payment.
For step-by-step guidance on solving this equation, seeAmortization Schedule — Calculation Steps.
Conclusion
Over several decades, I have discussed loan details with users, including loans structured with unusual features. Based on that experience, I believe the loan calculators on this site can generate schedules for any structured settlement loan. If you have a loan with special requirements, please ask.
RonApplewood says:
Understanding you don’t want to get into formulas, can you explain a bit more about long period interest?
For example, $300k loan with first payment due 105 days after loan origination date. I was advised to take the $300k*interest rate(2.05%)*105/365 and that would be the amount of interest I need to pay at closing/loan origination.
The calculator gives a different (lower value). What concept am I missing here?
Karl says:
A long period includes one period, plus odd days.
Ron Applewood says:
Yeah I understand that, Karl. How do you go about calculating it?
It is clearly not as simple as I described above. Can you please elaborate so I have a more firm understanding of how you arrive at your value.
Karl says:
In that case, I can’t figure out why you are calculating interest for 105 days. Where are you allowing for the full period? Study the schedules and you should be able to see what I mean if this isn’t clear. As you noted, I can’t really get into the weeds and explain calculations. I work fulltime (not on this site) and if I answer questions beyond what calculator to use and how to use a calculator, I wouldn’t have any time left to develop the site.
Ron Applewood says:
Ahh, I figured out the difference. I was calculating interest for a month that will be covered in the first payment since interest is paid in arrears. My numbers now match yours and I have a better overall understanding.
Karl says:
Great! Glad to hear it. That’s what I meant by "A long period includes one period, plus odd days." 🙂
Jake says:
Hello?
Is there any way to translate from English to Japanese?
Karl says:
Are you asking if I can translate it? I can’t. If you know Japanese and want to do the translation, I’ll host a translated version.
You can contact me via the email address on the contact page.
jake says:
Thank you for your reply.
I would like to translate both
One is for Japanese
The other is for Korean
May I do it?
Karl says:
Yes, let’s give it a try. First, please translate the text adjacent to each input and then I’ll see if I can get the layout created.
Alex says:
Hello,
I don’t really understand how come the accrued interest is paid separately if it should be part of the monthly installments. Please advise!
Karl says:
Are you talking about the accrued interest from an initial long period?
The user has complete control over how this interest is collected (it can even be ignored).
See "Long Period Options?:" on the options tab.
And the text on this page for some details or all about loan amortization for even more information.
If this is not the interest you are asking about, please provide more details.
Christine says:
The number of payments is maxed out at 999. I’m salaried, but I still get paid weekly (which is odd, but awesome), wanted to make some projections as to the impact of paying a 20 year mortgage loan with weekly payments (or 1040 payments) and ran into this limiter.
Thanks.
Karl says:
Yes, I see. The next time I release an update, I’ll test it with a larger maximum number of payments.
There is a way around this though. See this calculator. Scroll down the page and see tutorial #1 which covers calculating an unknown payment amount. YOu’ll still be limited to 999, but what you can do is create 2 payment streams, one after the other of say 520 payments each. The results will be correct as if you set it up with one stream of 1040 weekly payments. Try it out. I think you’ll see what I mean. If not, just ask.
Walter Abadi says:
Hi Karl
2 questions.
trying to replicate a loan calculation from financial institution. I use SOLVE_IT but have not been able.
loan ammount: 11,019
interest rate: 10%
60 monthly payments
originating june/18/2020
first payment july/1/2020
i get 235 for the monthly payment, and playing with options plus or minus $1.00
they give me that payment is 241.72
they told me they use 360 days and calculation is based daily and gave me this formula:
Interest ammount= (balance * ((interest_rate*12)/360/100) * QTY_DAYS)
few days trying to figure this out with no success. your expert advise will be appreciated.
Karl says:
Hi Walter, when you say you are trying to replicate the calculation, do you mean in the calculator or the formula to get the result? If you want to use this calculator and the payment amount the financial institution gave you, then enter their payment amount into the calculator and it will create a schedule for you using their payment amount.
FYI: They payment amount isn’t the critical number. The critical calculation is the interest being charged. Do their calculations agree with yours?
Walter Abadi says:
I spoke to the person; and seems that the method used is ACTUAL 360.
i can see a 365/360 setting but appears is different to actual 360.
your comments would be helpfull. tnx
walter abadi says:
and last payment 219.03
Kathy Heitkemper says:
This calculator has been very helpful. I’ve forgiven a month’s loan payment due to corona virus job loss. Is it possible to account for that in the payment schedule?
Thanks!
Karl says:
Good to hear. This calculator does not support skipped or missed payments. However, this payoff calculator allows a user to make payments on any date and you can skip payments too. Scroll down to the tutorials. The calculator has a lot of other features too. I would read tutorial #1 to get an overview. When you set up a loan, one way to handle a missed payment (there are several ways) is to "Expand" the payments (this should make sense when you see the calculator) and then set the payment in question to 0.0.
Kathy says:
This calculator worked really well. Easy to use tutorial! Thank you!
Karl says:
You’re welcome! Thanks for letting me know.
Walter Abadi says:
interesting Karl. but following on this line. we have agreed with many customers to not pay 3 months and added at the end in 3+ payments; but from words to the amortization table is getting a bit though. can we modify the amortization table with 3 payments to zero and instead 0f 60 months make it 63+? but monthly payment ammount remains the same.. sorry very confusing all this..
Karl says:
I believe I understand. You need to use another calculator on this site. Please see the loan payoff calculator. This calculator allows a user to make any payment on any date for any amount. You can also set any payment to 0.00.
If you try this calculator, scroll down the page and see the tutorials. Look at tutorial #1 for an overview. You can get to the days-per-year options by clicking on "Settings." The "360" settings is "Actual/360." "360" is just a shorthand. At least for the calculators on this site.
Karl says:
I should add that if "Monthly" compounding does not produce the results you expect or need, you should try setting compounding to either "Exact/Simple" or "Daily" to get the interest charges to match what you want. This all depends on how a lender calculates interest for a full period – meaning say June 22 to July 22, assuming monthly payments and no odd days.
Harold says:
Your calculator is amazing and so useful. I have several mortgage loans and have used it to check all kinds of options for refi’s!
I’d like to make a request though. It seems the only editing key that can be used is the backspace. I’d appreciate it if you would allow the other editing keys like Delete, Home, End and arrow keys to be used. It seems once a number is entered you can only delete it with a backspace rather than correct or modify it. It would make it easier to change numbers if all editing keys were enabled.
Thanks again!
Karl says:
Thank you for letting me know how you use this calculator. It’s always nice to know that a calculator is useful for someone.
About the editing, I understand what you are saying. Users made this same sort of comment 12 or so years ago when I added the custom styling code to the numeric entry. But I have not heard this comment for years now.
Here’s the thing, the way all the calculators are designed to work is for the user to navigate from one input to the next using the [shift] and [shift-tab] keys (reverse navigation). If a user does this, when they arrive at an input, the value is selected. What the user should do is simply start typing numbers. This clears the entire input. The thousands separators are then inserted as the user enters values and this visual cue should make numeric data entry less error-prone. Usually, though counter-intuitive, retyping the number is faster than screwing around with edit keys and arrow keys. If you hit the home key, then you would have to type the right arrow key to move the insert point and then backspace perhaps to delete the number and type the number. By the time you did all that, the number could have been reentered.
If I allowed editing, then the auto insertion of the thousand separators would not work. Then users would be wondering what they had entered was 9,000,000 or 900,000 because it would look like this: 9000000? And they would be checking their 0 entries.
Harold says:
I see what you mean now about the calculator paradigm. I do like that you put the commas in the numbers. I always hate it when a spreadsheet, for example, is not decimal aligned, with large numbers and no commas!
Pam says:
Karl,
I want to thank you for this calculator. My husband of 49 years recently passed away. He was a real estate broker for 46 years, who, to me, was a genius. Since he came home with Agent Orange from Vietnam in the early 70’s and they didn’t know what it is, he was partially disabled and could get no life insurance, so he set up mortgages for me to live off of when he died. I am doing that now, but now that interest is so low, everyone is refinancing and I am stuck doing pay offs for my clients. I wasn’t trained by anyone how to do this, he did all of it and didn’t teach me. I KNEW there would be a day……anyway,
I am doing a payoff right now for a client and I don’t understand how to get to the closing date when I don’t know what it will be, interest wise. I know there is a daily amount that I am supposed to put in after the last mortgage payment she paid last month that will include interest. Is there an easy site I can go to that would help me figure out what to put in the spaces above? I have been using the calculator for a while now, but tonight I couldn’t get it to calculate and can’t figure what I did wrong. I did put in the monthly amount instead of letting IT figure it out because she pays more every month and has always paid this amount since she took the mortgage but it won’t let me insert this amount. Am I doing it wrong or has it been changed? Thanks a lot for the use of this calculator. Without it I don’t know where I would be right now. Pam
Karl says:
Hi Pam, I have a calculator on this site that is designed to calculate loan payoff amounts. Please use this loan payoff calculator. You’ll need to spend a few minutes going through the instructions. If you have a question, just ask. Basically what the calculator allows you to do is to enter the payments as made and to save your entries for later use. after the last payment, enter a row with today’s date (or the date the loan is to be paid off). This last row will have an "Unknown" amount and the calculator will solve for that, which is the payoff amount.
Good luck.
Linda says:
I am trying to figure out how to modify the following formula so that the first payment date is included as a factor. This formula seems to assume that the first payment date would be 30 days out. Do you have any suggestions as to how to modify this payment calculation formula to accommodate a shorter or longer first payment date (e.g., 15 days in the future or 45 days in the future)?
payment = (rateperperiod * loanamount) / (1 – (1 + rateperperiod)^-term)
I would appreciate any suggestions.
Karl says:
I don’t believe it can be done. I was never able to do it.
For this calculator, I had to write several hundred lines of code to do the calculation.
That’s why I never get involved with discussing equations. It becomes a bottomless pit and such discussions take away from what little time I have to write code.
Linda says:
Thank you for your quick response.