Accurate Loan Payoff Calculator™

Do you owe money, or does someone owe you money? Are you on either the buy side or the sell side of an owner financing loan?

And do you want to track payments on the date paid and recalculate or confirm a debt balance?

That's exactly what the Accurate Loan Payoff Calculator (ALPC) will do for you.

And unlike other online payoff calculators, this calculator will track payments made on any date, and calculate an exact balance. Need to know the payoff amount for a loan as the twentieth of the month? This calculator will handle the task easily.

What if the borrower missed a payment?

Or what if they made an extra principal payment?

Or what if the interest rate changes?

Once again, no problem. The below calculator will handle any of these scenarios with ease.

Further, not only will you know the exact balance, you'll be able to create and print a detail payoff schedule complete with payment dates, subtotals, and running totals.

Spend a few minutes with the tutorial below, and I'll have you up and calculating in no time

Recent changes and enhancements

• Sept. 2023: Export any schedule's data to Excel/xlsx file. Click on "Schedule" then "Continue" past the title page.
• User inputs are automatically sorted prior to file save and calculation. This fixes the issue where the "Unknown" would not calculate due to overlaping dates in different cash flow series unless user had clicked the "Expand" button.

Calculating a loan payoff amount as of a specific date is easy with this calculator. The calculator considers all on time late, missed and extra payments. It can also accommodate payment and interest rate changes.

• The Accurate Loan Payoff Calculator will do the job if you are searching for any of these calculators:
  • loan repayment calculator
  • mortgage payoff calculator
  • student loan repayment calculator
  • home loan repayment calculator
  • car loan repayment calculator
  • debt payoff calculator
  • debt repayment calculator
  • or any early loan payoff calculator

All users should work through the more detailed first tutorial to understand the Ultimate Financial Calculator's (UFC) basic concepts and settings.

To calculate a mortgage or loan balance and record payments as they are made, follow these steps:

1. Set "Schedule Type" to "Loan"
   • Or click the [Clear] button to clear any previous entries.
2. Set "Rounding" to "Open balance — no adjustment" by clicking on {Settings} {Rounding Options}
   • This setting is what allows you to enter single payments. Fig. 1
   • Any other setting forces the calculator to adjust the final payment so the balance is zero
3. Set the "Days Per Year" option to "360 Days Per Year" by clicking on the {Setting} {360 / 365 Days}
4. In the header section, make the following settings:
   1. For "Calculate Method" select "Normal".
   2. Set "Initial Compounding" to "Monthly".
   3. Enter 5.25 for the "Initial Interest Rate".

5. In row one of the cash flow input area, create a "Loan" series
   1. Set the "Date" to February 16
   2. Set the "Amount" to 5,250.00
   3. Set the "# Periods" to 1
      • Note: Since the number of periods is 1, you will not be able to set a frequency. If a frequency is set, it will be cleared when you leave the row

• Frequently, the next step is to calculate the regular, periodic payment amount if you don't already know it. For this example, we'll assume that the payment has not yet been determined. If the payment has been agreed to, you can skip to step #8.

• The borrower has agreed to pay the loan back in 24 equal payments due at monthly intervals. What is the payment amount?

6. Enter known payment details in second row
   1. Set the series to "Payment"
   2. Leave the "Date" set to March 16
   3. In the "Amount" column type "U" for "Unknown" Fig. 2
   4. Set the number of periods to 24
   5. Set Frequency to "Monthly". (The "End Date" will be February 16.)

• Your screen will now look like this:

7. Click the "Calculate" button
   • The expected, periodic payment is $230.91 Fig. 3

• Now we can start recording payments as they are received. Because we calculated the payment amount assuming 24 payments, we need to edit row #2:

8. The 1st payment is received on time. Click on row #2
   1. Select "Payment" for the series
   2. Leave the date set to March 16
   3. In the "Amount" column enter $230.91
   4. Enter "1" for "# Periods" (recording 1 payment)

• Assume the next 3 payments are also received on the due date and for the amount due but you fell behind in recording them in the calculator. It is easy to catch up:

9. Click on row 3
   1. Select "Payment" for the series
   2. Set the date to the April 16
   3. In the "Amount" column enter $230.91
   4. Enter a "3" under "# Periods"

• Your screen should now look like this Fig. 4:

• So far, all payments have been received for the amount due and on the due date. Let's check out the loan payoff amount after these 4 payments are made:

10. Click on the "[Schedule]" button
    1. As of June 16, after the payment, the payoff amount is $4,412.77 Fig. 5

• The borrower is reliable and not only does he pay the 5th payment early, he also pays an extra $100.

11. Normal payment plus an extra payment. To record this:
    1. Click on the fourth row. Set the series to "Payment"
    2. Set the date to "July 10"
    3. Set the "Amount" to $330.91. (Includes the extra $100.00.)
    4. Set the "# Periods" to 1

• So much for the debtor being reliable.

12. Missed payment followed by under payment:
    1. Click on the fifth row. Set series to "Payment"
    2. Set the date to "September 16"
    3. Set the "Amount" to "$180.91"
    4. Set the "# Periods" to 1

• After making 4 regular payments, as well as one early payment with an extra $100.00 and making a payment that is short by $50.00, your cash flow data screen will look like this Fig. 6:

• Note: It is not necessary to enter a '0.00' for the missed payment. But it can be done as a matter of record keeping. Doing so, explicitly acknowledges that a payment was missed and it also forces the balance to be calculated on the payment schedule as of the date of the missed payment.

• Note: Interest is being calculated through August 16 and it is being added to the balance.

• Your borrower is in need of additional cash. You agree to lend it to them and add it to the loan balance.

13. Add an additional loan
    1. Click on the empty row after the last payment. This will be row six
    2. Select "Loan" for the series Fig. 7
    3. You will make the funds available on October 1st. Enter October 1 in the Date column
    4. In the "Amount" column enter the new loan amount $1,000.00
    5. You are making one loan. Enter a "1" for "# Periods"

• Since there is a new loan amount, you want to calculate a new payment amount. Also, the borrower has agreed to pay the loan off in 18 more payments.

14. Adjust payment due to new borrow
    1. Click on the empty row after loan just entered
    2. Select "Payment" for the Series
    3. The payments will continue to be due on the 16th of each month. Set the "Date" set to "October 16"
    4. In the "Amount" column type "U" for "Unknown".
    5. Set the "# Periods" to 18
    6. Set "Frequency" to "Monthly"

• Before clicking "Calculate", your screen will look like this if you've been following along:

15. Click "[Calculate]"
    • The new payment will be $286.78 Fig. 8

16. Next, borrower pays the full payment amount, however he does pay two days late:
    • Edit the payment in row 7.
    1. Leave "Series" set to "Payment
    2. Change the "Date" to "October 18"
    3. Since the full payment is paid, leave the amount as it is, $286.78
    4. Only one payment is being made. Change the "18" to "1" in the "# Periods" column

• Continue to enter payments (and loan advances) as they are received until the loan is paid off. Remember, you may enter "0.00" payment amounts on any date to calculate the payoff as of the date entered. Fig 9

16. Next, borrower pays the full payment amount, however he does pay two days late:
    • Edit the payment in row 7.
    1. Leave "Series" set to "Payment
    2. Change the "Date" to "October 18"
    3. Since the full payment is paid, leave the amount as it is, $286.78
    4. Only one payment is being made. Change the "18" to "1" in the "# Periods" column

17. Calculate the loan balance as of any date:
    • Assuming no payments are made after Oct. 18:
    1. Leave "Series" set to "Payment
    2. Change the "Date" to "January 1"
    3. Since we want the loan balance on a day when no payment is paid set the amount to $0.00 Fig. 10
    4. Click on [Schedule], the row for January 1 will show the loan balance, including the interest accrued since the Oct. 18th payment. Fig. 11
18. Calculate the loan's payoff amount as of any date:
    • Follow the steps in 17, but set the Jan. 1 amount to "Unknown".
    • Change the rounding option to "Adjust last amount to reach a "0" balance"
    • The calculator will calculate the payoff amount and the schedule will show a $0.00 balance.
    • Of course the payoff amount will equal the loan balance (within the rounding adjustment) from 17 above.

• As you can see, you have two ways for looking at the same loan.
  • Follow the steps in 17 and the schedule shows the balance as of Jan. 1.
  • Follow the steps in 18 and the calculator calculates the pay off amount and the schedule shows a 0 balance.

If you have any questions about the Accurate Loan Payoff Calculator, feel free to leave them in the comment section below.

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