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Loan Payment Calculator
The ZimpleMoney calculator can determine:
Interest Only Payments
Interest and Principle
Monthy, Quarterly, Annual Payments
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Loan Payment Calculator
The amount of the loan or if it is an existing loan the current loan principal balance.
The interest rate (e.g. 10.5%). A rate that is paid or charged for the use of money. Interest rates are usually charged based on an annual percentage of the principal. For example, if a lender charges an interest rate of 10% on a loan of $1000, the total interest charged in a year is $100 for this $1000 loan.
Type of Loan
P&I Due at Maturity
is a repayment plan that consists of both principal and interest. Payments are usually divided into equal amounts for the length of the loan.
Interest Only Loan
is a payment plan that covers only the interest amount of the principal. With Interest Only loans, the monthly payments do not reduce the principal balance. The principal is repaid at the end of the loan term.
Partially Amortized Loan
is a repayment plan whereby the loan is not fully amortized so that at the end of the loan term, there is a balance of the principal that needs to be paid. Sometimes this balance at the end of the loan is referred to as a balloon payment.
Principal and Interest at Maturity
is a repayment plan that is a single payment due at the end of the loan period. The payment at the end of the loan is a combination of both principal and interest. This type of loan is common for agricultural loans or loans where the cash is not available to pay off a loan until the end of the term.
An amortized loan has regular, equal payment through out the term of the loan.
An interest only loan has regular payment of interest only, with the principle and due with the last payment.
The principal and all interest are due at the end of the loan (Maturity Date).
Partially amortized loans have fixed payments during the term of the loan, with any remaining principle due at the end of the loan.
The length of the loan in increments of months or years.
The specific date when the principal of a loan is due and interest payments end.
The frequency of payments in terms of monthly, quarterly or annually.
Enter the amount of the individual payments to be paid. The final balance will be calculated.
Enter the final amount to be paid at the end of the loan term. The individual payments will be calculated.
Calculate Interest From
The date that interest will start being charged. Generally this is the date that the loan funds are received.
If you have an existing loan that you are putting onto the Zimple system, this would be the date interest was paid through (i.e. the end of the prior month).
Payment Start Date
The date of the first payment.
If the payment start date is different than the default, additional interest will be accrued prior to the first payment.
Add Additional Contract Fee
You can specify an amount to be added to scheduled payment. This is good for collecting addtional fees, impounds, service charges etc.
P&I Due @ Maturity
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