Loan Payment Calculator

The ZimpleMoney calculator can determine:

Amortized Payments
Interest Only Payments
Ballon Payments
Fixed Payments
Interest and Principle
Payment Schedules/Coupons
Monthy, Quarterly, Annual Payments

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Loan Payment Calculator

Loan Amount

The amount of the loan or if it is an existing loan the current loan principal balance.

Interest Rate

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

Amortized Loan 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.

Loan Term

MonthsYears

The length of the loan in increments of months or years.

Maturity Date

The specific date when the principal of a loan is due and interest payments end.

Payments made

The frequency of payments in terms of monthly, quarterly or annually.

Payment Amount

Enter the amount of the individual payments to be paid. The final balance will be calculated.

Final Amount

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.

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