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Loan Payment Calculator
The ZimpleMoney calculator can determine:
Amortized Payments
Interest Only Payments
Ballon Payments
Fixed Payments
Interest and Principal
Payment Schedules/Coupons
Monthy, Quarterly, Annual Payments
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Loan Payment Calculator
Loan Terms
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
Interest Only
P&I Due at Maturity
Fixed Payment
Final Payment
Addon Principal & Interest
Addon Interest Only
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.
Fixed Payment
– A fixed payment loan allows the user to specify a payment amount. If the payment is less than the interest due or less than the fully amortized payment; the loan will have both a remaining interest and principal balance at maturity.
Final Payment
– A final payment loan type allows the user to set the final principal amount. This loan type will have a remaining principal balance; and may have unpaid interest at maturity.
Addon Principal & Interest
– Addon Principal & Interest lets the user establish a principal & interest payment that will be the same every month. It may be fully amortized or partially amortized as determined by the user.
Addon Interest
– Add on Interest allows the user to set the periodic interest payment. The interest payment is the same regardless of the number of days in the month. Addon Interest loan types will have a remaining principal balance at the loans maturity.
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.
Loan Term
Months
Years
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
Monthly
Quarterly
Annually
BiWeekly
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.
Addon Principal Payment
Enter addon principal payment amount.
Addon Interest Payment
Enter addon interest payment amount.
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.
Periodic
Payment
Final Payment
P&I Due @ Maturity
Show Payment Schedule
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