![]() ![]() The difference between the two is this: If the first payment is due and paid on the same date that the loan was made, then you would set this option to "Advance", otherwise you would set this to "Arrears". You would use "Advance" for finding the balance of a lease. The "Payment Method" option is normally left set to "Arrears" for loans. You can use our Exact Day Compound or Simple Interest Calculator to calculate any odd days of accrued interest. If some days have passed since the payment was made, then interest is accruing for those days since the last payment. This is because the calculator calculates the balance after the payment. Monthly Payment: 1,627.89 Total Interest: 45,347.30 Total Payment: 195,347.30 Pay Off: 10 Years On this loan, the borrower would pay 45,347.30 in interest payment after 10 years of payment. NOTE: The actual balance may vary slightly. Loan Amount: 150,000 Interest Rate: 5.5 Term: 10 year Following are the payment details for this loan. (With this calculator, there is no need to click the "Calc" button first.) The result is $18,667.96. Click the "Calc" button (or if you want to see a more detailed schedule, click "Payment Schedule" or for charts click the "Charts" button of course. Leave the other setting set to their default values. ![]() Enter "0" (zero) for the "Loan Balance After Payment #". Enter 6.5% for the "Annual Interest Rate" and 18 for the "Balance After Payment (#)". Keep in mind, you’ll receive your funds as a lump sum and have to pay interest on the entire amountso only borrow what you need. To calculate a loan balance, enter the original loan amount, say $28,500. Calculate how much money you want to borrow. Use this calculator to tell you what your periodic payment needs to be to result in a specific balance after "X" payments have been made. Or given a desired remaining balance, the calculator will calculate one of the four other inputs. Example, if you have a four year car loan and you've made a year and a half of monthly payments (18 months), this calculator will tell you the balance of the loan. Cash Back Calculator at remaining balance calculator calculates the principal balance after a specified payment number. You can save (or print out) two different versions of the spreadsheet in order to make comparisons.Ĭheck out the Low APR vs. ![]() The auto loan calculators in our spreadsheet let you specify a cash rebate and the annual interest rate. Sometimes, the auto manufacturer offers incentives in the form of a cash rebate or lower interest rate, but usually not both at the same time. However, there are a few online calculators that you could use: Our auto loan calculator spreadsheet does not contain a calculator for comparing leasing vs. We don't provide technical support for creating custom spreadsheets, but if you have some suggestions or comments, please let us know. However, make sure you know how the equations and formulas work before you try to branch out on your own. The spreadsheet has been left unlocked, to give you complete freedom to modify it as needed for your personal use. In the Payment Calculator, you can also enter values in the yellow cells (the Extra Payments column). Basically, you just enter values in the white-background cells, and see what happens to the other numbers. Information about how to use the loan calculators are contained within the spreadsheet itself, mostly as cell comments.
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