Planning to finance a car, motorcycle or a house? Not sure if you can afford the payments? This Loan calculator can calculate your approximate amortized monthly payment amount. Or if you know what your monthly budget is, you can calculate the Loan Amount that you can afford. And if you know the loan amount and the monthly payment, you can calculate to see how long it would take to pay it off.

Example; you want to buy a car that cost $16,000.00. The lender is charging you 5.95% interest for 48 months (4 years). Tap on PV and enter 16000 and press Ent. Tap on Int and enter 5.95 and press Ent. Tap on N and enter 48 and press Ent. Tap on Calc and then tap on Pmt, you should see your monthly payment is approximately $375.39.

Let’s say you can only afford $315.00 a month. Tap on Pmt and enter 315 and press Ent. Tap on Calc and then tap on PV, you should see the loan amount equates to $13425.90. you will need to increase your down payment by $2,574.10 or look for a lender with a lower interest rate or increase the term to 5 years.

PV = Present Value or principal Value aka Loan Amount

Int = Annual Interest Rate

N = Number of Payments, 12 = 1 year

Pmt = Monthly Payment.

Calc = Calculate the Payment, Loan Amount or Number of Payments

C = Clear all values

Clr = Clear the currently entered value

Ent = Enter key, accept the currently entered value

FAQ:

Q: Why are the calculations approximate?

A: Different lenders use different interest calculations. Some use monthly average balance and some use daily average balance, among others. This calculator will use the annual interest rate divided by 12 for calculation. A second factor is due to the precision and rounding by your watch.

Q: Why doesn’t your calculator calculate the interest rate?

A: I did not pay attention in High School Math, and do not know how to reverse the payment formula to calculate the interest rate. Pay attention in school kids :)

Q: Why does the app show NaN?

A: The calculator needs 3 of the 4 values to calculate the 4th value. You are probably missing one of the values or one of the values are invalid.

Q: Why does the app show Infinity?

A: You probably have 0 for one of the 3 required values.

Q: Why does the app show NotAvailable?

A: The interest rate calculation function is currently not available. See question 2 :)

Keywords: Loan Calculator, Financial Calculator, Amortize Payment Calculator, Loan Calc, Loan Pmt, Finance, Finance Loan, Refinance, Refi, Mortgage Calculator, Mortgage Payment, Mortgage Pmt, Buy a Car, Buy a House