A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) which he is obligated to pay back later. Thousands of loans have been invented since its creation. By the way of payback, most loans can be categorized into the following:
- Pay back a fixed amount periodically, until it matures. Many consumer loans fall into this category, such as mortgages, auto loans, student loans, etc.
- Pay back everything in the end—in other words, when the loan matures, the borrower is obligated to pay the principal plus interest back to the lender in one bulk payment. Many commercial loans fall into this category.
- Pay back a fixed amount (the face value for bond) in the end—for example, when the loan matures, the borrower pays a fixed amount back to the lender. At the outset, the borrower receives the fixed amount minus the interest. Most bonds fall into this category.
The following calculators address these three categories:
Calculator for Paying Back a Monthly Fixed Amount
This is a fixed-interest calculator with an adjustable starting date for the calculation of the monthly payment, total payment amount, interest, and amortization schedule of a one-time loan. This loan calculator can configure an annual amortization schedule and a monthly amortization schedule. Use this calculator for calculating mortgages, auto loans, and student loans.
Calculator for Paying Back Altogether in the End
Calculator for Paying Back a Fixed Amount in the End
Use this calculator for calculating bonds or other related financial products.