Loan calculator - interest, monthly payments, principal part, one time fees. Amortizing and term loan considered.

Loan amount (borrowed cash) | ||

One time fees (arrangement commision, insurance etc.) | ||

Loan term (repay time) | ||

Annual interest rate | ||

Annual interest rate |

Month | Payment | Left to pay | ||||

Principal | Interest | All | Principal | Interest | All | |

1 | 39.13 | 5.41 | 44.54 | 1000.00 | 68.99 | 1068.99 |

2 | 39.34 | 5.20 | 44.54 | 960.87 | 63.58 | 1024.45 |

3 | 39.55 | 4.99 | 44.54 | 921.53 | 58.38 | 979.91 |

4 | 39.77 | 4.77 | 44.54 | 881.98 | 53.39 | 935.37 |

5 | 39.98 | 4.56 | 44.54 | 842.21 | 48.62 | 890.83 |

6 | 40.20 | 4.34 | 44.54 | 802.23 | 44.06 | 846.29 |

7 | 40.42 | 4.12 | 44.54 | 762.03 | 39.72 | 801.75 |

8 | 40.64 | 3.90 | 44.54 | 721.61 | 35.60 | 757.21 |

9 | 40.86 | 3.68 | 44.54 | 680.97 | 31.70 | 712.67 |

10 | 41.08 | 3.46 | 44.54 | 640.11 | 28.02 | 668.13 |

11 | 41.30 | 3.24 | 44.54 | 599.03 | 24.56 | 623.59 |

12 | 41.52 | 3.02 | 44.54 | 557.73 | 21.32 | 579.05 |

13 | 41.75 | 2.79 | 44.54 | 516.21 | 18.30 | 534.51 |

14 | 41.98 | 2.56 | 44.54 | 474.46 | 15.51 | 489.97 |

15 | 42.20 | 2.34 | 44.54 | 432.48 | 12.95 | 445.43 |

16 | 42.43 | 2.11 | 44.54 | 390.28 | 10.61 | 400.89 |

17 | 42.66 | 1.88 | 44.54 | 347.85 | 8.50 | 356.35 |

18 | 42.89 | 1.65 | 44.54 | 305.19 | 6.62 | 311.81 |

19 | 43.12 | 1.42 | 44.54 | 262.30 | 4.97 | 267.27 |

20 | 43.36 | 1.18 | 44.54 | 219.18 | 3.55 | 222.73 |

21 | 43.59 | 0.95 | 44.54 | 175.82 | 2.37 | 178.19 |

22 | 43.83 | 0.71 | 44.54 | 132.23 | 1.42 | 133.65 |

23 | 44.07 | 0.47 | 44.54 | 88.40 | 0.71 | 89.11 |

24 | 44.33 | 0.24 | 44.57 | 44.33 | 0.24 | 44.57 |

All | 1000.00 | 68.99 | 1068.99 | 0.00 | 0.00 | 0.00 |

- There are many credit (loan) offers available on the market that differ from one another. The exact conditions under which the loan is concluded are
**regulated by contract**between the borrower (consumer, entrepreneur) and the lender (usually the bank). Therefore you always**should analyze your contract**before signing. - The most important parameters characterizing a particular loan offer are:

**Loan amount**- it's amount of cash, which you**get from lender**(e.g. the bank).

ⓘ Example: John wants to buy a flat for 250,000 USD, but he has only 50,000 USD. So, he borrows missing 200,000 USD to**buy the flat immediately**. In this case, the**loan amount is 200,000 USD**, because the bank lent this amount of cash to him.**Loan term**- this is the period when**we commit to repay the entire loan**. In other words, this is the date of the last loan installment.

**Nominal annual interest rate**(NAPR, nominal APR) - this is the base gratification that a lender (e.g. the bank) gets in exchange for giving us a loan.

- Simply speaking: we got some amount of cash from lender (
*→ see loan amount above*), but we have to return amount**increased by a certain percentage**. Annual interest rate**tells us how high this percentage (rate) is**.

- Annual interest rate is given on an annual basis (similar to interest rate for bank deposit).

- Annual interest rate
**depends on the specific contract**between the lender and the borrower. However maximum allowable rate is limited by law in some countries. For detailed information you should review local law.

- There are two common annual interest rate models:

**constant payment**- all installments are equal,

**decreasing payment**- the**first installment is the highest**, but next installments are systematically decreasing.

- Simply speaking: we got some amount of cash from lender (
**One time fees**- it's all extra fees, which**increase total loan cost**, but they**do not derive from the annual interest rate**. These fees may vary widely from one loan offer to another and they**depend on loan contract**. Examples of these extra fees can be arrangement commision or optional loan insurance.

- Because
**extra fees are not standarized**in most countries**it's hard to compare**one loan offer to another. To solve this issue, the concept of the**effective annual percentage rate**(EAPR, effective APR) was introduced.

- Effective annual percentage rate shows
**the real, total cost of the loan**including all extra fees too.

ⓘ Example: Marry needs to borrow**1000 USD**for one year. Two lenders offer her a loan with nominal annual percentage rate equals to 6%. However, the second offer includes addtional**one time fee**in the amount of 500 USD. When we compare these two offers we can see:

- offer #1:

- total loan cost = 6% from 1000 USD = 60 USD,

- EAPR = 60 / 1000 = 6%

- total loan cost = 6% from 1000 USD = 60 USD,
- offer #2:

- total loan cost = 6% from 1000 USD + 500 USD (one time fee) = 560 USD,

- EAPR = 560 / 1000 = 56%.

- total loan cost = 6% from 1000 USD + 500 USD (one time fee) = 560 USD,

⚠ WARNING! As we can see from above example the**effective annual percentage rate**(EAPR)**can be greater than nominal one**. Unfortunately many lenders abuse this fact to**hide real loan cost inside extra fees**. So,**be cautious**and**always ask for effective APR**before you sign your loan contract! - offer #1:

- Effective annual percentage rate shows

**Loan amount**- the amount of money, which you're going to borrow

**One time fees**- the total amount of one time fees in percents. Those are things like arrangement commision, insurance etc.

**Loan term**- estimated total time of loan repayment in months or years

**Annual interest rate**- annual interest rate in percents. This is the profit which bank earns for the fact it borrows you the money. You can also choose between constant and decreasing rate here.

**Simulation of loan repayment**- this table shows repayment process month by month. If your loan is "decreasing payment" type, you will see how payments are changing over time.

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