Logo CalcAmo Loan Calculation and Amortization

Simulate a fixed-rate loan

A fixed-rate loan with regular payments is the most common type of loan.

Use the following data entry form to specify the terms of the loan.

  Enter the terms of your loan  
  Type of loan : Fixed rate  
  Borrowed amount : $  
  Loan duration :
 
  Frequency :  
  Annual interest rate : %  
  First payment date :
 
  Type of interest rate :
 
 
 
   
       

Guide to using this form

Payment frequency – For annual, semi-annual (half-year), quarterly, monthly, and semi-monthly (twice-monthly) payments, the loan calculation is performed per 12, 6, 3, 1, or ½ month period, respectively, and the loan duration should be a whole multiple of its corresponding period (for example, for quarterly payments, the loan duration may be 3 months or 6 months, but not 5 months).

Payment frequency – For weekly or bi-weekly (15-day) payments, the loan calculation is performed assuming that 1 year consists of 52 weeks with 7 days each, or of 26 periods with 14 days each. The actual payment period will be shorter than the one entered. The loan duration should be a 3-month multiple.

Compound interest rate / simple interest rate – For most cases, the simple interest rate should be used. Interest rate types and calculation methods vary according to country and use, and occasionally according to the purposes of the loan (e.g., property vs. personal). If the simulation results do not match the payment schedule provided by your bank, then it may be necessary to use the other type of interest rate. For a detailed discussion of the various interest rates, see Wikipedia Interest.

First payment due date – Dates entered are truncated to the last day of the month, but the date as entered will be used for subsequent months. For payment periods consisting of multiple months, the first payment due date will be used for the other due dates. For example, a first payment set at 2-30 will lead to due dates on 2-28, 3-30, 4-30, etc.

 
Navigation - Top of page