A payment calculator is calculator that assists you to decide the payment amount or payment length for a one-time, fixed-interest loan. You should make use of the fixed payment if you want to calculate the monthly payment the monthly payment of a fixed term loan. You should also employ the Take-Home-Pay Calculator to find the net payment of your salary after taxes and deductions.
A payment calculator is used to work out what is called a “loan amortization schedule”. This is a smart way of referring to the number and size of monthly payments you must make to pay off a loan with a fixed rate of interest – an auto loan or a mortgage are good examples.
Worth mentioning is that these loans fall into two categories. One can either make a fixed amount of payment every month to pay off the loan, in which case the amount of time to pay it off may be longer, or one may fix the time in which one wishes to pay off the loan, and so monthly payments will be of unequal values.
Mortgages and auto loans tend to use the time limit approach to repayment. Fixed monthly payments are often used in repayment plans, for example, in working out a plan to repay credit card debt. By making a fixed monthly payment to your credit card, instead of a minimum payment, you can pay off the debt much more quickly, and save a great deal of money in interest payments.
A Payment Calculator provides a calculation for the payment amount or payment length for a one-time, fixed-interest loan. Use the “Fixed Term” tab to calculate the monthly payment of a fixed term loan.