The Payment Calculator helps you quickly calculate your client’s monthly principal and interest payment based on the loan amount, term, and interest rate. You can also view a full amortization schedule to show how payments are applied over time.
Enter Loan Details
1. Enter a Loan Amount.
2. Enter the loan term in years. This field defaults to 30 but can be adjusted as needed.
3. Select the Loan Type from the dropdown menu. Available options are Fixed, ARM, and Buydowns.
4. Enter the loan's annual interest Rate.
5. Click View Schedule to generate a monthly and yearly payment schedule. The monthly and yearly payments will be calculated and an amortization schedule will be created. The schedules break down your client’s total payment, remaining balance and how much is being paid towards principal and interest.
Switching Between Yearly and Monthly Views
Use the Yearly and Monthly toggle in the top right corner to change how the amortization schedule is displayed.
Yearly view: Shows cumulative totals for each year, including total amount paid, total interest paid, total principal paid, and remaining loan balance. This provides a high-level summary of loan progress.
Monthly view: Shows the detailed breakdown of each individual payment, including the payment amount, interest paid, principal paid, and remaining balance after each payment.
Both views reflect the same loan and help you explain how payments are applied over time.
Helpful Tip: When toggled to Monthly, you can roll up a year of monthly payment schedules by clicking on the down arrow.
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