The point is that making more frequent payments usually results in a lower total paid. What does the 'Comparison of Payment Frequency Options' show? This table lets you compare the payments, and more importantly, the total amount that you would pay, without having to manually keep changing the payment frequency in the amortization calculator. Total Interest: This is the total amount of interest that you would pay, assuming that you make all of your regular payments. Although the payment is rounded, this calculator does not account for rounding, so the balance may be off by a few cents or dollars. Payment (per period): This is the amount that you would pay by the due date each period. For a 6-month term, enter 0.5.įirst Payment Date: Assumes that the first payment date is at the end of the first period. Auto loans are usually between 2 and 5 years. Term of Loan: Mortgage loans usually have 15 or 30-year terms. Please access the web page using another browser. The calculations created using SpreadsheetConverter will not work. Tables do not account for rounding of the payment! Loan, the first payment date, and the payment frequency.
Enter the loan amount, the annual interest rate, the term of the
