Loan Runoff Table Generator

### Payment Calculator

Here is a calculator that you can use to compute the periodic payment of a loan for the runoff table generator below in case you don't know the payment amount. For example, for a \$5000 loan, what is the monthly payment for a loan at 10% interest for 2 years. The principal amount is 5000, there are 12 payments per year if the loan is paid monthly, and a two year loan has 24 monthly payments in total. The calculated payment will be about \$230.72 plus fractional cents. If your payment barely covers the interest, your browser may not have enough memory or may appear to hang for a long time. If you payment is less than the interest rate, you will never pay off the loan and an error message is returned. (We don't do negative amortization on loans. It's not a great approach in real life either.)

 M = P   i -----   1-(1+i)-N

where the annualized percent interest rate is divided by 100 to get the decimal interest rate and further divided by the payments per year to get periodic interest rate i

Also computed is the total cost which is the monthly payment times the total number of payments. The total interest paid over the life of the loan is the total cost minus the original amount that was borrowed.

 1 Enter the Principal Amount 2 Enter the interest rate as a yearly percentage rate 3 Enter payments per year 4 Enter total number of payments 5 Calculated Payment 6 Total Cost 7 Total Interest

### Runoff Table Generator

Here is the loan runoff generator form. Fill in all the fields and hit the Make Runoff button. The values from the form above are automatically entered here, but can be typed over. You may want to round the payment up to the nearest cent. Your browser print button should let you print the generated tables.

 1 Enter the Principal Amount 2 Enter the interest rate as a yearly percentage rate 3 Enter payments per year 4 Enter the payment amount 5 Starting Payment Number In Year 6

Disclaimer: Before using these pages to make financial decisions, be warned that while these equations and calculators have been checked to varying degrees, the checks are not extensive. It is up to the user to verify formulas and their appropriateness to any particular purpose, and that the formulas have been implemented correctly in the calculators. Errors can also be introduced if the formulas are not used correctly. Additionally errors and malfunctions may be introduced in the calculators at the client side including the browser, which actaully runs the javascript code, the network, the OS or the hardware - all beyond the control of this website. In other words, there's no warrenty on anything. This includes the availability of this site at any particular time.

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