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Loan & Credit Line Payments - Definitions

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This calculator helps determine your loan or line payment. For a loan payment, select fixed term loan. For a line payment, you can choose 2%, 1.5% , 1.0% of the outstanding balance or interest only.
TermDefinition
Loan amount Total dollar amount of your loan.
Interest rate Periodic charge, expressed as a percentage, for the use of borrowed money. Interest rates may vary and are subject to approval by the lender. Please enter the estimated current market rate.
APR The APR (annual percentage rate) is the yearly rate of interest and other fees, costs paid to acquire the loan. The APR calculations incorporate fees and interest into a single rate. Lenders are required by law to disclose the APR, and the rate is used to compare various loans available. In this example, the interest rate and APR are the same because no other costs, other than interest have been considered.
Term in months Number of months for this loan.
Tax rate Your combined state and federal tax rate.
Fixed loan termTraditional amortization produces a fixed monthly payment. The monthly payment calculated leaves a zero balance at the end of the loan's term.
2%, 1.5% or 1% of Balance Your minimum payment is calculated by adding all interest accrued for the month plus a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
100% Interest Owed For loans paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.


These calculators are made available to you as self-help tools for your independent use. We do not guarantee their accuracy or applicability to your circumstances. These tools are not intended to provide investment, legal, tax, or accounting advice. All examples are hypothetical and for illustrative purposes only. You may wish to consult your financial institution or financial advisor for additional information and advice. The calculations in this Report are based on typical conventional fixed rate financing for the term of the loan selected. Actual results may vary depending on the specific product type and availability of loan terms. Additional fees may apply. All loans would be subject to lender approval and credit terms may vary. All user input is private and secure. We do not collect any of the personal information that you provide, nor do we save any of the Reports. All calculations are made on your own computer.