Partially Amortized Loan Calculator
A Partially Amortized Loan Calculator helps determine monthly payments, total amount paid during the payment period, balloon payment, and total payment for loans with periodic principal payments. It is useful for loans where only part of the principal is paid off over the term, resulting in a remaining balance (balloon payment) at the end.
To use the calculator, enter the full loan amount, interest rate per year, amortization period, and payment period. Click "Calculate" to view the results, including monthly payment, total amount paid, balloon payment, and total payment. The "Clear" button will reset all fields.
Calculator
Results
| Monthly Payment | Total Paid During Payment Period | Balloon Payment | Total Payment |
|---|---|---|---|
Formula
Frequently Asked Questions
What is a partially amortized loan?
A partially amortized loan is a type of loan where periodic payments do not fully amortize the loan by the end of the term. This results in a remaining balance, known as a balloon payment, which is due at the end of the loan term.
Why use a partially amortized loan calculator?
Using a partially amortized loan calculator helps borrowers understand their monthly payments, total amount paid, and the remaining balloon payment. This is useful for planning and budgeting, especially for loans where only part of the principal is paid off periodically.
How does the calculator handle interest rates?
The calculator converts the annual interest rate into a monthly rate by dividing by 12. This monthly rate is used to compute the monthly payment and other loan-related values.
Can I use this calculator for different loan terms?
Yes, the calculator can be used for various loan terms by entering the appropriate amortization time and payment period. The results will adjust based on the input values.
What is the balloon payment?
The balloon payment is the final lump sum payment due at the end of a partially amortized loan. It represents the remaining balance of the loan after all periodic payments have been made.
How do I interpret the results?
The results include the monthly payment amount, total paid during the payment period, balloon payment, and total payment. Use these values to assess your loan's financial impact.
What if I change the interest rate or loan amount?
Changing the interest rate or loan amount will adjust the monthly payment, total payment, and balloon payment. Recalculate to see the new figures based on your updated inputs.
Is the calculator accurate?
The calculator provides an accurate estimation based on the inputs and the standard amortization formula. Ensure all data entered is correct for precise results.
Can I use this calculator for other types of loans?
This calculator is specifically designed for partially amortized loans. For other types of loans, such as fully amortized or interest-only loans, different calculators may be required.
How do I reset the calculator?
Click the "Clear" button to reset all input fields and results. This will allow you to start a new calculation from scratch.
Can I save or print the results?
You can save or print the results by using your browser's print function or by copying the results to another document. This allows you to keep a record of your calculations.