Loan Abacus

This accurate financial calculator computes loan payment given principal, interest rate and loan term (length). You can calculate any loan variable given the other three. That is useful in finding the monthly payment, APR, interest-only payment, total interest paid, or the effects of principal prepayment. It is a handy (it works offline) and versatile tool to help you choose the best loan. The included "quick help" makes it easy to use.

Most other loan calculators only compute the monthly payment, some compute the APR (Annual Percentage Rate). Loan Abacus offers much more functionality. It lets you calculate:

- Monthly loan payment (like many others)
- Interest-only payment
- APR (Annual Percentage Rate)
- Total interest paid (over the life of the loan)
- Loan length (number of months to pay it off)
- The effect of monthly principal prepayment on total interest paid and on loan length

All this versatility can be used in various "what if" scenarios as a part of intelligent decision making in a loan selection and maintenance. For example, you are comparing a 20 year mortgage loan with a 30 year loan with a slightly higher interest rate. Which one is a better deal? You could prepay the principal in the 30 year loan to make your monthly payment equal in both loans, but is it worth it? It is impossible to say without a tool like the Loan Abacus to provide hard data. The same reasoning applies to comparing car loans. Which one is cheaper: 1.99% loan with a price discount or 0% loan?

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