topic Looking for a loan calculator in General Credit Topics

Looking for a loan calculator

redhed1026 — Thu, 18 Mar 2010 15:26:31 GMT

I'm looking for something pretty specific, so bear with me while I try to explain it.

I'm looking for a loan calculator or program that keeps track of loan payments. I'm making a loan to a family member with x% interest. The loan will be paid back in monthly installments of $xxx per month and often will have extra payments added to reduce the loan length. I need a program to keep track of the balance, payments, interest and extra money that would be paid. Does anyone know where I can find one?

I've seen ones for credit cards (like whatsthecost.com), but not sure that would apply here, since there aren't finance charges added in monthly like credit cards.

Thanks in advance!

Re: Looking for a loan calculator

creditbroke — Fri, 19 Mar 2010 14:01:32 GMT

This maybe what you need,it shows a extra payment and recalculate option below the main tabs. I googled it ,hope it helps.

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

Re: Looking for a loan calculator

redhed1026 — Sat, 20 Mar 2010 01:54:57 GMT

Thanks for the link! I'm thinking that it might be easier to agree on a certain amount of interest as a set fee, rather than as an APR. That way I only I have to keep track of payments and a total balance.