#BALLOON PAYMENT CALCULATOR HOW TO#

The Balloon Payment Amount is calculated using the following. It does this by taking your interest rate andĬompounding it over the course of the loan period. If a variable interest rate is entered, the calculator treats it as a fixed interest rate. Our car finance calculator works out the interest that you might pay as part of your car finance plan. How much interest will I pay on my car loan? The low interest will tempt you to take it, but if you dont calculate it correctly, your total payment could make you pay more.

#BALLOON PAYMENT CALCULATOR HOW TO#

Once you have entered the amount, the interest rate and the period of the loan, the calculator will return the total repayment amount, the total interest and the monthly payment figure,Īs well as full amortization. How to Use it : Just type required information in respective cells below : Amount of your loan in Loan Amount field Bank/financial institution offered interest per year Period of your amortization, commonly it is longer than payment period Number of installment months that you plan to pay before paying the remaining balance off. Our calculator helps you work out the costs associated with purchasing a car on credit. Advertisement How does the car loan payoff calculator work? You can check this figure with the car loan payoff calculator at the top of this page. For this example, the total interest on the car loan is $2399.52. Balloon payment calculator solves for any of five unknowns including balloon payment amount and the periodic payment to have a designated final balloon.