How does a loan get paid off?  Enter the required data in the highlighted fields. This model will then calculate the payment amount. It will also also give you the date of the final payment, the total amount of all payments, and the total amount of those payments that was used to pay the interest on the loan. Then the progress of the loan is graphed to show the balance owed and the total interest paid over the life of the loan.

The "printer friendly" page will also show how each payment is used and its impact on your loan balance by providing a detailed amortization schedule.

amount to be financed
interest rate (4.5% per year is entered as 4.5)
starting date (xx/xx/xxxx)
number of payments
payments are made weekly, monthly, yearly?	weekly monthly yearly
payment amount
date of final payment
total payments
total interest paid