The Loan Balance Calculator can be used to track variable payments on any monthly installment loan. This includes auto, RV, personal or student loans, certain types of promissory notes, contracts for deed, 1st, and 2nd mortgages, and so on.
And it can be used from either a lender's perspective or from a borrower's perspective.
Specifically, the calculator will create an editable monthly payment schedule for a time period of your choosing.
From there you can then change the default payment amounts to match the actual payment amounts, and you can make adjustments to the principal balance (up or down) for any month that falls within the selected time frame.
In other words, for any monthly payment period, the calculator will allow you to:
- Clear out a skipped or overdue payment.
- Enter a partial payment.
- Enter an extra payment.
- Enter a late fee or penalty.
- Reduce or increase the principal balance.
Plus, you can set the calculator's amortization method to either US Rule or Normal (negative amortization).
Then, once you have the payment schedule changed to match the actual, you can view and print out a revised loan amortization schedule.
And finally, you will also have the option of downloading a .csv file for importing into Excel or Open Office Calc spreadsheets.
Note that the member version of this calculator includes a feature for downloading a .csv file for importing into Excel or Open Office Calc spreadsheets.
Other Loan Balance Calculators
If you are making or receiving bi-weekly loan payments, use the Biweekly Loan Balance Calculator.
If the principal repayment is ahead of schedule, I recommend you use the Loan Pay Off Calculator instead.
Or, if you are looking to calculate the current balance on a loan that you have been making the prescribed monthly payments on, please visit the much simpler Remaining Balance Calculator.
Or, if you need to keep track of the running balance on a promissory note or personal loan, check out the Daily Interest Loan Calculator. It allows you to calculate simple or compounding interest between dates, or for a given number of days, or over the course any number of separate transaction periods.