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Loan Calculator



The Loan Calculator will calculate the amount of loan payments, as well as the total interest and total paid for a loan.

Step 1    From the home page, click on the Tools menu. Select Loan Calculator.
  To complete this screen simply follow the steps below.
Step 2    Choose the appropriate currency.
Step 3    Input the principal amount you intend to borrow.
Step 4    Input the anticipated interest rate you'll be charged.
Step 5    If appropriate input the loan points.
  For those of you that may be unfamiliar with the term loan points, here is a brief explanation:
  In financing, lenders usually offer a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, 3 points on a $100,000 mortgage loan would add $3,000 to your refinancing charges. Therefore, the more points that are added to the loan, the more interest you are going to pay.
Step 6    Next, input the number of payments per year. Use the drop down arrow if necessary to change the number of payments.
Step 7    Input the number of years over which you will be repaying the debt.


The loan calculator will calculate the principal and interest for each subsequent payment until the loan has been completely repaid. As well, the loan calculator will summarize the total payment that you will make, principal plus interest, the total interest that you will pay, and the total amount you will pay (both principal and interest added together).

The Moneydance loan calculator also provides a "Points vs. Rates" decision scenario for you. Click on the Points vs. Rates tab.

Fill in the information in the top portion of the screen and Moneydance will assist in making a recommendation as to which financing choice would be best.