Enter information regarding your loan in the calculator. Things to keep in mind:

 

• Principal Amount of Loan - Enter the beginning balance of the loan. For mortgage loans, this is usually determined by adding the home purchase price and closing costs, then deducting the down payment. 

 

• Annual Interest Rate - This calculator requires an interest rate between 1.0% and 50%. You may enter any increments above 1.0%. For instance, 8.125% would be valid to enter. 

 

• Term of Loan - Must be at least one year. Enter increments of whole years using a decimal point. For instance, you would enter 1.5 years. 

 

• Monthly Loan Payment - This will be calculated after you enter information and click on the "calculate" button.