Term of Loan: Mortgage loans usually have 15 or 30-year terms. Auto loans are usually between 2 and 5 years. For a 6-month term, enter 0.5.
First Payment Date: Assumes that the first payment date is at the end of the first period.
Payment (per period): This is the amount that you would pay by the due date each period. Although the payment is rounded, this calculator does not account for rounding, so the balance may be off by a few cents or dollars.
Total Interest: This is the total amount of interest that you would pay, assuming that you make all of your regular payments.
What does the "Comparison of Payment Frequency Options" show? This table lets you compare the payments, and more importantly, the total amount that you would pay, without having to manually keep changing the payment frequency in the amortization calculator. The point is that making more frequent payments usually results in a lower total paid. By the way, bi-weekly payments are usually only allowed when using direct deposit.
Note: This amortization calculator is meant for educational purposes only. Please
consult your financial advisor or lending institution before making any final financial decisions.