Installment Loan Calculator
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Amortization calculator - An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process.
Installment Note - A note calling for payment of both principal and interest in specified amounts, or specified minimum amounts, at specific time intervals. This periodic reduction of principal amortizes the loan.
Amortization schedule - An amortization schedule is a table detailing each periodic payment on a loan (typically a mortgage), as generated by an amortization calculator. Amortization schedules are calculated so that each periodic payment for the entirety of the loan is equal, making the repayment process somewhat simpler under amortization than with other models.
Interest-only loan - An interest-only loan is a loan in which for a set term the borrower pays only the interest on the capital; the capital remains owing. At the end of the term the borrower may renew the interest-only mortgage, repay the capital, or (with some lenders) convert the loan to a principal and interest payment loan at his option.
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