Loan & Credit Line Payment
This calculator helps determine your loan or line payment. For a loan payment, select fixed-term loan. For a credit line payment, you can choose 2%, 1.5% or 1.0% of the outstanding balance or interest only.
Definitions
- Loan amount
- Total dollar amount of your loan.
- Interest rate
- The annual interest rate, often called an annual percentage rate (APR) for this loan or line of credit.
- Term in months
- Number of months for this loan or line of credit.
- Fixed loan term
- Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.
- 2%, 1.5% or 1% of balance
- Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
- 100% of interest owed
- For lines paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.
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These interactive calculators are not intended to provide or replace specific professional financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical, are for illustrative purposes only, and may differ from more in depth analysis results. They do not represent the past performance of any specific product, nor should they be viewed as a promise of future results of any product offered by Thrivent Financial Bank or its affiliates. We encourage you to seek personalized analysis regarding all personal finance issues.
