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A loan calculator works out your monthly payment, total interest, and full repayment schedule from a loan amount, interest rate, and term. This one also handles a down payment, a balloon payment, and annuity-due timing, so you can model financing a basic calculator can't.

How to calculate a loan payment in 4 steps:

1. Enter the loan amount and, if any, a down payment.
2. Enter the annual interest rate, compounding frequency, and loan term.
3. Add a balloon payment if the loan ends with a lump sum, and set the payment timing.
4. Read the payment, total interest, and full amortization schedule instantly.

Borrow $20,000 at 6% annual interest over 5 years (60 monthly payments): the payment is about $386.65/month, with roughly $3,199 total interest. Add a $5,000 balloon payment due at the end, and the monthly payment drops to about $315.00, since part of the loan is repaid as a lump sum instead of monthly.

Balloon payments show up in car dealership financing, seller-financed property deals, and short-term business loans, where a lower monthly payment matters more than paying the loan off on a fixed schedule. Annuity-due timing applies when a payment is due at the start of each period instead of the end, as with most lease and rental agreements, so those cash flows compound one period earlier.