Loan Calculator

The Loan Calculator calculates the amount of loan payments, as well as the total interest and total paid for a loan. It is located under Tools → Loan Calculator.

To complete this screen, follow the steps below -

• Choose the appropriate currency.
• Input the principal amount you intend to borrow.
• Input the anticipated interest rate you'll be charged.
• If appropriate input the loan points.
• Input the number of payments per year. Use the drop down arrow if necessary to change the number of payments.
• Input the number of years over which you will be repaying the debt.

The Loan Calculator will calculate the principal and interest for each subsequent payment until the loan has been completely repaid.

The loan calculator will also summarise the total payment that you will make (principal plus interest), the total interest that you will pay, and the total amount you will pay (both principal and interest added together).

The Moneydance Loan Calculator also provides a "Points vs. Rates" scenario. Many lenders will offer a lower rate in exchange for "points" paid up front.
The "points" refer to a percentage of the loan amount that is paid at the time the loan is given. Paying this initial fee in exchange for a lower rate often makes sense if you expect to keep the loan for a certain period of time. Click on the Points vs. Rates tab to access this feature.

The Points vs. Rate tool will show you the break-even point for any two combinations of points and interest rates.

To show a comparison between two scenarios, fill in the information in the top portion of the screen and Moneydance will assist you with making a recommendation as to which financing choice would be best.