Loan calculator

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24 Votes • 8 Comments
Classic loan calculator. Based on given inputs calculates total interest paid, total principal paid, total amount paid.
• posted 5 years and 2 months ago • type: Goodie (Perl functions) Live

I would like to work on this. Can you expand the idea how exactly this shall work ?
posted by [UserVoice Abhiram] • 4 years and 8 months ago Link
Is it a simple interest or a compound interest?
posted by [UserVoice Abhiram] • 4 years and 8 months ago Link
Sure. I will start with simple interest.
posted by [UserVoice Abhi Ram A] • 4 years and 7 months ago Link
Abhi, any update on this?
posted by yegg Staff4 years and 3 months ago Link
Depends on the type of loan. Most U.S. mortgages, for example, use an amortization schedule (simple interest). Not sure if there should be a set default but it could be possible to offer different types of interest via javascript buttons.
For now, though, simple interest might be a good start.
posted by yegg Staff4 years and 8 months ago Link
If looking at US mortgages, consider Zillow's Mortgage Calculator and mortgage API.
Loan expectations will vary wildly depending on type, credit score, and country.

Believe OP is asking for a widget on the page to calculate:
P*(1 + rY) (simple interest)
P*(1 + r)^Y (annually compounded interest)
Plus an area for annual payments/monthly payments.

I am not certain how all of this information could be supplied directly to a Goodie. A search engine user would be unlikely to type "$500 a month for a $20,000 loan with 10% annual interest" to get the desired output (total paid, total interest).

"Loan calculator" could supply a widget at the top of search results.
"US mortgage calculator" could return a widget from Zillow shown here, or similar UX.

-Kris Lion
Architect @Zillow
posted by KrisLion 4 years and 2 months ago Link
Few months ago, I have used Zillow's Mortgage Calculator for calculating monthly mortgage payments such as taxes, insurance and interest. This is really an amazing tool and is very easy to use. Simply enter the home price, down payment and interest detail and get result instantly about mortgage payments.
posted by <hidden> • 2 years and 3 months ago Link
Looks like this one is live!
posted by Moollaza Staff2 years and 11 months ago Link