Principal Amount of Loan - Enter the beginning balance of the loan. For mortgage loans, this is usually determined by adding the home purchase price and closing costs, then deducting the down payment.

Term of Loan - Must be at least 1 year. Enter increments of whole years using a decimal point. For instance, you would enter 1 ½ years as 1.5 years.

Annual Interest Rate - This calculator requires an interest rate between 1.0% and 50%. You may enter any increments above 1.0% -- for instance, 8.125% would be valid to enter.

Monthly Loan Payment - will be calculated after you enter information and click on the "Calculate" button.