Description:
Financial calculator for comparing or analyzing two loans or mortgages. The calculator is for fixed rate loans based. Typically fixed rate loans are used to purchase or buy cars, trucks, automobiles, recreational vehicles and homes using fixed rate mortgages. This calculator should not be used for Adjustable Rate Mortgage (ARM), revolving lines of credit or credit card calculations, since payment are not fixed or equal month to month.

Analysis includes monthly and total payment, interest and principal paid, balance versus time and amortization table calculations. The tool give visual representation of the data using charts, graphs, plots and tables.

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Step	Instructions	Notes
1	Enter loan amounts.	The loan amount is the total amount of money being loaned from the bank, mortgage company, lender or other financial institution.
2	Enter interest rate.	Interest rate is the lending rate the bank is charging for the loan. Enter the value as a percent. Typically, loans with longer terms have a higher rate and shorter term loans have a lower rate. Moreover, a person with good credit will qualify for a lower interest rate as opposed to a person with bad credit. Tip, a person should shop around for the best deal. In many cases, mortgage rates can be negotiated.
3	Enter the term	Term is the number of years it will take to repay or payoff the loan. It is the duration or length of time payments will be sent to the lender. Note, this calculator assumes payments are made on a monthly basis.
4	Press Calculate button	The calculate button will update the solution, charts, graphs, plots and tables.

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Location	Parameter	Explanation
Solution	Term	The program calculates the number of months payments will be sent to the lender. It is the number payments. Note, one year has twelve months.
Solution	Monthly payment	The amount of money to be paid to the lender each month.
Solution	Total payments	The total amount of money paid during the lifetime of the loan. It is calculated by multiplying the term or number payments by the monthly payment. Total payments in total amount of interest and principal paid.
Solution	Total interest paid	The total amount of money paid to the lender for loaning the money over the lifetime of the loan.
Solution	Loan amount	User input of the amount of money being borrowed.
Solution	Total interest paid	User input of the interest rate.
Bar charts	Monthly payment	Provides a visual representation of the monthly payment for loan 1 and loan 2.
Bar charts	Total paid	Provides a visual representation of the total paid amounts for the loans.
Bar charts	Total interest paid	Provides a visual representation of the total interest paid for each of the loans.
Graphs	Loan Balance vs. Time	A graph showing the loan balances over time. The lines show how much cash is still owed as payments are made over time.
Graphs	Interest and Principal versus Time	A graph showing the amount of money being applied to interest and principal for each payment. Principal reduces the loan amount. Interest goes the the lender. Note, the amount on interest per payment get lower over time.
Tables	Amortization tables	A numeric table showing how each monthly payment is divided into interest and principal. In addition, it shows the monthly payment (same for each month) and loan balance for each month.