Loan & Credit Line Payments

Please complete all the fields and press the "Calculate" button to calculate your approximate loan payment. This calculation is intended only to be a very close approximation and may not be your exact payment amount.  Please contact Encore Federal Credit Union for the exact payment amount.

This calculator helps determine your loan or line payment. For a loan payment, select fixed term loan. For a line payment, you can choose 2%, 1.5% , 1.0% of the outstanding balance or interest only.

Definitions

Loan amount Total dollar amount of your loan. Interest rate (APR) The annual percentage rate for this loan or line of credit. Term in months Number of months for this loan or line of credit. Fixed loan term Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term. 2%, 1.5% or 1% of balance Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term. 100% of interest owed For lines paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.