Loan and Credit Line

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Should you get a loan or a line of credit? The calculator lets you compare monthly payments. For a loan payment, select fixed-term loan. For a line payment, you can choose 2%, 1.5% , or 1.0% of the outstanding balance or interest only.

You can quickly produce a report with a loan summary and a payment schedule table.

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Definitions

Loan amount	Total dollar amount of your loan.
Interest rate (APR)	The annual percentage rate for this line of credit.
Term in months	Number of months for this loan
Tax rate	Your combined state and federal tax rate.
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 by adding all interest accrued for the month plus 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% Interest Owed	For loans 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.

information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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AnchorBank, fsb, 25 West Main Street, Madison, WI
a subsidiary of Anchor BanCorp Wisconsin, Inc., a Wisconsin corporation.