The Loan Calculator calculates the number of loan payments, as well as the total interest and total paid for a loan.

This feature is accessible via Tools > Loan Calculator. Below you'll find information about completing the Loan Calculator fields -

  • Currency: Choose the appropriate currency.
  • Amount Borrowed: Enter the principal amount you intend to borrow.
  • APR: Enter the anticipated interest rate you'll be charged.
  • Loan Points: If appropriate input the loan points.
  • Payments per Year: Choose the number of payments per year
  • Number of Years: Choose the number of years over which you will be repaying the debt.

The Loan Calculator will calculate the principal and interest for each subsequent payment until the loan has been completely repaid.

The Loan Calculator will also summarise the total interest that you will pay, and the total amount you will pay (both principal and interest added together).

The Moneydance Loan Calculator also provides a "Points vs. Rates" scenario.

Many lenders will offer a lower rate in exchange for "points" paid upfront.

The "points" refer to a percentage of the loan amount that is paid at the time the loan is given. Paying this initial fee in exchange for a lower rate often makes sense if you expect to keep the loan for a certain period of time.

When viewing the Loan Calculator, click on the "Points vs. Rates" tab to access this feature.

The Points vs. Rate tool will show you the break-even point for any two combinations of points and interest rates.

To show a comparison between two scenarios, fill in the information in the top portion of the screen and Moneydance will assist you with making a recommendation as to which financing choice would be best.