This tool helps you calculate your payment plan with Katapult quickly and easily.

## How to Use the Katapult Payment Calculator

1. Enter the Purchase Amount that you are planning to finance.

2. Enter the Lease Term in months. This is the duration for which you will be making payments.

3. Enter the Interest Rate applicable to your lease term. This should be entered as a percentage (e.g., for 10%, enter 10).

4. Click on the “Calculate” button to see the Total Cost of Lease.

## How it Calculates the Results

The calculator uses the following formula to calculate the total cost of lease:

totalCost = (purchaseAmount * interestRate / leaseTerm * leaseTerm) + purchaseAmount

The formula calculates the monthly payment based on the entered purchase amount, interest rate, and lease term, then multiplies it by the lease term to get the total cost of lease, including the initial purchase amount.

## Limitations

1. This calculator assumes a fixed interest rate over the entire lease term.

2. It does not take into account any additional fees, taxes, or charges that may apply.

3. Calculations are based on simple interest and may differ from actual lease agreements which may include compound interest and other factors.

## Use Cases for This Calculator

### Calculate Monthly Installment

Enter the total loan amount, interest rate, and duration to quickly determine the monthly payment amount. Adjust the figures to find the most suitable repayment plan that fits your budget effortlessly.

### Estimate Total Interest Paid

Input the loan amount, interest rate, and term to get an accurate calculation of the total interest you would pay over the loan period. This feature helps you understand the cost of borrowing and plan your finances efficiently.

### Determine Loan Affordability

By entering your desired monthly payment, interest rate, and term, you can discover the maximum loan amount you can afford. This functionality empowers you to set realistic expectations and make informed borrowing decisions.

### Compare Multiple Loan Options

With the ability to input different loan scenarios, such as varying interest rates and terms, you can instantly compare and contrast multiple repayment plans. This facilitates easy evaluation to choose the most cost-effective option for your financial situation.

### Visualize Amortization Schedule

Generate a detailed amortization schedule by providing the loan amount, interest rate, and term. Visualizing how each payment contributes to principal and interest helps you track your repayment progress and make informed financial decisions.

### Calculate Early Repayment Savings

Input your outstanding loan balance, interest rate, and desired extra payment amount to calculate the potential savings from making early repayments. This feature encourages smart financial planning by illustrating the benefits of reducing the loan term.

### Analyze Refinancing Opportunities

By entering your current loan details and comparing them with potential refinancing offers, you can analyze the savings from refinancing. This tool empowers you to make informed decisions to optimize your loan terms and save on interest costs.

### Plan Bi-Weekly Payments

Enter your loan amount and interest rate to see the difference between monthly and bi-weekly payment schedules. This feature helps you visualize the impact of more frequent payments on reducing the overall interest paid over the loan term.

### Adjust Payment Frequency

By selecting different payment frequencies (monthly, bi-weekly, etc.) and entering your loan details, you can compare how changing the payment schedule affects the total interest paid. This interactive functionality allows you to tailor your repayment plan to suit your financial goals.

### Get Real-Time Results

Experience instant calculations and accurate results as you adjust the loan parameters in real-time. The calculator provides quick feedback, enabling you to make swift decisions and explore various financial scenarios effortlessly.