Loan Calculator: Estimate Your Monthly Payment
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Loan Calculator: Estimate Your Monthly Payment
Quickly calculate a loan payment and view the payoff plan.
By NerdWallet Follow NerdWallet on social media to stay informed about updates
Sep 16, 2022
Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet’s efforts to promote news and manages the team that is responsible in expanding NerdWallet content to additional topics that relate to personal finance.
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If you take out a loan from the lender regardless of whether it’s a family acquaintance or a bank you’ll need to understand the total cost to pay to repay the loan. A loan calculator makes use of basic information to estimate the installments and provide an estimate of the amount of interest you’ll be paying over the duration of your loan.
Make use of the loan calculator to determine your monthly payments on any loan. It also lets you know the way your loan amortizes, or how much is paid down, in the time between payoff and payoff.
Use the loan calculator if you know the amount you expect to be able to borrow.
Let’s say you want to take out a loan of $10,000 to renovate the interior of your house. The lender is offering 5.99 APR for three-year loan. If you take that loan, you’d need to pay back a little over $300 per month. Then, you’ll pay $950 in interest.
How do you use a monthly payment calculator
A monthly payment calculator allows you to compare various scenarios and how they can impact your budget. Referring to the previous example it could be that $300 per month seems too costly for you. It’s okay to explore the options to help you figure out the next steps. You can shop around for a better rate or choose a longer time to pay back the loan. Or you could consider rethinking how much you would like to take out.
Here’s a list of facts you’ll need to utilize the monthly payment calculator and definitions for a few of the terms you’ll come across.
Loan amount: This is the amount you’re planning to take out in the form of principal. Some loans such as a home mortgage, require a down payment, which is the amount you’d put into the purchase. The loan amount should be the purchase price minus any down payment you intend to make.
Months: This is the amount of time that you will have to repay the loan. Also called the loan term and the amount of time it takes to pay back the loan will affect your APR, as well as the you will pay every month, and total over the life of the loan. To pay lower interest, you’ll need to pay off the loan in fewer months in order to increase the amount you pay each month. To reduce how much you have to pay each month, spread to spread the loan for a greater time. However, keep in mind that a longer term means more cost of interest over the duration of your loan.
Annual Percentage Rate: APR, also known as the annual percentage rate or APR is used to determine the cost that is incurred by the loan. The higher the APR for your loan will be, the more expensive your loan can be. APR is not the equivalent to an interest rate, since it also includes the other charges you pay to take out the loan. The APR you’re offered may depend on your credit score, earnings, loan amount and loan term, among other factors. It differs by lender and can be a useful tool for comparing loan options.
Once you provide the loan amount, months and APR The loan calculator will estimate the monthly amount of your loan and its total interest. It also will show you a schedule of payment dates. Learn how to comprehend the outcomes of what you typed to the loan calculator.
Payments for the month: It refers to how much you’d need to pay monthly, with this payment covering principal and interest.
Interest total: It estimates the amount you’ll have paid in addition to the amount you borrowed at the time that the loan is paid in full.
Plan for loan amortization: If you pay an amount that is fixed each month as you pay off the loan and the amortization schedule can show you how much you’d pay toward principal and interest with each installment.
Which calculator should you choose?
The calculator below for monthly payments will provide an idea of the costs associated with an average loan. However, you might want to utilize the loan calculator tailored to your needs.
Mortgage calculators
How much home can you be able to afford?
: Estimate your monthly payments.
Compare the pros and cons of these two common mortgage terms.
Check to see if you can save money by refinancing the mortgage.
What is the best amount to increase your monthly mortgage payment to get rid of your loan earlier?
: Determine whether you’re qualified for the home equity line.
Do you not see what you’re searching for? NerdWallet has a long list of to help you make any financial decision that you’re faced with.
Personal loan calculators
: Calculate the amount you’d be paying per month on a loan.
Find out what your current debt repayments are compared to your income.
: Could consolidating debt save you money on interest?
: Consider whether to refinance the existing loan.
Auto loan calculators
: View the latest average automotive loan costs and then calculate a payment.
Calculate the amount of the car you can afford to purchase.
Get a starting point on an affordable budget for car shopping.
How much do you have to pay in one year from now?
What are the payments like if you find an affordable loan?
What’s a reasonable monthly note for your income?
Take into consideration the lease term as well as security deposits and the money aspect.
Student loan calculators
: Add up your loans and determine a monthly payment.
: Estimate savings from the refinancing of your school loans.
Check out what additional payments or the lower interest rate could make.
Calculate the rate of interest on you student loans.
New payment is due when you consolidate federal loans.
: Figure out your payment under income-driven programs.
: What are the loans cost, per day.
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