Welcome to the loan payment calculator. This free tool enables you to calculate the monthly payment of a loan based on the interest rate and length of the loan. Here's how it works:
Loan Amount: Here you'll enter the amount of the loan. This is the total amount financed. There is no need to enter a dollar sign.
Interest Rate: The interest rate is expressed as a percentage out two decimals. For example, the rate may be 10.49%. In that case, enter 10.49 in the calculator. There is no need to enter a percentage sign.
Term: Here enter the length of the loan in years.
Give the calculator a try and let me know what you think!
Deciding whether to take out a loan is a decision that should be made with care. Whether you are financing a car, an education, or something else, keep in mind that the debt can have a significant effect on your monthly budget
With that in mind, here are some loan resources to consider: