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Loan Calculator: Estimate Your Monthly Payment

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Loan Calculator: Estimate Your Monthly Payment
Quickly calculate a loan payment and view an estimated payoff time.
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Sep 16 2022


Written by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news operations, and also manages the team responsible for expanding NerdWallet content to additional topics that relate to personal finance.

Previously, he has worked as a channel supervisor at MSN.com and as a web administrator at University of California San Diego and as a copy editor and staff writer at the Los Angeles Times. He holds an undergraduate degree in Arts in communication and an master of Arts in Anthropology.







The majority or all of the products we feature come from our partners who pay us. This affects the products we feature as well as the place and way the product appears on a page. But, it doesn't influence our opinions. Our opinions are our own. Here's a list of and .



If you are borrowing money from an institution, whether it's a personal bank or a friend you'll need to understand the total cost to pay back the loan. A loan calculator utilizes basic data to estimate the installments and provide an estimate of how much interest you'd pay over the life of the loan.
Make use of this loan calculator to determine your monthly payments for any loan. You can also check how your loan amortizes, or how much is paid down, over the payoff period.
Utilize the loan calculator if you know the amount you're hoping to borrow.
Let's suppose you need to borrow $10,000 to update parts of your home. The lender has offered 5.99 APR for three-year loan. In those terms, you'd need to pay back a little over $300 per month. At the conclusion, you'll pay $950 in interest.
How to use a month-long payment calculator
A monthly payment calculator allows you to look at different scenarios and how they might affect your budget. Referring to the previous example it could be that $300 per month is just too costly for you. It's okay to explore the options to help you figure out your next step. You can shop around for a lower rate or choose a longer time to repay the loan. You could also consider rethinking how much you would like to take out.
Here's a guide to the information you'll need in order to make use of the calculator for monthly payments and definitions for some of the terms that you'll see.
Loan amount The amount you're looking to take out in the form of principal. Certain loans such as mortgages for homes requires the down payment, which is the cash you'd chip into the purchase. The loan amount should be the price of the purchase minus any down payment that you are planning to contribute.
Months: This is the amount of time that you will have to pay back the loan. Also called the loan term, the length of duration you have to pay the loan could affect the APR, as well as the you will pay each month and in total throughout the duration of your loan. To pay lower interest, you'll need to pay back the loan in less time and this will raise your monthly payment. To reduce how much you have to pay each month, spread out to spread the loan for a greater period. Be aware that a longer period will result in higher cost of interest over the duration of the loan.
Annual Percentage Rate: APR, also known as the annual percentage rate or APR, is used to calculate the cost that is incurred by the loan. The higher your loan's APR will be, the more expensive your loan will be. APR is not the equivalent to an interest rate, since it also includes the other charges you have to pay in order to get the loan. The rate you're offered could be contingent upon your credit rating, earnings, loan amount and loan term, among other factors. It differs by lender and can be a useful tool for comparing loan options.
When you enter information about the loan amount, month and APR After that, the loan calculator will calculate your monthly payment and total interest. The calculator will also provide a schedule of payment dates. This is how you can understand the results of what you typed into the loan calculator.
Monthly payment: This is how much you'd need to pay each month, with this payment covering principal and interest.
The total interest estimates the amount you will have paid in addition to the amount you borrow, at the time that the loan is paid in full.
Plan for loan amortization If you are paying a fixed amount each month to pay off the loan then the amortization plan will show how much you'll pay in interest and principal with each installment.
Which calculator do you prefer to use?
The monthly payment calculator above will provide you with an estimate of the cost of the simplest loan. But you may also want to use an loan calculator customized to your specific needs.
Calculators for mortgages
How much home can you be able to afford?
: Estimate your monthly payments.
Consider the advantages and disadvantages of these two mortgage terms.
Check to see if you can save cash by refinancing your mortgage.
What is the best amount to raise your mortgage payments monthly to be able to pay off your loan earlier?
Find out if you're eligible to get the home equity line.

Do you not see what you're searching for? NerdWallet has a long list of options to assist you in making any financial decision that you're faced with.
Personal loan calculators
: Estimate the amount you'd pay per month on a loan.
: Find out how your debt payments are compared to your earnings.
: Could consolidating debt can save you cash on interest?
Think about refinancing an existing loan.

Auto loan calculators
: Check the current typical automotive loan rate and figure the amount to pay.
Calculate the amount of car your payment can buy.
Find a good starting point for an affordable budget for car shopping.
: How much do you have to pay in within a year?
What are the payments like if you find a cheaper loan?
What's an affordable monthly note to earn a living?
Take into consideration the lease term and security deposits, as well as the money factor.

Student loan calculators
: Add up your loans and determine a monthly payment.
Calculate the savings you can make by refinancing your student loans.
Find out how extra payments or an interest rate reduction could make.
: Calculate the combined rate on you student loans.
A new installment if you consolidate federal loans.
Calculate your monthly payment under income-driven programs.
What do your loans cost per day, in dollars.

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