#Monthly loan payment calculator free#

For example, interest-only payments on a 50,000. This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. To calculate interest-only loan payments, multiply the loan balance by the annual interest rate, and divide it by the number of payments in a year. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this loan to be applied to principal

You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together.

#Monthly loan payment calculator free#

Current Monthly Loan Payment the amount currently to be paid on this loan on a monthly basis toward principal and interest only. Estimate your monthly payment with our free mortgage calculator & apply today Adjust down payment, interest, insurance and more to budget for your new.

To see your estimated monthly payments and total interest youll pay, just enter the loan amount, loan term. We cannot accept responsibility for any errors. This personal loan calculator will help you determine the monthly payments on a loan. It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. Make Extra Payments Calculate how much your loan term and interest will change by applying extra money to your payments each month Reduce Term (Months) Calculate how much extra you need to pay each month in order to pay off your loan early Current Loan Balance the original amount on a new loan or principal outstanding if you are calculating a current loan Interest Rate the annual interest rate (stated rate) on the loan Remaining Term (Months) number of months which coincides with the number of payments to repay the loan. This calculator is a ready reckoner that's been designed to give a useful general indication of costs. Create amortization schedules for the new term and payments.

Try different loan scenarios for affordability or payoff. Use this calculator to determine 1) how extra payments can change the term of your loan or 2) how much additional you must pay each month if you want to reduce your loan term by a certain amount of time in months.