Plan Your Financial Future With Our Loan Calculator
Whether you are considering taking out a loan to buy a car, a house, or just a personal loan, it remains important to understand the costs involved and how long it would take you to pay it off. This is where the loan calculator above can help you.
When calculating a loan, there’s a variety of factors that could affect the total amount you’ll pay over time and the potential payoff. The two most important factors affecting the cost of your loan are the interest rate and loan length.
Loan Payoff Calculator
A loan’s interest rate will vary based on the current market and your credit rating. In general, consumers with better credit ratings get lower interest rates.
The length or term of the loan and the amount you borrow may also affect the interest rate. A higher loan amount or a longer term exposes the lender to more risk, and additional risk generally leads to higher interest rates.
A loan payoff calculator can help you understand how much you must pay to satisfy the entire loan at any point during its term.
Calculate Your Loan Payments
The interest rate and loan term will also impact your monthly payments. The longer you finance a loan, the lower your payments will be. This option of extended terms means you will pay more over the life of the loan — not to mention the higher interest rate generally associated with a long-term loan.
Conversely, a shorter-term loan may have higher payments, but the total loan cost will fall due to lower interest rates and reduced time for interest to accrue.
Our loan payment calculator can help you figure out what your loan payments will be based on the variables you enter, like the interest rate and term of the loan.