Installment Loan Calculator
It is important to determine how much debt you can afford before applying for installment loans. The simplified installment loan payment calculator will help you determine what your monthly payments could be.
Enter the principal balance, interest rate, and loan term in years. When you are creating a budget, the calculator can be helpful to have an idea of what your monthly payment will be. It might be that you have enough money to make additional payments. You might even be able to create a plan to reduce your debt.
How Can You Calculate the Loan Payment?
The loan payment calculator calculates your principal loan balance monthly and applies the interest rates you provide. We do not cover amortization as this is a basic loan payment calculator. Our more comprehensive loan calculators will allow you to calculate amortization and other details.
What is Amortization?
Amortization is the process of reducing debt by making regular payments. In most cases, interest will take up most of your monthly payments within the first few years. Imagine an auto loan with a 0 monthly payment amount. The first month’s payment could be $350 towards interest and $150 towards the principal.
Additional Loan Payment Calculators
We also offer tools to help you calculate your monthly auto, mortgage, and credit card payments.
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