Installment Loan Calculator
It is important to determine how much debt you can afford before you apply for a loan. The simplified installment loan payment calculator will help you determine what your monthly payments could be.
Simply 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 balance monthly and then applies the interest rate you provide. We do not cover amortization as this is a basic loan payment calculator. Our more comprehensive loan calculator 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 the majority of your monthly payments within the first few years. Imagine you have an auto loan that has a $500 monthly payment. 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.
line for credit
loan amounts interest