Are you wondering what a loan will cost, or comparing terms offered by different lenders? Plug the loan terms into this handy calculator and see what your monthly payment and total interest costs will be!
How to use the calculator:
Fill in the required fields and click on the “Calculate” button to see the results. Here’s what each of the fields means:
- Loan Amount: the total amount of money that you are authorized to borrow.
- Loan Term: the total length of your loan, expressed in months.
- Annual Interest Rate: the amount you pay every year to borrow money, including fees, expressed as a percentage.
- Compound: the interest on a loan/deposit calculated based on the initial principal and the accumulated interest from previous periods.
- Payment frequency: how often the payments are made.
- Total Payments: the total amount of money paid towards the loan.
- Total interest: the total amount of money paid in interest.