Loan payment calculators allow you to key in your loan amount, interest rate, and term in order to see an estimate of your monthly payments. For example, your home costs $165,000, your down payment is in the amount of $15,000, your interest rate is 7%, and your term is 15 years. The loan payment calculator will tell you that your monthly payment is $1,348. It may also tell you that total interest you will pay by the time this loan is repaid is $92,683. This loan may sound like a good deal, or you may feel as though $1,348 is too much to pay monthly and you would like a payment under one thousand dollars. You can use the loan payment calculator to see what changes need to be made to lower the monthly payment without changing the loan amount.
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The information provided by loan payment calculators is estimated, so you should rely primarily on the figures given by your lender. Small discrepancies between your repayment schedule and the information provided by a loan payment calculator are usually due to missed payments or because our calculator processes fractions of a penny differently than your lender.
Use our loan payment calculator to discover what loan fits you best, or fill out our free short form to contact a lender about your loan.
You can also use a loan payment calculator to make sure that the terms given to you by your lender will not cause negative amortization. Negative amortization occurs when a lender sets the monthly payment of your loan too low to cover the cost of interest, causing your principal to increase as you repayment period goes when it should be decreasing. Though this does not happen often and in most cases only with unscrupulous lenders, it is always good to do your own research.