You can use this loan comparison calculator to figure out your monthly payments for 2, 5, 7, and 10 year personal loans. The calculator allows you to input a variety of interest rates for each loan term. The results include your monthly loan payment, total payments, and the total interest paid on each loan.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
The total loan amount is the net amount financed with the lending institution. This value is used as the basis for all subsequent monthly loan payment calculations.
This is the annual interest rate on the personal loan. This is not the APR, which takes into account other costs associated with the loan. This model allows you to enter a unique annual interest rate for each loan term, if you have that information.
This is the monthly payment necessary to repay the loan over its lifetime. This calculator provides the user with four monthly loan payments;- one for each of the four possible loan lengths.
The total amount paid to the bank or lending institution over the life of the personal loan. Once again four values are computed, so a comparison can be made for each loans.
The total amount of interest charges over the term of the loan. This is the cost of borrowing money from the lending institution. In general, you want to take a look at the monthly loan payment, and balance this value with the total interest charges.
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Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.