You can use this simple monthly loan calculator to figure out your monthly loan payment. The results of the calculator also include the total of all payments, and the interest paid over the life of the loan.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
The total amount of money borrowed for this loan, also referred to as the principal on the loan.
This is the annual interest rate on the loan. This is not the APR, which takes into account other costs associated with the loan.
This is the original term or length of the personal loan, stated in years. The most common terms for personal loans range from 3 to 10 years.
This is the monthly payment necessary to repay the loan over its lifetime.
The total amount paid to the bank or lending institution over the life of the loan.
The total amount of interest charges over the term of the loan. This is the cost of borrowing money from the lending institution.
Simple Monthly Loan Calculator - Copyright © 2005 - 2015 Money-Zine.com (Last Reviewed on January 20, 2015)
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.