Loan Payment Calculator

Use this loan payment calculator to determine the monthly payments for a loan based on the loan amount, interest rate and loan term.

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Your monthly payment will be:

Your monthly payments broken down

How to Use Our Loan Payment Calculator

One of the most common questions borrowers ask when applying for a loan is "how much will I have to pay monthly?". Well we have the answer! Our Loan Payment Calculator can tell you what your estimated monthly payment will be with your new loan. To find out how much you will pay, simply plug in your loan amount, interest rate and the length of your loan term.

After submitting your loan information, the next step is understanding the results.

Take a look at your monthly payment, this is the amount you will pay each month until your debt is paid off, so it is important that you choose a loan that best fits your financial situation. We have broken down your monthly payments so that you can view your outstanding balance and total interest throughout the life of your loan.

The total amount of interest that you will pay can vary depending on both your interest rate and loan term, but not to fear, there are a couple of ways that you can save on interest. By paying off your loans early or refinancing, you have the opportunity to reduce the amount of interest paid. When you refinance your loans you are replacing one loan with a new, better loan and can result in obtaining a lower interest rate or monthly payment.

Secured vs. Unsecured Loans

When thinking about loans, there are two main types to consider: secured loans and unsecured loans. A secured loan is guaranteed by the borrower's collateral and held by the lender in an interest-bearing account. Collateral is an asset used to secure a loan, so the lender can take it if the borrower cannot pay back the loan. Mortgages and car loans are secured loans because the loan is guaranteed by the borrower's home or car. Unlike a secured loan, unsecured loans are based solely on the borrower's promise to pay back the loan and there is no collateral for the lender to take if you fail to make your payments. This makes unsecured loans are a lot riskier for lenders. Since interest rates reflect the risk to the lender, interest rates on unsecured loans are higher than those on secured loans.

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