Loan Calculator: Estimate Your Monthly Payment

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Loan Calculator: Estimate Your Monthly Payment
Quickly calculate the loan payment, and then view the payoff plan.
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Sep 16 2022


Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news efforts as well as oversees the team responsible to expand NerdWallet content to include additional topics that relate to personal finance.

In the past, he worked as a channel manager at MSN.com as well as as a web administrator at University of California San Diego and as an editor of copy and staff writer for The Los Angeles Times. He has a Bachelor of Arts in communication and an Master of Arts in anthropology.







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When you borrow money from the lender, whether it's a personal acquaintance or a bank, you'll need to know the total cost to pay back the loan. A loan calculator makes use of basic information to estimate your installment payments and provide an estimate of the amount of interest you'll be paying over the duration of the loan.
Use the loan calculator to estimate your monthly payment on any loan. It also lets you know the way your loan amortizes, or the amount you pay down over the payoff period.
Use the loan calculator if you are aware of the amount you're hoping to be able to borrow.
Let's say you want to take out a loan of $10,000 to renovate the interior of your house. The lender is offering 5.99 APR for the three-year loan. If you take that loan, you'd need to repay a bit more than $300 per month. At the conclusion, you'll pay $950 in interest.
How to use a month-long payment calculator
A monthly payment calculator allows you to compare different scenarios and how they could impact your budget. Referring to the previous example, maybe $300 per month seems too expensive for you. It's okay to explore the options to figure out the next steps. You can shop around for a lower rate or opt for more time to repay the loan. You could also think about how much you'd like to take out.
Here's a list of information you'll need in order to use the calculator for monthly payments and definitions of some of the terms you'll come across.
The amount of the loan The amount you're looking to borrow in the form of principal. Certain loans like mortgages for homes will require a down payment, which is the amount you'd put into the purchase. The loan amount must be equal to the purchase price less any down payment you intend to make.
Months: This is the amount of time that you will have to pay back the loan. Also called the loan term duration, the time you take to repay the loan could affect the APR, as well as the much you pay each month and in total over the course of your loan. To pay lower interest, you'll want to pay back the loan in less time, which will increase your monthly payments. To lower the amount you have to pay every month, spread to spread the loan over a longer time. However, keep in mind that a longer duration implies more interest over the course of the loan.
Annual Percentage Rate: APR, also known as the annual percentage rate also known as APR is used to calculate the price for the loan. The higher your loan's APR will be, the more expensive your loan can be. APR is not the equivalent to an interest rate because it also includes the other charges you have to pay in order to get the loan. The rate you're offered could be contingent on your credit score and the amount of income you earn, loan amount and loan term, among other factors. It differs by lender and can be a useful tool for comparing loan alternatives.
After you input your loan amount, month and APR, the loan calculator will estimate the monthly amount of your loan and its total interest. It will also show the schedule of your the payments. This is how you can understand the outcomes of what you input in the loan calculator.
The monthly payment refers to the amount you'll need to pay per month and this amount will cover principal and interest.
Total interest: This is the amount you'll have paid in addition to the amount you borrowed, by the time the loan is fully paid.
Plan for loan amortization If you are paying monthly a set amount to pay off the loan then the amortization plan will show how much you'd pay toward principal and interest for every payment.
Which calculator do you prefer to use?
The calculator for monthly payments above will provide you with an estimate of the costs associated with an average loan. However, you might want to use a loan calculator more tailored to your needs.
Calculators for mortgages
What is the maximum amount of house you be able to afford?
: Estimate your monthly payments.
: Weigh the pros and cons of these two mortgage terms.
Consider if you can save money by refinancing the mortgage.
: How much should you raise your mortgage payments monthly to be able to pay off your loan early?
: Determine whether you're qualified to get the home equity line.

Aren't finding what you're looking for? NerdWallet offers a wide array of to help you make any financial decision that comes your way.
Personal loan calculators
: Estimate what you'd pay each month for the loan.
Find out how your current debt payments match your earnings.
Consolidating debt could save you cash on interest?
: Consider whether to refinance your existing loan.

Auto loan calculators
: View the latest average automotive loan costs and then calculate the amount to pay.
: Calculate how much car your loan will buy.
Start with a budget for car shopping.
How much will you owe a year from now?
: What will payments look like if you find an affordable loan?
What's a reasonable monthly note to earn a living?
Take into consideration the lease term and security deposits, as well as the money factor.

Student loan calculators
You can add up your loans and determine a monthly payment.
: Estimate savings from refinancing your student loans.
Check out what additional payments or the lower interest rate could do.
: Calculate the combined rate on your student loans.
New payment is due is made if you consolidate federal loans.
Determine your payments under income-driven programs.
What do your loans cost per day, in dollars.

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