If you are dealing with the cumbersome process of taking on a loan and weighing what different lenders have to offer, a loan calculator might be exactly what you need. You can include the loan term, interest rate, and frequency of payment to give yourself a better understanding of what the total interest and monthly payments are going to look like for you down the road.
It is a great way to narrow down on the best lender based on the terms they are offering you for your loan.
How do I use the loan calculator?
- 1. Put in your loan amount, the annual interest rate your potential lender is offering you, the frequency schedule for when you interest is compounded (more information about that here), your loan term, and how frequently you need to make payments.
- 2. Hit the calculate button below and you should see your total payments and total interest calculated for you.