You’ll likely be asked to choose either 72 months, which will raise the payment somewhat, or 84 months, which will lower the payment slightly.īut notice that the lower monthly payment - $155 vs. Now, most lenders won’t make a loan for 81 months, since it doesn’t represent a specific number of years. The loan payoff calculator will display three results: For the sake of example, let’s enter $155, then hit the “Calculate” button. You’ll be asked to enter the expected monthly payment. Next, click the “Calculate by Monthly Payment” option. Just as I did with the “Calculate by Loan Term,” I’ll start by entering a loan amount of $10,000 and a loan APR of 7%. You can use the “Calculate by Monthly Payment” option to find what you feel will be the right payment for you. In this case, $1,880.60, which is the total amount of interest you’ll pay over the 60-month term of the loan.įor many consumers, the monthly payment on a new loan is the single most important factor.
In that way, you’ll be able to make an intelligent decision about both the monthly payment and the total interest cost of the loan. The longer the term, the higher the total interest paid will be. If you’re simply playing around with different numbers, you can adjust the length of the loan term to determine a payment level that’s acceptable to you.īut this option will also give you another important piece of information: the amount of interest you’ll pay over the length of the loan. This option will help you to determine how long it will take to pay off your loan, based on the loan amount, the interest rate, and the proposed term of the loan. Let’s take a look at each, starting with the assumption of a $10,000 loan amount and a 7% loan APR. ” Click the bubble next to the one you want to calculate first. To use the loan calculator, you’ll start by entering two critical pieces of information: the l oan amount and the APR (interest rate) you’ll be paying.įrom there, you’ll have the option to “C alculate by Loan Term” or “Ca lculate by Monthly Payment.
PAYOFF LOAN CALC PDF
Free monthly budget spreadsheet for Excel & PDF.
PAYOFF LOAN CALC HOW TO
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