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Loan Repayment Calculator

Calculate your earnings and more

Our loan repayment calculator will help you determine what you might pay each month on your loan as well as overall interest incurred. It can also help you determine line payment options and rates. If you are looking for loan payment information, select “fixed term loan” in the “Payment option” drop down. If you want line of credit payment information, choose 2%, 1.5%, 1% of balance; or 100% of interest owed.

You should always calculate your potential monthly payment so you know if you can afford it before applying for a loan. Also make sure that you know the terms of your repayment process, especially if you want to take out a student loan, as these types of loans have different terms than personal or auto loans.

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What to know about loan repayment

Most loans are installment loans, meaning that you receive a lump sum of money upfront that you pay back through a course of monthly payments. If you have a fixed rate loan, you will pay the same amount each month. If you have a variable rate loan, the amount you pay each month could change based on how market conditions are affecting interest rates. Monthly loan payments for personal and auto loans are made up of three parts: the principal amount, the interest rate and any applicable fees. Some lenders offer an interest only period wherein you only pay the interest on the loan each month for a specified period. 

Some loans, like auto loans, home equity loans and mortgages, are secured with an asset like your home or car. Secured loans typically have lower interest rates, but you run the risk of losing your asset if you default on the loan. Personal loans and student loans are typically unsecured loans, meaning that you do not have to put up any collateral.

The repayment process for student loans is different from other loan products, especially if you take out a federal student loan. Federal student loans have a six month grace period after you graduate, and your loan payments are paused if you re-enroll in school. Federal student loans have fixed interest rates and you have the option to enroll in an income driven repayment plan. Private student loans  also typically provide a six month grace period, but some have grace periods up to nine months or longer. Unlike federal student loans, private student loans do not have a standardized repayment process. You should review the terms and conditions of each lender carefully before choosing a private student loan. 

What to do after calculating your loan repayment

Once you have calculated your monthly loan payments for a potential lender, you should check and see how that amount will fit into your monthly budget. If the potential payments are too high, you might want to compare other lenders or even reconsider the type of loan you are applying for. If you have less than stellar credit and are having trouble finding a reasonable interest rate, you may want to look into lenders that offer loans for bad credit borrowers. These lenders typically have more flexible requirements and lower interest rate caps. 

Loan terms to know

  • Amortized loan: A loan with regular, scheduled payments applied to both the principal amount and the accrued interest. Most personal loans are amortized loans.
  • Annual percentage rate (APR): The yearly interest rate for the loan plus any fees
  • Debt consolidation: A type of refinancing that involves combining several high interest debts under one new loan with a lower interest rate. 
  • Debt-to-income ratio (DTI): Your monthly debt payments divided by your total monthly income; helps lenders establish borrower creditworthiness
  • Refinancing: The process of replacing existing debt with a new loan with a lower interest rate. You can refinance personal loans, auto loans and private student loans