How to use this calculator
Enter the total loan amount you wish to borrow. Input the annual interest rate for the loan. Specify the loan term in years. Click the "Calculate" button to see your estimated monthly payment.
Understanding your results
The monthly payment calculated includes both principal and interest. Keep in mind that this is a simplified calculation and does not account for additional costs such as property taxes, insurance, or other fees that may be associated with your loan.
Additional considerations
Your credit score can significantly impact the interest rate you're offered. Consider the total cost of the loan over its entire term, not just the monthly payment. Some loans may have variable interest rates that can change over time. Extra payments towards the principal can reduce the overall interest paid and shorten the loan term.