Loan Calculator
Loan Details
Loan Analysis
Monthly Payment
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Total Payment
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Total Interest
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Payoff Date
| Payment # | Payment | Principal | Interest | Remaining Balance |
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Understanding Your Loan
Key Terms
Principal
The initial amount borrowed, not including interest.
Interest Rate
The annual cost of borrowing, expressed as a percentage.
Amortization
The process of paying off a loan with regular payments.
Extra Payments
Additional payments that reduce the principal and total interest.
Tips for Loan Management
- Make extra payments when possible to reduce total interest
- Consider bi-weekly payments to make an extra payment each year
- Keep track of your amortization schedule
- Compare different loan terms to find the best option
- Understand the impact of interest rates on total cost
Types of Loans
- Mortgage: Long-term loan for home purchase
- Auto Loan: Vehicle financing, typically 3-7 years
- Personal Loan: Unsecured loan for various purposes
- Student Loan: Education financing with special terms