How to calculate personal loan payments
To use the loan calculator, enter the amount you intend to borrow, the yearly interest rate and the number of months that you are intending to borrow the money for.
If you wish, you can alter the start loan date and include any additional deposits you are making at the beginning, along with any extra fees or balloon payments. Once you click the ‘calculate’ button, the personal loan calculator will promptly display:
- Your regular monthly payment figure
- Your total loan repayment figure
- The total interest you will pay
- Your estimated payoff date
It will also display graphs and a monthly repayment schedule of your principal and personal loan interest payments.
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Should you wish to calculate loan figures without compounding.