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- By GoBankingRates Staff
- November 7, 2010
Having to manage debt can be difficult, particularly the larger the amount the harder it gets to stay on track. This is why understanding how much you need to pay down is essential to your financial success. Use this loan calculator to determine how much your loan payments are going to cost you each month.
You can also adjust the loan payment calculations on a weekly, monthly, quarterly and yearly schedule as well. Simply input the total amount of your loan, the loan interest rate, how many years it’ll take to pay it off and how often you’d like to submit payments.
- Amount of Loan: Input how much of the loan you still owe
- Loan Interest Rate: This is the rate the loan is charging on your principal
- Loan Period: Put in how long you have left on your loan term
- Payment Frequency: Type in how often you’d like to or are required to make payments on this loan
You can embed this calculator on your blog or website for your visitors to use. Just copy and paste this code snippet:
There are many different types of loans that a person can take out, but for the most part, they all work the same way.
Types of loan payments you can calculate:
- Credit Cards: Arguably the most common types of debt among Americans. Credit card debt amounts could fluctuate because you can always make more charges to add to the principal. The good news is the amount and frequency of payments is entirely up to you.
- Personal Loans: These types of loans can be for a variety of reasons, but the payment structures are usually the same.
- Student Loans: Similar to any other loans except for additional benefits like not having to make any payments until after you graduate.
Is your loan too much to handle? If you have multiple loans, consider doing multiple calculations to see whether it would make more sense to just consolidate it all in one lower interest rate loan.