This loan calculator is only intended to give you an idea of what your payment may be. Certain banks may use a different method of calculating interest, which may alter your actual monthly payment.
Enter information regarding your loan in the calculator above. Things to keep in mind:
- Principal Amount of Loan - Enter the beginning balance of the loan. For mortgage loans, this is usually determined by adding the home purchase price and closing costs, then deducting the down payment.
- Annual Interest Rate - This calculator requires an interest rate between 1.0% and 50%. You may enter any increments above 1.0% -- for instance, 8.125% would be valid to enter.
- Term of Loan - Must be at least 1 year. Enter increments of whole years using a decimal point. For instance, you would enter 1 ý years as 1.5 years.
- Monthly Loan Payment will be calculated after you enter information and click on the "Calculate" button.
If this is a mortgage loan, the monthly payment does NOT include an amount for property taxes and/or insurance.
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