![]() This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. r: 0.005 (6 annual rateexpressed as 0. i and n must both be in years or both in months. To calculate the monthly payment, convert percentages to decimal format, then follow the formula: a: 100,000, the amount of the loan. where PV is the actual loan amount, i is the interest rate per period and n is the number of periods. Use this auto loan calculator when comparing available rates to estimate what your car loan will really cost, minus additional fees that lenders may enforce. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this loan to be applied to principal To find the monthly payment we solve the present value equation for PMT: PMT PVi(1+i)n (1+i)n1 P M T P V i ( 1 + i) n ( 1 + i) n 1. ![]() You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. ![]() Current Monthly Loan Payment the amount currently to be paid on this loan on a monthly basis toward principal and interest only. Make Extra Payments Calculate how much your loan term and interest will change by applying extra money to your payments each month Reduce Term (Months) Calculate how much extra you need to pay each month in order to pay off your loan early Current Loan Balance the original amount on a new loan or principal outstanding if you are calculating a current loan Interest Rate the annual interest rate (stated rate) on the loan Remaining Term (Months) number of months which coincides with the number of payments to repay the loan. Create amortization schedules for the new term and payments. ![]() Try different loan scenarios for affordability or payoff. Calculate the cost of a personal loan with MoneySuperMarkets loan calculator. Use this calculator to determine 1) how extra payments can change the term of your loan or 2) how much additional you must pay each month if you want to reduce your loan term by a certain amount of time in months. ![]()
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