Payment Calculator

To calculate the monthly payment for a loan, enter the loan amount, term, interest rate and click Calculate.

This payment calculator can be used for auto, motorcycle, boat, etc. It also shows alternate payment terms at 12 month intervals.


Monthly Payment
{{result | currency}}

Term
Payment
Total Interest
{{ cell.termDescriptionValue }} {{ cell.termDescription }}
{{ cell.result | currency }}
{{ cell.totalInterest | currency }}

Principal Interest Total Interest Balance
{{ index + 1 }} {{ month.principal | currency }} {{ month.interest | currency }} {{ month.totalInterest | currency }} {{ month.balance | currency }}


Simple Interest Loans
With a simple interest loans, the interest charges are based on the outstanding balance of the loan. The interest doesn't compound and it's not amortized, so the cost of the loan is far less as compared to a mortgage loan. One of the nice things about a simple interest loan is that the borrower can save on interest cost by paying more than the minimum monthly payment.

Mortgage Loans
A mortgage loan is issued by a bank to allow a consumer to buy home they can’t pay for in cash. A mortgage loan is tied to your home, so your home is the collateral for the loan, so you risk foreclosure if you fall behind on monthly payments. Mortgages typically have the lowest interest rates of all loans and typically span 15 to 30 years. The interest on a mortgage loan may be paid ahead of the principal with the amount of interest paid each month gradually decreasing while the amount of principal paid gradually increasing. Since a typical mortgage term is so long they have a very high interest cost over the life of the loan. Mortgage loan calculator

Auto Loans
An auto loan is typically a simple interest loan and like a Mortgage loan it's tied to your auto as collateral. If you fall behind on the monthly payments, the auto could be repossessed by the lender. Interest rates for auto loans will vary based on the length of the loan and your credit score. Typically a shorter term loan will have a lower interests rate. Auto loan calculator