PERSONAL LOAN PAYOFF CALCULATOR
Estimate your monthly payments on a personal loan
If you’re planning on taking out a personal loan, a loan payoff calculator is a vital part of financial education that helps you know if you’re prepared to responsibly manage the loan. You only need a few pieces of information to use a loan calculator and it can give you a lot of information and allow you to see a realistic perspective of what you’ll be paying regularly throughout the course of your loan term.
Personal loan calculators can be useful before you take out a loan as well as during the length of your loan term. You can use it to help yourself visualize how expensive a loan rate you’re offered will be in the end. You can also use it to help decide if refinancing a loan is a good idea or to see how the total you’ll pay would differ if you made the choice to increase your monthly payment.
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How to Use the Personal Loan Payoff Calculator
When you’re ready to use the calculator, you’ll need a few key pieces of information handy:
Your loan amount is the total sum that your lender will be offering you. It’s not necessarily the amount that’s deposited in your account as origination fees would be deducted from that total before the funds get deposited into your bank account.
This is the amount of time you will have to pay your loan back. It’s usually presented to you as a number of months or years that the total amount you’ll need to pay back will be divided by to figure out your monthly payment amount.
You will also need your Annual Percentage Rate to calculate the interest you’ll be paying over time. It’s presented as a percentage and may be known as an interest rate as well. If you are using the calculator before successfully taking out a loan and you only have an estimated rate, use the calculator twice: once with the lower percentage rate and once with the highest. This gives you a realistic idea of the interest you will have to pay.
Estimated Credit Score
If you don’t know what the APR will be, you’ll need your estimated credit score to use the calculator. As your score may vary, you’ll just need to know how your credit score ranks: Excellent, Good, Fair, or Bad.
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