PERSONAL LOAN PAYOFF CALCULATOR

When you use the calculator, you’ll be able to see what your monthly payment will be according to the factors you inputted. The monthly payment amount includes the interest and other fees you may need to pay. The total payment amount will show you how much you’ll have paid to the lender once the loan is completed.

The biggest benefit of using an online loan calculator is it allows you to be aware of how much you’ll be paying in interest over the course of your loan. Paying a small percentage each month may seem inconsequential but seeing the math laid out for you might be a shock.

For example, if you have an Excellent credit score and are borrowing $40,000 with a repayment plan lasting 36 months, your estimated monthly payment may be somewhere around $1,600. This may not sound too bad, but at the end of the 36 months you will have paid about $10,000 in interest. This doesn’t necessarily mean that the loan isn’t a good option, but it means you should avoid loans with prepayment penalties and pay it off early if you can.

The concept of personal loans is pretty straightforward - they’re some kind of loan that you personally take out. This means the money you borrow is yours, but it also means that you are the one responsible if there are any issues with monthly payments. Either way, it’s your credit health that will be affected so you’ll want to be completely sure before you commit to a loan.

Most personal loans have an APR and a range of loan terms but you should also keep an eye out for factors like origination fees that may end up applying. There are some loans that don’t have hidden fees but many do charge a fee for something, whether it’s for late payments, paying off your loan early, or simply having the loan funded. Make sure you are aware of the fine print before you sign any agreements and use a loan calculator to make sure you understand the full picture.