This loan repayment calculator will help you determine the monthly payments on a loan. Simply enter the loan amount, term and interest rate in the fields below and click calculate.
This calculates your total payment amount and interest automatically as you enter the principal, rate and year in the field above.
What is Amount or Principal?
Loan Amount is the money given to you by your financial institution, which can be a bank or a credit financial body. This amount is the money you pay interest on monthly, quarterly or yearly, depending on what you agre with your bank.
What is term in years or months?
Loan terms is the time given to you as the borrower to repay the loan. This term reflect the last day you are expected to pay off the loan based on the monthly payment you are making.
What is Interest Rate?
Interest Rate is the percentage of interest on the total ammount you collected, which you are required to pay monthly to service the credit you collected. This amount is paid monthly together with the payment you are required to pay on the loan you collected.
What is monthly payment?
Monthly payment is the amount you are expected to pay every month to the bank after collecting credit.
What is Term loans?
Term loans are credits that can be given on an individual basis but are often used for small business loans. The ability to repay over a long period of time is attractive for new or expanding enterprises, as the assumption is that they will increase their profit over time. Term loans are a good way of quickly increasing capital in order to raise a business.
This is a simple calculator tool to calculate short-term, personal, home, mortgage loans and get the amortisation schedule. This s a guide to the kind of amount and interest you will be paying to your financial institution, and does not reflect the decision of your bank. Please use at your own discretion.