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Calculate how much you will pay every month for a loan.
How to use this online calculator: Fill in the amount of the loan, the period and the interest rate. If you can not afford the payments, try a longer period.
When you are taking a loan, it is because you need a specific amount of money for something. But how much will this cost you? This calculator will help you to calculate your monthly payment for the loan. First check whats the interest rate for taking a loan from your bank. Then try the calculator with a specific loan length, for example 24 months = 2 years. But if the payment is too high for you, you can extend the loan period, for example 60 months = 5 years. But beware: the longer the period, the more interest you will pay. This means that long-term loans will have lower monthly payments, but you pay them more months. And in total, a long term loan will be a lot more expensive than a short-term loan.
How this online calculator works:
Loan Payment Formula:
Loan Payment Amount = PMT( Interest Rate, Number of Payments, Loan Amount, 0)