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Whether you are financing a car, consolidating debt, or planning education expenses, knowing your monthly loan payment helps you budget effectively. This calculator works for any fixed-rate installment loan.
Loan Payment Calculator
Results
Monthly Payment
$477.53
Total Paid
$28,651.74
Total Interest
$3,651.74
Payoff Time
5 years
Interest Saved
$0.00
Effective Interest Rate
14.61%
Visualization
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How It Works
Uses the standard amortization formula to calculate equal monthly payments. Extra payments reduce the principal faster, saving interest and shortening the loan term.
Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]Assumptions
- Fixed interest rate
- Equal monthly payments
- No fees or penalties included
- Extra payments go to principal
Frequently Asked Questions
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