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Loan & Mortgage Calculator

Calculate monthly payments and total loan costs

Loan Details

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Payment Summary

Monthly Payment
$0
Total Interest
$0
Total Amount Paid
$0
Number of Payments
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Principal Amount
$0
Interest/Principal Ratio
0%

First Year Payment Breakdown

Month Payment Principal Interest Balance

Loan Calculator Guide

💡 Understanding Your Loan

  • Principal: The original loan amount you borrow
  • Interest Rate: The annual percentage charged for borrowing
  • Loan Term: The time period to repay the loan
  • Monthly Payment: Fixed amount paid each month (principal + interest)
  • Amortization: How the loan is paid off over time

💰 Tips to Save Money

  • • Make extra payments to reduce interest
  • • Shop around for the best interest rates
  • • Consider a larger down payment
  • • Choose a shorter loan term if you can afford it
  • • Pay bi-weekly instead of monthly
  • • Refinance if rates drop significantly

📊 Common Loan Types

  • Mortgage: 15-30 years, 3-6% interest
  • Auto Loan: 3-7 years, 3-10% interest
  • Personal Loan: 2-7 years, 6-36% interest
  • Student Loan: 10-25 years, 3-13% interest

⚠️ Important Considerations

  • • Include property taxes and insurance for mortgages
  • • Consider closing costs and fees
  • • Maintain an emergency fund
  • • Don't over-borrow based on max approval
  • • Read all terms and conditions carefully