To calculate the monthly payment for a loan, enter the loan amount, term, interest rate and click Calculate.

This payment calculator can be used for auto, motorcycle, boat, etc. It also shows alternate payment terms at 12 month intervals.

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Simple Interest Loans

With a simple interest loans, the interest charges are based on the outstanding balance of the loan. The interest doesn't
compound and it's not amortized, so the cost of the loan is far less as compared to a mortgage loan. One of the
nice things about a simple interest loan is that the borrower can save on interest cost by paying more than the
minimum monthly payment.

Mortgage Loans

A mortgage loan is issued by a bank to allow a consumer to buy home they canâ€™t pay for in cash. A mortgage loan is tied to
your home, so your home is the collateral for the loan, so you risk foreclosure if you fall behind on monthly payments.
Mortgages typically have the lowest interest rates of all loans and typically span 15 to 30 years. The interest
on a mortgage loan may be paid ahead of the principal with the amount of interest paid each month gradually decreasing
while the amount of principal paid gradually increasing. Since a typical
mortgage term is so long they have a very high
interest cost over the life of the loan. Mortgage loan calculator

Auto Loans

An auto loan is typically a simple interest loan and like a Mortgage loan it's tied to your auto as collateral. If you fall
behind on the monthly payments, the auto could be repossessed by the lender. Interest rates for auto loans will
vary based on the length of the loan and your credit score. Typically a shorter term loan will have a lower interests
rate. Auto loan calculator