How to calculate your loan repayments
Set the loan amount, interest rate and term and click Calculate to see what your monthly loan repayment will be.
Details of Your Loan
How Loans Are Calculated
There are so many facts and figures flying around when it comes loans it can feel like they're going to give you a headache. But the basic figures are quite simple and straightforward.
Here's a simple example of how a car loan is calculated.
Let's say you take out an auto loan of $30,000. The loan terms are for an interest rate of 7.5% APR to be repaid over a period of four years. In that sample, the loan payment will be $725.38 each month.
Over the total time of the car loan you'll pay back $34,818.24. That's the actual car cost of $30,000 plus the total interest of $4818.24.
There are so many facts and figures flying around when it comes loans it can feel like they're going to give you a headache. But the basic figures are quite simple and straightforward.
Here's a simple example of how a car loan is calculated.
Let's say you take out an auto loan of $30,000. The loan terms are for an interest rate of 7.5% APR to be repaid over a period of four years. In that sample, the loan payment will be $725.38 each month.
Over the total time of the car loan you'll pay back $34,818.24. That's the actual car cost of $30,000 plus the total interest of $4818.24.