1.Calculating loan repayments
Personal loans offer you an opportunity to get hold of a lump sum of money upfront, and then gradually pay the money back to the lender. There are many different types of loans – both unsecured and secured – and they all carry different degrees of risk vs reward and varying rates of interest. Often, the options available to you will depend upon your credit history.
Our loan calculator can help create projections for monthly repayments based upon the amount you are looking to borrow. By providing you with an estimate of loan repayments, you can then feel better informed when you weigh up the risk and reward of taking out the loan.
2.How can our car loan repayment calculator help you?
Not sure how much you can borrow for a car loan? Our car loan repayment calculator helps you understand the costs involved when you apply your preferred interest rate, repayment frequency and the length of your loan term.
Not only can you compare different car loan options, but you’ll also get a better idea of your borrowing potential when it comes to applying for a car loan. From here, you can also enter different interest rates to compare your options if you’re currently shopping around.
3.How to use our auto loan calculator
By using this car payment calculator, you can estimate what your car payment may be based on how much you plan to borrow, how long your loan is and your interest rate. Here’s what you need to know about each category:
 Total loan amount: Input how much you plan to borrow for your car loan. Take into account the purchase price of your new car (and, if applicable, the tradein value of your current car). If the total amount of your car loan is too expensive for your budget, consider a smaller car loan.
 Term (months): This is the length of your loan — in other words, how long you have to pay it back. Typically, lenders offer anywhere between 12 to 84 months. Taking out a longterm car loan can reduce how much you pay each month, but you’ll pay more in interest.
 Interest rate: Your interest rate is how much your lender is charging you to borrow money. It is typically expressed within a loan’s annual percentage rates (APRs), which also include fees.
 Estimated auto payment: Once you enter the above information into our car loan calculator, you’ll see your estimated monthly payment.
4.Calculators for loan types
Here are some details about the most common types of loans and the loan calculators that can help you in the process.

Mortgage
Bankrate’s mortgage calculator gives you a monthly payment estimate after you input the home price, your down payment, the interest rate and length of the loan term. Use the calculator to price different scenarios. You might discover you need to adjust your down payment to keep your monthly payments affordable. You can also see the loan amortization schedule, or how your debt is reduced over time with monthly principal and interest payments. If you want to pay off a mortgage before the loan term is over, you can use the calculator to figure out how much more you must pay each month to achieve your goal.
Other mortgage calculators can answer a variety of questions: What is your DTI, or debttoincome ratio? That’s a percentage that lenders look at to gauge your debt load. Should you take out a 15year mortgage or a 30year? Fixed interest rate or variable?
It’s critical to nail down the numbers before buying a home because a mortgage is a loan that is secured by the home itself. If you fail to make the monthly payments, the lender can foreclose and take your home.

Home equity loan
Home equity loans, sometimes called second mortgages, are for homeowners who want to borrow some of their equity to pay for home improvements, a dream vacation, college tuition or some other expense. A home equity loan is a onetime, lumpsum loan, repaid at a fixed rate, usually over five to 20 years. Bankrate’s home equity calculator helps you determine how much you might be able to borrow based on your credit score and your LTV, or loantovalue ratio, which is the difference between what your home is worth and how much you owe on it.
5.Using the Auto Loan Calculator
 This calculator uses your original loan amount, length of the loan and interest rate to calculate your current monthly payments. From there, enter the number of months left on the loan, then enter how much extra you’d like to pay each month to see how much sooner you’d pay it off.
You can adjust that figure using the slide bar to experiment with how varying the additional payment would affect how early you can pay off the loan and how much interest you’d save. Your results appear instantly in the blue field at the top of the calculator and just below it at right as you adjust the extra payment figure.
6.How will extra repayments affect my mortgage?
Like the lump sum payments, making extra repayments on your mortgage could cut the interest charged on your loan and reduce the time it takes to pay off your mortgage.
Interest is charged on the principal amount and in the early years of a loan most of your minimum repayment goes towards paying that interest. Only a certain portion of the repayment goes towards the principal amount.
Our Extra Repayment Calculator outlines the impact of making regular extra payments to your loan.
7.How Is Interest Calculated on a Car Loan?
An auto loan interest calculator shows the total amount of interest you can expect to pay over the life of a loan. If the calculator offers an amortization schedule, you can see how much interest you’ll pay each month. With most car loans, part of each payment goes toward the principal (the amount you borrow), and part goes toward interest.
The interest you pay each month is based on the loan’s thencurrent balance. So, in the early days of the loan, when the balance is higher, you pay more interest. As you pay down the balance over time, the interest portion of the monthly payments gets smaller.
You can use the car loan calculator to determine how much interest you owe, or you can do it yourself if you’re up for a little math. Here’s the standard formula to calculate your monthly car loan interest by hand:
Monthly interest=(interest rate 12)×loan balance
Monthly interest=(
12
interest rate
)×loan balance
Here’s an example, based on a $30,000 balance with a 6% interest rate:
=(0.0612)×$30,000=0.005×$30,000Monthly interest=$150
=(
12
0.06
)×$30,000
=0.005×$30,000
Monthly interest=$150