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For more information about or to do calculations specifically for car payments, please use the Auto Loan Calculator

For more information about or to do calculations specifically for car payments, please use the Auto Loan Calculator

The Payment Calculator can determine the monthly payment amount or loan term for a fixed interest loan. Use the “Fixed Term” tab to calculate the monthly payment of a fixed-term loan. Use the “Fixed Payments” tab to calculate the time to pay off a loan with a fixed monthly payment. To find net payment of salary after taxes and deductions, use the Take-Home-Pay Calculator.

A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) that they are obligated to pay back in the future. Loans can be customized based on various factors. The number of available options can be overwhelming. Two of the most common ount, which are separated by tabs in the calculator above.

Fixed Term

Mortgages, auto, and many other loans tend to use the time limit approach to the repayment of loans. For mortgages, in particular, choosing to have routine monthly payments between check out the post right here 30 years or 15 years or other terms can be a very important decision because how long a debt obligation lasts can affect a person’s long-term financial goals. Some examples include:

  • Choosing a shorter mortgage term because of the uncertainty of long-term job security or preference for a lower interest rate while there is a sizable amount in savings
  • Choosing a longer mortgage term in order to time it correctly with the release of Social Security retirement benefits, which can be used to pay off the mortgage

The Payment Calculator can help sort out the fine details of such considerations. It can also be used when deciding between financing options for a car, which can range from 12 months to 96 months periods.Lees verder »For more information about or to do calculations specifically for car payments, please use the Auto Loan Calculator