Simple FAQ: How This Loan Calculator Helps You
How Does This Loan Calculator Work?
- Enter Loan Details: Provide the loan amount, annual interest rate, and loan term.
- Set Your Payment Ability: Specify the annual payment you can make toward the loan.
- Simulate Two Scenarios: One scenario shows how your loan balance grows solely with interest, and the other shows how your balance decreases when your payments are applied.
- Visualize Your Loan Progress: A chart displays both scenarios side-by-side so you can see the impact of your payments over time.
- Plan Your Finances: Use the information to determine if your payments are enough to pay off your loan within the desired term or if you need to adjust your strategy.
Loan Calculator
Enter the details of your loan below. You can see how the loan balance evolves over time if no payments are made versus if you make your chosen annual payments.