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How to Use The Loan Payoff Calculator

Welcome to the loan Payoff calculator. This free tool enables you to calculate the monthly payment of a loan based on the interest rate and length of the loan. Here’s how it works:

Loan Amount: Here you’ll enter the amount of the loan. This is the total amount financed. There is no need to enter a dollar sign.

Interest Rate: The interest rate is expressed as a percentage out two decimals. For example, the rate may be 10.49%. In that case, enter 10.49 in the calculator. There is no need to enter a percentage sign.

Term: Here enter the length of the loan in years.

-OR-

Monthly Payment: Here enter the expected monthly payment to pay off your loan.

Give the calculator a try and let me know what you think!

Find The Best Personal Loans 2020


Additional Loan Resources

Deciding whether to take out a loan is a decision that should be made with care. Whether you are financing a car, an education, or something else, keep in mind that the debt can have a significant effect on your monthly budget

With that in mind, here are some loan resources to consider:

In addition to these resources, sign-up for our?free weekly newsletter here. And be sure to check out our?weekly personal finance podcast!

Author Bio

Total Articles: 1082
Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

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