Loan Payment Calculator
Calculate your monthly loan payments and see exactly how your loan breaks down over time.
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Payment Breakdown Over Time
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Understanding Your Loan
💡 How Loans Work
When you take out a loan, you borrow money and agree to pay it back over time with interest. Your monthly payment covers both the principal (original loan amount) and interest charges.
📊 Principal vs Interest
Early payments go mostly toward interest. As you pay down the loan, more of each payment goes toward principal. This is called amortization.
💰 Common Loan Types
- Auto Loans: 3-7 years, 4-7% APR
- Personal Loans: 2-7 years, 6-36% APR
- Student Loans: 10-25 years, 3-13% APR
🎯 Tips for Borrowers
- Shop around for the best interest rate
- Consider shorter loan terms to save on interest
- Make extra payments toward principal when possible
- Check your credit score before applying