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Simple loan payment calculator
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Repayment of a loan requires that the borrower make a monthly payment to the lender. With each monthly payment, you pay down a portion of the loan principal, as well as monthly interest on the outstanding balance. Loan payments are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding loan balance decreases. Effective loan repayment strategies aim to reduce the overall interest paid by focusing on paying down the principal more quickly.
Loan payment FAQs
Enter the loan amount, interest rate (APR), and the term—in years.
Absolutely. This calculator works for auto loans, personal loans, and debt consolidation. Just use the correct loan term and interest rate for your situation.
A longer-term usually means lower monthly payments—but more interest over time. A shorter term means higher payments, but you'll pay off your loan faster and save on interest. The calculator lets you test both so you can pick what fits best.
The calculator gives a solid estimate, but it doesn't include everything—like taxes, insurance, or loan origination fees. One of our Member Service Representatives is happy to help with a full breakdown based on your specific situation.
Once the estimate fits your budget, you can start your application online or visit your local Ent service center. A Member Service Representative can guide you every step of the way—quick, easy, and personal.