This calculator will tell you what your monthly payment on a loan will be.
Explanation of Terms Principle Balance – The amount you are borrowing on a loan Terms (years) – How many years are you going to take to repay the loan APR – The annualized interest rate that you are being charged for the loan
Let’s say you wanted to take out a loan to buy a house. You need to borrow $100,000 to buy the house and a bank quotes you a rate of 6%. The standard time to repay a mortgage loan is 30 years. Your principal balance is 100,000. Your terms are 30 years and your APR is 6.