Basic Loan Calculator
The Basic Loan Calculator is designed to show you a good estimate of what your lender is charging you, your monthly payment amount, what the life of your total payments will equal, and the amount of interest you will be paying over the life of the loan. Just type in the loan amount, your interest rate, the number of “points” your lender is charging you (Points- This is how the lender gets a paycheck. The average amount a lender will charge for your loan is about 1 or 2 points depending on which lender you use. 1 point equals 1% of your loan amount.), and the number of payments you will be making on this loan. Now you can see the total interest paid for the life of the loan and what your lender is charging you to do the loan.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it’s applicability to your financial situation. Please consult your own financial advisor.