What Would My Loan Payments Be?
The loan amount, the interest rate, and the term of the loan can have a dramatic effect on the total amount you will eventually pay on a loan. Calculate the payment and see the impact of these variables on a specified loan amount complete with an amortizaton schedule.
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What's interesting about loan calculators, especially car loan calculators, is that people often focus on the interest rate instead of the amount borrowed.
If you compare the difference in monthly payments using the same loan terms except for the interest rate, the difference is very minor. Using a $20,000 loan for five years at 4.9% versus 5.25% results in a difference of only $3 per month.
So quibbling over minor differences in interest rates for a short-term loan is a bit like stepping over a dollar to pick up a nickel. Focus on the amount borrowed (or purchased) to locate real savings.
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