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Frequently Asked Questions
What is the equal payment formula used?
We use the standard loan payment formula: M = P [ r(1 + r)^n ] / [ (1 + r)^n - 1 ], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
What interest rate should I use?
Use the annual percentage rate (APR) that your lender quotes. This includes both the interest rate and any additional fees, giving you the true cost of borrowing.
How does the loan term affect payments?
Longer loan terms result in lower monthly payments but higher total interest paid. Shorter terms have higher monthly payments but lower total interest costs.
What if I have a zero-interest loan?
For zero-interest loans, the calculator will divide the principal by the number of payments. This gives you equal monthly payments with no interest charges.
Are there any fees included in this calculation?
This calculator shows principal and interest only. Additional fees like origination fees, insurance, or taxes are not included and should be considered separately.
Important Disclaimer
For informational purposes only: This calculator provides estimates and should not be considered as professional advice.
Financial disclaimer: Calculations are estimates and may not reflect actual financial products or market conditions. Consult financial advisors for investment and lending decisions.
Accuracy: While we strive for accuracy, users should verify results independently for critical decisions.