The Credit Union Loan Calculator is a quick and easy way to estimate a monthly payment for any type of loan, including an amortization schedule. Simply fill in the Loan Amount, Interest Rate, the Term, and click 'Calculate'.
Loan Amount: The total cost including agreed upon price, tax, title, and license. Depending on where you live, sales tax can add a significant amount to your purchase price.
Interest Rate: The annual interest rate on the loan. Shop around for the lowest rates since this will affect your monthly payment for the life of the loan. The lower your interest rate, the lower your monthly payments will be.
Number of Years: The length of the loan is also referred to as the loan term. The number of years determines how long you will be paying on the loan until the debt is paid off. Choosing fewer number of years will increase your monthly payment, but you will pay less interest over the life of the loan. Interest rates are usually higher for longer term loans, adding to the expense of a long loan term.
Example of a loan with different Number of Years. $10,000 financed with a 6.00% interest rate.