The loan calculator is a simple tool to help show your payments, interest, balance and your payoff date.  Use the loan calculator to estimate your cost for buying things such as a car, boat or anything with a fixed interest and fixed amount of months.

As you can see with a shorter time period, your payments will go up reducing the amount most lending places will let you borrow.  However with a higher payment, your overall interest payments will be lower.  Keep in mind also that the value of your asset may decline over time so unlike buying a home, you likely aren’t building equity.

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