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This calculator uses the standard loan amortization formula: monthly payment equals the principal multiplied by the monthly interest rate, divided by one minus (1 plus the monthly rate) raised to the power of negative the number of months. The monthly rate is simply the annual rate divided by 12. If the rate is 0%, the payment is just the principal divided by the number of months, since there is no interest to amortize.
Three things determine the monthly payment: the amount financed, the interest rate, and the term. A larger down payment reduces the amount financed directly, which lowers both the monthly payment and the total interest paid over the life of the loan. Stretching the term across more months lowers the monthly payment but increases total interest paid, since you are borrowing the money for longer, so a lower monthly number is not automatically the cheaper loan overall.
This calculator uses the interest rate you enter directly, compounded monthly. Many lenders quote an APR, annual percentage rate, which can include fees and other costs beyond the base interest rate, making it slightly higher than the stated interest rate alone. For a rough estimate use the interest rate, but for an exact comparison between loan offers, use each lender's disclosed APR and full amortization schedule, since fees are not modeled here.
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