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How Loan Payments are Calculated

1

Loan Amount

We calculate the principal by subtracting your down payment from the total loan amount.

2

Monthly Payment

Using the principal, interest rate, and term, we calculate your fixed monthly payment.

3

Amortization

Each payment is split between principal and interest, with early payments going more toward interest.

What factors affect your loan payment?

  • Loan Amount: The total amount you're borrowing after down payment
  • Interest Rate: Higher rates mean higher monthly payments and more total interest
  • Loan Term: Longer terms have lower monthly payments but more total interest
  • Down Payment: Larger down payments reduce your loan amount and monthly payment
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