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Frequently Asked Questions
How is monthly loan payment calculated?
Monthly payment is calculated using the formula: M = P × [r(1+r)^n] / [(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the life of the loan.
What's the difference between APR and interest rate?
The interest rate is the base cost of borrowing. APR includes the interest rate plus other fees.
How can I pay off my loan faster?
Make extra principal payments, pay bi-weekly instead of monthly, or refinance to a shorter term.