How Loan Payments Work
Each payment is split between principal (the amount you borrowed) and interest (the lender's fee). Early payments go mostly to interest; later payments are mostly principal.
Loan Types
- Auto loans - Typically 3-7 years, secured by the vehicle
- Personal loans - Unsecured, typically 1-7 years
- Student loans - Often have flexible repayment options
Related Calculators
- Auto Loan Calculator - Specific to car loans
- Compare Loans - Side by side comparison
- Loan Payoff - See payoff timeline