Simple Loan Payment Calculator (Boat, RV, Personal)
Estimate monthly payments for Boat, RV, or Personal loans.
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How Loan Amortization Works
This calculator uses the standard amortization formula to determine a fixed monthly payment. Part of your payment goes toward interest, and the rest reduces your loan balance (principal).
Frequently Asked Questions
Does the loan term affect my monthly payment?
Yes. A longer term (e.g., 60 months vs 36 months) lowers your monthly payment but increases the total interest you pay over the life of the loan.
Can I use this for a mortgage?
While the math is similar, mortgages often include taxes and insurance (PITI). This calculator is best for simple installment loans like cars, boats, or personal loans.