Personal loans can be a useful financial tool, and put cash in your pocket when you need it most. But like any borrowing, a loan is not without risks. Before taking one out, you should be confident that you can repay it. Using a personal loan repayment calculator can help you weigh the pros and cons of taking out a loan and determine how much you should borrow.
Amplify Credit Union’s loan repayment calculator allows you to evaluate the following aspects of a new personal loan:
- Maximum monthly payment
- Total loan amount
- Loan rate
- Loan term
By understanding your limits for each of these variables, you are better equipped to decide whether a personal loan is for you. For more information on the terms used on this calculator, refer to the section below the tool.