Home equity loans, sometimes called second mortgages, are for homeowners who want to borrow some of their equity to pay for home improvements, a dream vacation, college tuition or some other expense.

A home equity loan is a one-time, lump-sum loan, repaid at a fixed rate, usually over five to 20 years. A HELOC is a home equity loan that works more like a credit card. You are given a line of credit that can be reused as you repay the loan.

The interest rate is usually variable and tied to an index such as the prime rate. Our home equity calculators can answer a variety of questions, such as:. Should you borrow from home equity?

If so, how much could you comfortably borrow? Are you better off taking out a lump-sum equity loan or a HELOC? How long will it take to repay the loan? An auto loan is a secured loan used to buy a car.

Plan on adding about 10 percent to your estimate. A student loan is an unsecured loan from either the federal government or a private lender.

Borrowers must qualify for private student loans. If you don't have an established credit history, you may not find the best loan. The college savings calculator will help you set savings goals for the future.

The loan calculator can be used to calculate student loan payments, auto loans or to calculate your mortgage payments. This loan calculator assumes that the interest rate remains constant throughout the life of the loan.

Currently the Undergraduate Federal Stafford Loan has a fixed interest rate of 2. The calculator can also be used for auto loans and mortgages. The calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization i.

The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment. Some educational loans have a minimum monthly payment. Enter a higher figure to see how much money you can save by paying off your debt faster.

Adjust the loan term, down payment amount and interest rate to see results based on the numbers you provide — and how any changes to those numbers may affect your payment. Results shown are for CA.

Change your state The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation.

The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product.

The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

The final APR may differ from the APR in the above results due to additional fees that may be applicable. Please tell us where you bank so we can give you accurate rate and fee information for your location. Calculate how much you could save. Additional terms and conditions may apply, such as vehicle make, age and mileage.

Please visit our Frequently Asked Questions for additional information. One of the main factors lenders consider when you apply for a loan is your credit score. A higher score can help you secure a better interest rate—which means you'll have a lower monthly car payment.

Determine your estimated payments for different loan amounts, interest rates and terms with this Simple Loan Calculator Use NerdWallet's free loan calculator to determine your monthly payment, your total interest and payoff schedule Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more

Payment estimator tool - The personal loan calculator lets you estimate your monthly payments based on how much you want to borrow, the interest rate, how much time you Determine your estimated payments for different loan amounts, interest rates and terms with this Simple Loan Calculator Use NerdWallet's free loan calculator to determine your monthly payment, your total interest and payoff schedule Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more

Use interest rate in order to determine loan details without the addition of other costs. To find the total cost of the loan, use APR. The advertised APR generally provides more accurate loan details. When it comes to loans, there are generally two available interest options to choose from: variable sometimes called adjustable or floating or fixed.

The majority of loans have fixed interest rates, such as conventionally amortized loans like mortgages, auto loans, or student loans. Examples of variable loans include adjustable-rate mortgages, home equity lines of credit HELOC , and some personal and student loans.

For more information about or to do calculations involving any of these other loans, please visit the Mortgage Calculator , Auto Loan Calculator , Student Loan Calculator , or Personal Loan Calculator.

In variable rate loans, the interest rate may change based on indices such as inflation or the central bank rate all of which are usually in movement with the economy. The most common financial index that lenders reference for variable rates is the key index rate set by the U.

Federal Reserve or the London Interbank Offered Rate Libor. Because rates of variable loans vary over time, fluctuations in rates will alter routine payment amounts; the rate change in one month changes the monthly payment due for that month as well as the total expected interest owed over the life of the loan.

Some lenders may place caps on variable loan rates, which are maximum limits on the interest rate charged, regardless of how much the index interest rate changes. Lenders only update interest rates periodically at a frequency agreed to by the borrower, most likely disclosed in a loan contract.

As a result, a change to an indexed interest rate does not necessarily mean an immediate change to a variable loan's interest rate. Broadly speaking, variable rates are more favorable to the borrower when indexed interest rates are trending downward.

Credit card rates can be fixed or variable. Credit card issuers aren't required to give advanced notice of an interest rate increase for credit cards with variable interest rates. It is possible for borrowers with excellent credit to request more favorable rates on their variable loans or credit cards.

For more information or to perform calculations that involve paying off a credit card, use the Credit Card Calculator or use the Credit Cards Payoff Calculator for paying off multiple credit cards. The information you get from an auto loan calculator can be valuable in many different ways.

When comparing loan offers. Apply to several lenders for preapproved loan offers, but do it within a two-week timeframe to lessen any impact to your credit score. Using the auto loan calculator, enter interest rates and terms from the various loan offers to compare monthly payments and total loan costs.

When deciding on a loan term. Lenders and car dealers often will reduce a monthly car payment by lengthening the loan term. While a lower payment may look great, an auto loan calculator can help you see total cost, and not just the monthly payment, with various loan terms.

To figure in additional expenses. To obtain estimates, you can search online, call your Bureau of Motor Vehicles or contact a dealership to ask for average costs in your area. Auto loan affordability calculator. If your budget allows only a certain monthly car payment, determine the maximum amount you can spend on a car.

Our reverse auto loan calculator provides this information too. Auto loan amortization calculator. Auto loans use simple interest, so the portion of your loan payment that goes to interest changes each month.

Use this calculator to estimate the balance of your simple-interest auto loan at any point during its term. Auto loan refinancing calculator. If you already have an auto loan, see if you could save money by comparing your current loan with a new one. Earlier in a loan, a higher portion of your monthly payment will go to paying interest and less to principal.

As you pay down the balance of the loan, you will pay less in interest. This process is called amortization. Auto loan calculators and car payment calculators automatically account for amortization, so these tools are the easiest way to figure a car payment. Auto Loans. Loan details. Loan term months Loan terms typically range from 24 to 96 months.

Suggested maxes: 36 months for used cars, 60 for new. Start date. Down payment. Trade-in value. Amount owed on trade-in. Add advanced info Sales tax rate If you're using the vehicle's out-the-door price, you can leave this field blank. Yes: Taxes and fees are included in the amount borrowed.

No: Taxes and fees are paid out of pocket by the borrower. Yes No. Your loan estimate. Loan amount. Payoff date The date the loan will be paid off in full. Show amortization schedule. ZIP code Used or new?

Used New. Auto loans are secured loans, meaning that the eligibility requirements are less stringent than unsecured loans, but the vehicle is put up as collateral so if you fail to make payments, you could lose your vehicle.

Before applying, shop around to find the best rates and repayment terms to make sure the payments reasonably fit into your budget. Home equity loans and home equity lines of credit are borrowed against the amount of equity you've built up in your home the value of your home minus the amount you've paid down.

These loans are secured and use your house as collateral, so you do run the risk of losing your home if you fail to make the payments. However, they typically have better interest rates and terms than other loan products. Personal loans are sums of money you can borrow from a bank, credit union or online lender that can be used for virtually any purpose.

These loans have fixed interest rates and repayment terms that typically range between 2 to 5 years. If you are in the market for a personal loan, compare top lenders to find the one with the best rate for your credit score.

Student loans are loans specifically for educational purposes. There are both federal student loans and private student loans. Federal student loans are generally better because they come with borrower protection and have standardized deferment and forbearance periods. If you are having trouble qualifying for a federal loan, compare terms and rates on private student loans before choosing a lender, as these can vary widely.

Secured vs unsecured loans Loans come in secured and unsecured options. APR vs. interest rates The interest rate is the annual cost of a loan to its borrower, expressed as a percentage of the principal borrowed.

Loan basics Before you take out a loan, you should be familiar with vocabulary terms used by lenders: Principal The principal is the overall amount of money being borrowed. Interest The interest rate is the rate at which the amount of money owed increases.

Term The loan term is the amount of time that you have to pay off your loan.

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Payment estimator tool - The personal loan calculator lets you estimate your monthly payments based on how much you want to borrow, the interest rate, how much time you Determine your estimated payments for different loan amounts, interest rates and terms with this Simple Loan Calculator Use NerdWallet's free loan calculator to determine your monthly payment, your total interest and payoff schedule Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more

Use the "Fixed Term" tab to calculate the monthly payment of a fixed-term loan. Use the "Fixed Payments" tab to calculate the time to pay off a loan with a fixed monthly payment. For more information about or to do calculations specifically for car payments, please use the Auto Loan Calculator.

To find net payment of salary after taxes and deductions, use the Take-Home-Pay Calculator. Related Loan Calculator Auto Loan Calculator. A loan is a contract between a borrower and a lender in which the borrower receives an amount of money principal that they are obligated to pay back in the future.

Loans can be customized based on various factors. The number of available options can be overwhelming. Two of the most common deciding factors are the term and monthly payment amount, which are separated by tabs in the calculator above. Mortgages, auto, and many other loans tend to use the time limit approach to the repayment of loans.

For mortgages, in particular, choosing to have routine monthly payments between 30 years or 15 years or other terms can be a very important decision because how long a debt obligation lasts can affect a person's long-term financial goals.

Some examples include:. The Payment Calculator can help sort out the fine details of such considerations. It can also be used when deciding between financing options for a car, which can range from 12 months to 96 months periods.

Car buyers should experiment with the variables to see which term is best accommodated by their budget and situation. For additional information about or to do calculations involving mortgages or auto loans, please visit the Mortgage Calculator or Auto Loan Calculator.

This method helps determine the time required to pay off a loan and is often used to find how fast the debt on a credit card can be repaid. This calculator can also estimate how early a person who has some extra money at the end of each month can pay off their loan.

Simply add the extra into the "Monthly Pay" section of the calculator. It is possible that a calculation may result in a certain monthly payment that is not enough to repay the principal and interest on a loan. This means that interest will accrue at such a pace that repayment of the loan at the given "Monthly Pay" cannot keep up.

If so, simply adjust one of the three inputs until a viable result is calculated. Either "Loan Amount" needs to be lower, "Monthly Pay" needs to be higher, or "Interest Rate" needs to be lower.

When using a figure for this input, it is important to make the distinction between interest rate and annual percentage rate APR. Especially when very large loans are involved, such as mortgages, the difference can be up to thousands of dollars.

By definition, the interest rate is simply the cost of borrowing the principal loan amount. On the other hand, APR is a broader measure of the cost of a loan, which rolls in other costs such as broker fees, discount points, closing costs, and administrative fees.

In other words, instead of upfront payments, these additional costs are added onto the cost of borrowing the loan and prorated over the life of the loan instead. If there are no fees associated with a loan, then the interest rate equals the APR. Return to your accounts.

Enter a total loan amount into this auto loan calculator to estimate your monthly payment, or determine your loan amount by car price, trade-in value and other factors. Adjust the loan term, down payment amount and interest rate to see results based on the numbers you provide — and how any changes to those numbers may affect your payment.

Results shown are for CA. Change your state The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation.

The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers.

This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product.

The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

The final APR may differ from the APR in the above results due to additional fees that may be applicable. Please tell us where you bank so we can give you accurate rate and fee information for your location. Calculate how much you could save. Additional terms and conditions may apply, such as vehicle make, age and mileage.

Please visit our Frequently Asked Questions for additional information. One of the main factors lenders consider when you apply for a loan is your credit score. A higher score can help you secure a better interest rate—which means you'll have a lower monthly car payment.

See how your credit score is calculated. Skip to main content warning-icon. You are using an unsupported browser version. Learn more or update your browser. close browser upgrade notice ×. Auto Loan Calculator.

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