- Monthly payment
- Amount that is paid monthly for the loan.
- Term in months
- Term length (in month) to repay the loan. It’s the total number of months you are allowed at maximum to repay the loan amount.
- Loan amount
- Total amount of the loan contract. This is the beginning balance of the loan during the initiation of the loan contract.
- Interest rate
- Rate of interest charged yearly for the loan. Dividing this rate by 12, the yearly rate is converted to monthly rate for the purpose of finding the monthly payment. But you need to mention the yearly rate only and the calculator will automatically adjust it for monthly rate calculation.