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Taking out a loan is often necessary to cover major financial commitments or big-ticket items, such as buying a new car, paying for needed home renovations, or helping to finance your children’s higher education. Regardless of the reason, it is important to know beforehand how much interest you will have to pay and how long it will take to pay the loan off.

Use the Loan Calculator to determine your regular payments, along with the total loan amount (principal and interest), and see how increasing your payments will reduce both the amount of interest you will pay and the time to pay off the loan.

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