![]() That's because student loans have many unusual provisions that other types of loans don't. However, unlike simpler loans like mortgages or car loans, student loans can be difficult to calculate. Why student loan calculations get complicated This loan calculator can give you your monthly payment, along with a schedule that lists how much interest you'll pay each month throughout the course of the loan. You can calculate an amortization schedule manually, but it's much easier to use a calculator to do so. If the lender knows the size of the loan, the interest rate on the loan, and the time over which it wants to get repaid, then it can come up with a schedule of monthly payments that will zero out the loan balance at the desired maturity date. That might sound complicated, but the idea behind it is simple. The first step toward calculating what your student loan payments will be is figuring out an amortization schedule. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.Image source: Getty Images The first step: amortization schedules ![]() These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. ![]() If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. The final APR may differ from the APR in the above results due to additional fees that may be applicable. ![]() Please consult with qualified professionals to discuss your situation. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. 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. Bank of America and its affiliates are not tax or legal advisers. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. You should enter figures that are appropriate to your individual situation. The figures entered on the input page of this calculator are for hypothetical purposes only.
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