# Direct Loan Repayment Estimator

Sooner or later, all borrowers become repayers, and they have to
make arrangements to pay back their loan. This is usually done by making
equal monthly payments over a predetermined length of time. Calculating
the monthly payment is called amortization . The mathematical formula
used includes such variables as the interest rate, present value of the
loan when the monthly payment calculation takes place, and the period of
time in which the loan is to be repaid to the lender.

A second area often questioned has to do with voluntary accelerated
payments whereby the borrower pays more than the calculated monthly
required payment. Normal practice is that an individual can make
payments above and beyond the calculated monthly payments without
penalty. In fact, if you can possibly increase your monthly payments,
your loan will be far less costly down the road.

You can use the following loan calculator to determine your monthly
payment for any of the loan programs we have presented to you.