Loan Savings Calculator
Higher FICO® Scores may save you money
The Loan Savings Calculator shows how FICO® Scores impact the interest you pay on a loan. Select your loan type and enter the appropriate loan details. You can see that having a score in the higher ranges could mean big savings!
Mortgage
Auto Loan
| FICO® Score | APR 1 | Monthly Payment | Interest Paid |
|---|
A FICO® Score of over a FICO Score of would:
- Save per month
- Save for the lifetime of the loan
FAQs
How important is the FICO® Score?
Your FICO® Score plays a crucial role in determining your loan terms, including the interest rate you'll receive. A higher FICO Score could save you thousands of dollars over the life of the loan by securing lower interest rates. Additionally, a lower interest rate can help reduce your monthly payments, which could make your loan more affordable and easier to manage.
Why use a Loan Savings Calculator?
Your credit score can be pivotal in determining your loan's interest rate. Borrowers with higher credit scores often qualify for lower interest rates, which can mean substantial savings over the life of the loan. The myFICO Loan Savings Calculator helps you to visualize the potential impact of improving your scores.
How a Loan Savings Calculator works
The myFICO Loan Savings Calculator helps make it easier to compare potential savings for auto loans and mortgages. Select the loan's principal amount and type of loan, and view how different interest rates can impact your monthly payment and total interest paid. You'll be able to see how even a minor reduction in your interest rate could yield significant savings over time.