Loan Calculators – Work out Basic Figures on Your Loan

2007-03-08 10:33:40

( Financial )



If you are in the process of choosing a loan, manually calculating your loan rates and payments can be downright frustrating. If you have been on the internet looking at websites of financial companies, then you must have come across a loan calculator on one of these sites. A loan calculator is an online tool that you can use to get some of the most important information you need to know before signing a loan contract.

There are many names used to identify different loan calculators, such as mortgage rate calculator or refinance calculator, but loan calculators usually fall under two kinds:

1. A loan calculator that determines what your monthly loan repayments might be
2. A loan calculator that estimates how much loan you can afford to borrow

The first one requires information such as the amount of money you to intend to borrow, the loan interest rate, and how many years you plan to pay off the loan. Once you have entered these numbers into the calculator, it will give you the amount of your monthly repayment.

The second one takes your monthly income and expenses to calculate the range of repayment amount that you can afford. This is a very useful tool to make sure you meet your budget and avoid financial strain.

You have to be aware, though, that loan calculators are not 100 percent accurate. The figures you will get are estimate or typical rates. The amount displayed onscreen may or may not match what a lender will offer you. Still, by using loan calculators you will have a fairly good idea how to budget your finances for a loan.

Online loan calculators are definitely worth trying. These tools are fast, convenient, easy to use, and free. Above all, the information they provide will be a great help in your loan buying decisions.


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