Personal Loan Calculator
A loan repayment calculator is a handy tool, which provides you with an estimate of how much your loan repayments may be. A loan repayment calculator's results should only be taken as an approximation as the results will depend upon the variables you enter.
The interest rate, for example may change over time. This will affect the loan repayment calculator result. Therefore loan repayment calculators are designed to be used as a guide only.
Even so, a loan repayment calculator can be an effective tool because it can assist you to understand how a loan works; how much interest you may have to pay; the term of a loan and how that affects repayments.
It may also help you decide what type of loan you think would best suits your needs. For example you may be looking at securing a new mortgage, or taking out mortgage refinance. You may want to look into a debt consolidation loan or a personal loan.
Using a loan repayment calculator is rather simple. It doesn’t take much effort. All you have to do on many of the simpler ones is type in your starting loan amount, the annual percentage rate and the term of your loan (5, 10, 20, 30 years, whichever is the case).