Information
Credit is a tool provided by financial institutions, most often banks and credit unions. Credit can help you acquire desired goods, whether it be a major purchase like a home (mortgage), a car (auto loan), or a minor purchase like a trip abroad or education (personal loan), or household appliances (consumer credit), much earlier than the full payment term. In other words, the bank pays the cost of the item or service you have selected to the selling organization, and you, having received the desired item/service at your disposal, pay the bank its cost in parts over a certain period. As a reward, the bank receives a fee from you for using the credit.
It's no secret that paying off a loan "blindly" is quite an unreasonable idea. In such a case, you only know the monthly payment, and if you miss it, penalties are charged. To repay the loan ahead of schedule and understand how to properly manage it, we have created this loan calculator. With its help, you can calculate the loan online and find out the exact loan amount, monthly payments, and overpayment on the loan.
What can the online loan calculator calculate?
- the overpayment on loan interest;
- the total amount to repay the loan;
- the loan amount and interest on the loan;
- calculate the monthly payment.
However, this is not its most useful function. In addition to calculating the monthly payment online, the calculator will create a visual repayment schedule. With such a schedule, you can deeply analyze information about the total debt. This means that by using the special option, you get a full-fledged loan calculator with early repayment.
Advantages of the loan calculator:
Undoubtedly, it features an intuitive interface, which means it is extremely easy to use. The online loan calculator is so accurate that it can be used without worry when obtaining a loan. After receiving the calculated data, print it out and confidently take it to the bank branch.
The loan calculator is suitable for calculating both a regular consumer loan and a car loan, as well as arranging or servicing a mortgage. With its help, you can easily calculate the loan and determine the overpayment, allowing you to make an informed choice.
If you are considering loan offers from several banks, using our loan calculator, you can quickly compare them and choose the most comfortable one for repayment. Thus, you can calculate the loan online and understand which option best suits your needs.
How to use the loan calculator:
First of all, you need to choose the type of payment – annuity or differentiated. The first one, it should be noted, is the most common: initially, the interest on the loan is repaid, and only then the principal debt. The amount of the differentiated payment constantly decreases, as does the total loan amount.
Then you enter the main information about the loan – the amount, term, interest rate, and start of payments. You can also check (or uncheck) the "early repayment" option. By clicking the "Calculate" button, you will receive all the important information: the monthly payment amount, the overpayment on interest, the total amount for repayment, and a visual payment schedule for the loan. The loan calculator will help calculate the loan amount and the loan payment, which will make the decision-making process easier for you.
