A loan calculator can be very useful for anyone looking into loans or refinancing, and is an excellent way to play around with figures to see which loan terms suit you best. Find out more about the loan best loan terms for you using our loan calculator to or fill out our free short form to contact a lender about your loan.
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The most important function of a loan calculator is to give you an estimate of your monthly payments. This function is fairly simply. Take for example a loan amount of 150,000 with an interest rate of 7% and a repayment term of 15 years. The calculator would give you an estimated monthly payment of $1,348. If a monthly payment over one thousand dollars is too high, you can change the length of the loan to see if a longer repayment period will make the loan more affordable. With a 30 year term, the monthly payment decreases by $351 to $997.
Some calculators can give you even more information. Many even break down the amount of interest and principal for each and every month over the entire repayment period, which can be helpful for anyone looking for a clear, detailed picture of their loan during the amortization process. A loan calculator is also helpful if you are looking into refinancing since it can show you whether or not you will be better off with a new loan in the long run.
The last place that you want to find a surprise is in the repayment of your loan. A loan calculator can help you get a better grasp on the elements of your loan and how they will impact your finances when you are in the midst of repayment. If you arent sure about the terms of your loan, you can use a calculator to see the differences between a 15 year term and a 30 year loan, or between a 7% interest rate and a 9% interest rate. A small change in the interest rate or length of your loan can make a big difference in the amount you spend in monthly payments. When you consult lenders about your loan, knowing how these effect of these terms will help you differentiate between the loans you are willing to accept and the loans you will simply walk away from. Use our loan calculator to learn more about the kind of terms you need or apply online to contact up to four lenders about your new loan.