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Loan Calculator

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.

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.

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.

Loan calculators can also give you an estimate on the amount you will pay in interest over the life of the loan. On a 15 year loan you will pay a total of $92,683 in interest. On a 30 year term the total amount of interest would be $209,263. The 30 year loan term accrues more than twice the amount of interest as the 15 year loan. This shows that a homeowner who can afford the to pay the higher monthly payment should definitely choose the shorter loan term.

 


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Mangeable monthly payments are the key to a happy mortgage. If you are looking for a loan try one of our loan calculators to estimate your future monthly mortgage payments. Find a reasonable loan amount and interest rate and save the results… Refinancing house options depend on your credit history and your consistency with loan payments just as your first mortgage did. A good track record can earn you a lower interest rate when you go to refinance… Amortization Calculators are useful for understanding exactly how your mortgage payments will play out. More complex than a simple monthly payment calculator, an amortization calculator will show you how much interest and principal you are paying each month as well…
Second mortgages rely upon your equity in your first mortgage to give you borrower credibility for the borrowing of more money. If you have sufficient equity in your first mortgage you can get a better rate on your second mortgage… Financial calculators are a great way to get some of your loan questions answered before even talking to a representative. If you know your proposed loan amount and an idea of your interest rate, you can enter the values and estimate your monthly payments…

Amortization table calculations are simply tables of your loan payments broken down into interest and principal. A good calculator will also show you the effect on interest and principal of making additional monthly payments to pay down your loan…

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