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Loan Payment Calculator

Loan payment calculators allow you to key in your loan amount, interest rate, and term in order to see an estimate of your monthly payments. For example, your home costs $165,000, your down payment is in the amount of $15,000, your interest rate is 7%, and your term is 15 years. The loan payment calculator will tell you that your monthly payment is $1,348. It may also tell you that total interest you will pay by the time this loan is repaid is $92,683. This loan may sound like a good deal, or you may feel as though $1,348 is too much to pay monthly and you would like a payment under one thousand dollars. You can use the loan payment calculator to see what changes need to be made to lower the monthly payment without changing the loan amount.

If your loan amount is $150,000, your interest rate is 7%, and your term is 30 years, a loan payment calculator will show you that your monthly payments will be $997, which is $351 less than the same loan with the 15 year term. The lower monthly payment may sound closer to what you want to pay, but a longer term does have its disadvantages. The total interest of the 15 year term, $92,683, will be more than double with a 30 year term at $209,263. Though you pay less monthly, ultimately, with the 30 year term, you will pay over $100,000 for the same loan. Which loan suits you best depends on whether or not you need to look at focus on the present, or are able to plan for the bigger picture. Using a loan payment calculator can help you decide which category you fall in.

You can also use a loan payment calculator to make sure that the terms given to you by your lender will not cause negative amortization. Negative amortization occurs when a lender sets the monthly payment of your loan too low to cover the cost of interest, causing your principal to increase as you repayment period goes when it should be decreasing. Though this does not happen often and in most cases only with unscrupulous lenders, it is always good to do your own research.

A loan payment calculator can help you prepare for your new loan. Knowing how possible terms will affect your loan, and knowing your future monthly payments will go a long way in keeping you from being overwhelmed by the loan repayment process. Use our calculator to play with the terms of your loan and find the type of loan that suits you best. Being armed with this kind of knowledge can help you from taking on a loan that you will regret and will save you the trouble of refinancing in five years to get the loan terms that you really want. Find the loan you want today. Use our loan payment calculator to learn more about the loan that fits you or apply online to contact up to four lenders about your loan.

 


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A loan payment calculator is a free tool you can use to estimate your monthly mortgage payment. The calculator will also work for any other type of loan you are considering applying for. Put in your numbers let it crank and apply for a quote when you are done… Mortgages are the largest monthly payments most all of us make throughout our lives. While it is a joy to go from renting to owning we still want to get the best rate possible and understanding all of our options before taking the plunge… Mortgage brokers from our website provide competing rates to earn your business. Shopping around can be a great way to get the very best rate you can on your home loan. We connect you with as many as four lenders…
Buy a home now with the help of a qualified mortgage broker. If you are first time buyer programs are available to help you finance your downpayment without little money upfront… Bad credit mortgages are possible with the help of a qualified mortgage broker specialized in helping those of us with less than perfect or tarnished credit history. At today’s rates it has never been a better time to buy a home…

Mortgage loans can be a complex process that a qualified mortgage broker can help to simplify for you. Not only do mortgage brokers handle paperwork but they also broker your interests to get you the best possible rate from the institution backing the loan…

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