This repayment calculator can be used for loans that require fixed payback periodically. Most of the personal loans including mortgages, student loans, and auto loans as well as small business loan fall in this category. There are some loans that require a certain fees deduction from the loan amount. If there is some fees associated with your loan, like points and origination fee, then you can use this repayment calculator to find out what your actual after-fee rate of interest will be. You can use this information for the comparison of different loan options available to you.
Personal loans, as the name suggests, are loans that can be used for financing your personal needs. It can be anything like home financing, auto loan or student loan. Even small business loans come in this category as well.
A common use of personal loans is consolidation of credit card debt as well. In such a case, you take enough amount of loan that can cover a couple of bills for you. This helps you in reducing the bill payment instances and you will also be able to save in terms of interest as well as finance charges if the rate of your personal loan is lower as compared to what already applies to your existing debts.
The charges and rate of interest that you will have to pay on your loans will actually depend on the terms of the loan that you are going to get. The timeframe you'll get for the repayment is also specified in your loan terms. The interest, however, depends on your credit rating for the most part.
It is advisable here that you should only go for a loan whose terms seem feasible for you and that costs you the lowest when it comes to interest and other associated fees. Using a repayment calculator for doing a comparison of different available loan options is a viable choice.
The repayment calculator here requires you to enter your loan amount, upfront fees, the rate of interest and the loan term. Besides, you also have to specify what type of payback option is offered by the loan. Choose between monthly, annually, semi-annually, quarterly, bimonthly, weekly and daily payback options here. In addition, you also have to tell the repayment calculator that whether it is a loan with fixed term or there is fixed payback amount.
The calculator will use all the information provided by you to calculate your monthly payments, total of your monthly payments that you will make over the term of the loan, total interest and the total of interest and fees amounts. Furthermore, there is a table that represents month-to-month values for beginning balance, interest earned and ending balance. This way, you can easily check out your beginning and ending balance for any given month across the term of your loan.
So, use this repayment calculator if you are interested in determining how your repayment schedule would look like for any given loan and what amount you'll be paying over the complete loan term.