MyPercentCalculator is a free online tool to calculate percentages
Loan Repayment Calculator
Loans allow us to be able to buy an upgrade for an old car, buy our dream home, or assist us in paying for education. Various types of loans, such as auto loans, personal loans, and mortgages, can help us advance towards our important set goals and also fulfill our plans. The amount a loan could cost you, depends on the market environment, your credit history score, income, and the lender. You usually get the best rates if you have an excellent credit score. So it is vital to be sure what your credit score is before seeking out a loan.
Loans you might be qualified for are either secured or unsecured loans. Secured loans require that you, the borrower, put up an asset as collateral to secure the loan. Mortgages are secured loans because if you don’t make your payments, your home could be repossessed by the lender. Personal loans like unsecured loans, don’t need collateral.
There are three major categories of loans which we would consider, Personal Loans which we discussed earlier fall into one of these categories, they are:
This is a loan that has scheduled regular payments that are applied to both principal and interest owed on the loan until it reaches maturity, that is when it is entirely paid off. Amortization pays off the interest in the early stages and reduces the outstanding principal with later payments. This type of loan is very common. Examples of amortized loans are:
- Personal Loans,
- Student Loans,
- Auto/Car Loans,
- Home Loans, etc.
Deferred Payment Loan:
These loans have a single lump sum paid at maturity, unlike Amortized loans which are paid regularly over time. Both the principal and interest are settled with a single payment at maturity. Deferred payment could be mortgages or even credit cards.
This is the least common type of loan among the three we’ve listed. Bonds function differently from regular loans. Only a predetermined lump sum called the “face” of the bond is paid at loan maturity, assuming you don’t default/ fail to pay.
In seeking out your loans, it is a good idea to have a loan calculator at hand. A loan calculator shows you how much you can afford to pay each month, so you would be able to narrow down your plans precisely. It can also help compare various loan costs, and understand how different interest rates affect our payments. Loan calculators answer a lot of questions and assist in making the right financial decisions.
There are different types of loan calculators like a mortgage calculator, home equity calculator, student loan calculator, auto loan calculator, car loan calculator, mortgage payment calculator, amortization calculator, mortgage payoff calculator, loan amortization calculator, loan repayment calculator, mortgage amortization calculator, simple loan calculator, commercial loan calculator, and a personal loan calculator.
Each of these calculators basically helps with providing data like interest rate, amortization schedule, loan amortization, your credit score, amortization schedule mortgage, payoff, income, how much you would have to pay back, how long you would have to pay back, monthly repayments, how much you could borrow, etc.
This loan calculator is easy to use, making the process of requesting loans less stressful, more calculated, and faster to sort through your calculations.
We have other calculators that make things easier for you. You can try our salary calculator, it would also help with your finances or our discount calculator, which would help you with your purchases.