This Loan Calculator can be used to determine how much your monthly loan payments will be on interest bearing loans. It can also be used to calculate capital and interest repayments on loans. Additionally, the calculator will show you the total cost of the loan at the end of the term.
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What is a loan calculator?
A loan calculator is a tool designed to help you estimate the cost of a loan. These calculators are used to help you decide if you can afford a loan, as well as giving you an indication of how much you’re borrowing. They are generally used to calculate the total cost of borrowing, the amount of interest you will pay, as well as to provide you with a repayment schedule.
What is a ‘loan-to-value’ (LTV) calculator?
A loan-to-value calculator is a type of loan calculator that is used to help you work out how much you can borrow. Loan to value calculators take into account the property value as well as the amount of money you are able to lend and will give you a percentage based on this.
For example, if you own a property worth $100,000 and you have a deposit of $10,000, a loan to value calculator will tell you how much more you can borrow. In this example, this would be 90% of $90,000.
How much can you borrow?
You can use this calculator to work out how much you can borrow. This will then help you to work out what you can afford.
What can a the calculator tell you?
A loan calculator can help you to work out the total amount borrowed, the total amount of interest you’ll pay, as well as the monthly payments.
What are the benefits?
Using a loan calculator means you can work out the cost of your loan before you apply for it. This can help you to budget better and to decide whether you really do need the loan.
It can also help you to figure out what you can afford to borrow, as well as helping you to work out what repayments you will have to make.
Are there any disadvantages to using a loan calculator?
These calculators can only calculate based on your information, and they may not always be accurate. If you’re using the calculator, it is important that you check the information is right before you apply for a loan, as you may not be able to rescind the application once you’ve applied.