A loan calculator is basically a tool used to figure out monthly payments of a loan. It demands certain inputs with the help of which it will provide you down payment details, the amount that you need to finance, and the monthly finance payment. A loan calculator is of various types, depending on the nature of your loan such as a home loan calculator, car loan calculator, mortgage payment calculator, etc. You can find a loan calculator on various websites for free.
- Loan EMI Calculator:
This calculator is basically used to calculate the EMI on your loan, total interest payable over the loan, and loan amortization table. The fields which it requires are: loan amount, loan period, interest rate, and processing fee. Once you enter these details in specific areas, the calculator will calculate the EMI that you need to pay to the bank or the lender for the entire loan period. Calculate your home loan EMI, car loan EMI, and personal loan EMI with this calculator.
- Home Loan Refinance Calculator:
This calculator will give you a clear idea if you can transfer your home loan to save your money. The information that it needs is the outstanding loan amount, current EMI, number of EMIs remaining, and prepayment fee. Just fill in these details and click on the OK button.
You will get the result within seconds.
- Loan Repayment Calculator:
This calculator gives you the time you will take to pay off your loan amount completely with a fixed interest rate and monthly payment. Whether you have taken a loan for your personal use, home or car, you just need to fill in the required details, and the result will be out within seconds. The information required by this calculator to measure your loan period are outstanding loan amount, interest rate, and EMI.
Needless to say these calculators are ultimate as it helps to forecast the most essential things you need to know while applying for a loan. With the help of these loan calculators, you can get an estimate of your EMIs, time period to pay off a loan, and down payment. It’s too tough to choose a right loan scheme due to the high competitiveness spreading in the market. The market is flooded with numerous loan schemes and banks. This tool can help you choose the better among the goods. A loan calculator is a complete solution for all your loan related queries. It is so user friendly that it can be used by anyone and without any guidance.
Advantage of Car Loan Calculator: A web-based car loan calculator will work out various options that has to be suitable for you and also depending on these calculations you are able to decide the amount of loan that you desire to take and also the period of time that you can need to go ahead and take loan.
Advantage of Home Loan Calculator: A home loan calculator help investors to monitor and calculate the value of the home loans and help saving home loan investors immensely either in a crisis or to sell the home loans at a profit.
Among another benefits one great benefit of using a loan calculator is that it saves time as you need not to visit various banks to gather information about their loan schemes. 24×7 availability of this tool gives freedom to access it whenever required.