Use the below Simple Loan Calculator to find out important information about your intended loan. This information includes the monthly payment amount, the total interest, and other detailed information.
How to use Simple Loan Calculator
This loan calculator is really easy to use, but yet very powerful when it comes to displaying results. Simply there are 5 parameter fields for you to fill, in order to start the calculation.
Simply input your intended loan amount. Note that the currency is set to US Dollars.
This is the duration of your loan. The longer the duration, it’s smaller the monthly installment.
This is the interest rate that your lender is going to agree with you. This is also known as APR.
First payment date
Information about your first payment/monthly installment date. Simply put the month and year details of your first installment
And hit Calculate!
An Example Loan Filled
Displaying the result of Simple Loan Calculator
Below shows the output of an imaginary loan of $10,000. Which is paid in 5 years or 60 installments. The interest rate is 4.5. The first installment is set for September 2021.
As you can see for the $10,000 installment loan which I’m going to take will cost me $1,186 in total interest after 5 years of term length.
Furthermore, you can see how the principal and interest change over the course of five years as your loan balance teachers zero, finally!
Why do you need a Simple Loan Calculator
Before obtaining any loan it is very wise to understand what it will actually bring. It’s very important to see how much you will be repaying over the terms. This is highly dependent on the interest rate. We recommend you always check the total interest that you will be paying to the lender.
The lenders and their interest rates differ drastically from each other. Although some lender agrees to give you a decent loan with your bad credit, the interest rate might be a little higher than other lenders. So you must always use an accurate loan calculator like this Simple Loan Calculator to get a detailed loan forecast!