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What is a loan interest calculator?
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Jan 18, 2024 · The loan interest calculator (or interest calculator on loan) is a simple tool that helps you estimate the interest on your loan. In addition, you can check the loan's balance including periodic interest and principal payments in the loan amortization schedule.
A loan repayment is calculated by multiplying the loan by the interest rate. When repaying a loan, if the interest amount is repaid each period, such as each month, but no more than the interest amount then nothing is being repaid against the original loan amount.
- Loan repayments are calculated by dividing the amount of loan that is outstanding by the number of repayments that are left to make, plus the inter...
- Interest amount = Loan amount * Interest rate.
- Each repayment is smaller because the loan amount is spread over more repayment periods.
- {Secured loans, unsecured loans, mortgages, credit cards, car loans}.
- How Much Would A Loan Cost Me?
- How Much Could I Afford to Borrow?
- Can I Save by Switching Loans?
If you’re looking to get a new loan, only borrow if it's needed, planned and you've budgeted to pay it back. Even then, borrow as little as possible and repay as quickly as you can. If you NEED a loan, our calculator will tell you how much your monthly repayments would be, plus the total amount of interest you’d pay. See our cheap loans guide for a...
Always base your borrowing on what you can comfortably afford to repay (preferably after doing a budget), as borrowing too much can cause debts to spiral out of control. Enter this amount into our calculator and it’ll tell you how much you can afford to borrow. Remember, only borrow what you NEED and aim to repay as quickly as possible.
If you already have a loan, it’s always worth checking to see if you can save by using a new, cheaper loan to pay it off, effectively switching loans. Plug the old and new loan details into our calculator and it will tell you if you’d be better off, after factoring in any charges to pay it off early (note the calculator assumes you will borrow the ...
Aug 5, 2024 · Lenders calculate how much interest you’ll pay with each payment in two main ways: simple or on an amortization schedule. Short-term loans often have simple interest. Larger loans,...
- Heidi Rivera
Sep 14, 2023 · Enter the monthly repayment you can afford to make, the length of time you can afford to pay that amount, and at what interest rate. Hit ‘Calculate’. By selecting different annual interest rates (APRs) on our loan repayment calculator, you can see how your monthly loan repayments and total repayment cost will change.
- Jonathan Leggett
- Senior Content Editor
Our loan calculator gives you a realistic idea of how much you could borrow and what your repayments and interest rates could be. Subject to application, financial circumstances and borrowing history.
Free loan calculator to find the repayment plan, interest cost, and amortization schedule of conventional amortized loans, deferred payment loans, and bonds.
