Do You Need a Loan Payment Calculator?
If you’re on this website, there’s a chance you might be in over your head on debt. Maybe you are on the road to credit debt recovery but your bad credit mark isn’t good enough to get the loan you want from one of the major banking players. Maybe you want to know how much you can borrow without breaking your budget. Maybe you just want to know the “what ifs” scenario if you borrow “X” amount over “X” amount of time.
What you need is a loan payment calculator and we have that loan payment calculator for you HERE.
It’s really simple to use and we’ll walk you through it in this post.
Loan Payment Calculator
Here’s what you’ll need to know before using the loan payment calculator.
• Upfront fees (application fees and such)
• Ongoing fees (monthly maintenance fee and such)
• Intro rate (that’s your interest rate)
• Intro term (that’s how long your loan is for – EX: 12, 24, 48, 60 months, etc)
• Ongoing rate (this will change if your interest rate is increased after the first month)
• Loan Amount (how much you’d like to borrow)
• Loan term (how long the loan is for in years vs months from above)
You’ll notice that we have two sections: Loan #1 Details and Loan #2 Details. That is simply there for you to compare loans offered or if you want to compare how much you’d like to borrow.
Plug in the numbers you have from above into our loan payment calculator and at the bottom you’ll see how much you’ll pay a month that includes any ongoing fees (if added) and how much you’ll actually be paying back over time. If you’ve ran a comparison scenario, you’ll see the difference between loan #1 and loan #2 and which will be best for you.
We have an example below of someone asking to borrow $10,000 over 24 months (2 years) with an interest rate of 7%.
You can run various scenarios and factors through our calculator and when you’re ready to borrow, give one of our friendly staff members a call at 1300 123 328 or apply HERE.