How well can you calculate loan and interest rates for a specified duration, in order to know your repayment and if it is what you can afford?
A loan calculator can help get this heavy work of calculations involving percentage, personal loan, mortgage loan, auto loan calculations, and even more, to be an easy task for both statistical and nonstatistical students.
Apart from the problems of how to calculate loans you could also be faced with where to get the real loan calculation tools that will give you accurate calculations so you don’t do mistakes, especially if you’re about to apply for a students loan.
There are several cases that can require you to make use of loan calculators. You could be given a class or homework to calculate a loan and find the interest/repayment using a particular interest rate for a period of one year or thereabouts.
After reading this post, when next you’re asked to calculate loans, you will do so fast without panic as you are rest assured the tools outlined in this post can handle all your loan calculation problems online.
Check: How To Read Without Sleeping – Effective Tips
You don’t need to download an app to calculate loans, all you need to do is to visit any loan calculator website mentioned in this post to get started, and remember to share your experiences with us through the comment section below.
List Of Online Loan Calculators
Below are some of the online loan calculating tools we can recommend to you, without relevance to the order of listing.
1. MoneySuperMarket
MoneySuperMarket’s loan calculator tool will give you an idea of how much a personal loan is going to cost simply by entering your values.
You can enter loan values for a duration between one and ten years and can check their loan channels to possible loan applications.
You can get a loan easily on the MoneySuperMarket if you have a good credit score as your lenders would like to know how you are able to manage loans in the past.
2. Bankrate Loan Calculator
Bankrate has a simple loan calculator and other calculation tools that you can use to calculate both personal loans, mortgage, car loans, and even more.
3. Calculator.net
Calculator.net is an online loan calculator tool, where you can calculate the following types of loan
- Amortized Loan: Paying Back a Fixed Amount Periodically
- Deferred Payment Loan: Paying Back a Lump Sum Due at Maturity
- Bond: Paying Back a Predetermined Amount Due at Loan Maturity
Apart from the aforementioned, you can also perform auto loan, lease and mortgage calculations.
4. Credit Karma
At Credit Karma, you will have access to different types of loan calculators ranging from the simple loan calculator to Amortization calculator, Debt Repayment calculator, and even credit score simulator.
If you are skeptical on how to make use of the simple loan calculator, you don’t have to be as all you need to do is to enter your loan amount, the interest rate and the number of years click on calculate to see your monthly payment.
5. BMO (Bank of Montreal) Loan Calculator
BMO has one of the simplest loan calculators I have ever seen, it is easy to use, all you need to do is to enter the loan amount, amortization, interest rate, payment frequency and calculate.
After entering your values, you can decide to clear it, invert or even apply for Bank of Montreal loan.
6. TD Canada Trust (The Toronto Dominion Bank)
For personal credit purposes, you can perform you personal loan calculations online using the TD Canada Trust personal loan calculator to find your monthly payment and total cost of borrowing.
Type the amount you wish to borrow>>Input the annual interest rate for the loan>> and then specify loan term (the duration to repay your loan)
7. Car Loan Calculator
Car Loan Calculator is one of the simplest auto loan calculators that is used to determine the monthly installments that must be paid.
Using this online tool, you will be required to enter the loan type, which is of course “car/auto”, type the car price, the loan term, interest rate and start date to calculate.
8. Scotiabank Loan calculator
The Scotiabank Personal loan calculator, gives you the capacity to calculate your loan details and determine the option that best suits you.
The calculator is very easy to use as all you need to do is to select from the radio buttons, your payment frequency and then adjust the interest rate and amortization bars to get your loan result.
9. MoneySmart Personal Loan Calculator
Using MoneySmart online loan calculator, you can get results for the following questions by clicking on the respective tabs.
- How much will my repayments be?
- How much can I borrow?
- How can I repay my loan sooner?
The estimated time to view your calculated result is 5 minutes.
10. Basic Mortage Calculator
Basic Mortgage Calculator is an online tool provided by MoneySavingExpert to perform calculations simply by entering the Mortgage debt, mortgage term min. 1-year max. 40 years, the annual interest rate or monthly payment.
Enter the fees to take out the mortgage, choose whether to add these fees to the mortgage, indicate mortgage type and click on the calculate button to view your result.
11. The Calculator Site
You can use the loan calculator tool among other tools available on their website to calculate your personal loan payment or loan payoff calculator.
You can specify the currency type, loan amount, annual interest rate, months, loan start date, initial deposit, extra fees, balloon payment at the end and click on calculate.
If you want to see how your loan is calculated, scroll down their webpage to see the loan calculator formula.
12. Shopify Small Business Loan Calculator
Shopify apart from being an online e-commerce platform provides a small business loan calculator that will enable you to easily calculate fixed-rate loans for your small business.
Enter your loan information in the required fields to find out how much your loan will cost.
13. EMICalculator.net
Loan calculator Indian…
If you are looking for an EMI (Equated Monthly Installment) home calculator, you can trust the EMICalculator website to do just that for you.
You can also calculate for a car loan and a Personal loan for people in India.
This Indian loan calculator is easy to use as you can simply adjust the bars or enter the loan information in the box and also see your breakdown on a pie chart.
Users can also compare rates and apply for a home loan through the website.
14. Barclays Bank Loan Calculator
The Barclays Bank Loan Calculator gives an idea of how much you could borrow, and what your repayments and interest rates could be before you even apply for a loan.
You just have to simply indicate how much you would like to borrow. The result that you will see, are all based on the representative APR for the amount you enter.
This simply means that your repayments may differ and will be based on personal circumstances and the loan amount term.
Key Facts About Online Loan Calculators:
So long as these tools exist, it is important that you know the terms associated with loan calculations and their use.
- Calculation results are approximations and for information purposes only. Interest is accrued daily and charged as per the payment frequency.
- Rates quoted are not considered rate guarantees. Calculations assume that the interest rate will remain constant over the entire amortization/repayment period, but actual interest rates may vary over the amortization period.
- All loans are subject to standard credit approval. The calculations assume all payments are made when due.
- This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.
- It’s important you always get a specific quote from the lender and double-check the price yourself before acting on the information.
- While planning to avail of a Personal loan, you must take into account your income and your current commitments so that you can ascertain how much loan amount you can take to ensure everything is affordable.
The online loan calculation tools as mentioned in this post, are tools we have used to perform some loan and other related calculations online.
You can also recommend other important loan calculators you know to us so we can update our list.
NB: We have not applied for a loan or received a loan on any of the websites mentioned in this post, so we advise readers to always take loan investigation measures when doing so and review the loan agreement terms on different websites to avoid mistakes.
Feel free to share this post with friends on the social media to assist them to calculate loans with ease.