Making the decision to take out a loan is a very serious one and as such a lot of care needs to be taken before the ultimate and final decision is made. Different companies offer different loan options and it is up to you to decide which of these loans would be the most profitable for you. Loans are calculated using different rates and frequencies and a loan which appears to be the best at face value may not end up looking so good after further investigation.
Using a loan comparison calculator can effectively help you compare two loans against each other to help you find out which one of them offers the better deal. You can also use the calculator to figure out better payment options for your current loan situation. This calculator overall helps you make better decisions with your loans.
The calculator is easy to use, all you need to do is input general information you can easily get from your potential lender. These include Loan amount, Upfront Fees, Ongoing Monthly Fees, Intro Rate, Intro Term, and Ongoing Rate. After you input these values the calculator then proceeds to show you the ongoing per month, initial per month and total payments.
- Loan Amount: This is the total amount of money you need for your loan
- Ongoing Monthly Fees: This is the amount of money you’re going to keep paying till the loan expires
- Intro Rate: This is the rate in which your repayments are calculated for a set period of time usually in percentages
- Intro Term: This is a period set by your lender where your loan rates are different
- Ongoing Rate: This is the rate at which loan repayments continue after the intro term expires
- Ongoing per month: This is the amount of money you’re going to keep paying till the loan expires
- Initial per month: Initial amount you pay during your introductory term
- Total payments: This is the amount you pay at the end of your loan.