Loans can be confusing sometimes, and not everybody enjoys doing the number-crunching that comes with deciding whether or not to take a loan, or determining the true cost of a loan. If you’re one of those people then worry not, because here is a list of amazingly simple calculator tools that can help you solve all of that in a matter of seconds! All you have to do is click on the links provided to access them.
Most banks usually only quote their flat interest rate, which computes the interest payments on the initial original principal. To see the loan’s true cost, you must compare the effective interest rate. It’s based on the remaining outstanding principal at the end of each term and works by computing interest on a reducing balance basis.
So you have found the home of your dreams but you’re not sure if it’s really within your budget. Just input your net income and liabilities, the interest rate you are expecting followed by the tenure of your desired loan. The calculator will compute the maximum loan amount and the monthly instalment amount.
Purchase and loan agreements include entry fees: legal and stamp duty fees which are a percentage of the amount you purchase and borrow respectively which you Using Home loan & Stamp Duty Calculator, you can find that, see the amount of loan instalment payable each month and your total debt amount apportioned to principal and interest.
Our Car & Personal Loan Settlement Calculator comes in handy when trying to decide whether or not it is more beneficial for you to settle your debt early. The inputs you enter will provide you with the rebate you will get from the settlement. So, you can play around the figures using our calculator to see when is the best time to settle your loan and the actual amount you need to pay for the settlement.
The above calculators will not only save you a lot of time slouched over a desk crunching numbers, but they’ll help you make better financial decisions at the click of a button!
Source - https://loanstreet.com.my/learning-centre/best-loan-calculators-loanstreet