This is a simple but effective loan (home mortgage or car loan for example) repayment calculator. You can use it to check your loan repayments!
Variables:
Loan Amount: This is the amount you wish to borrow.
Final payment: This is the last loan repayment (sometimes known as a balloon payment or the residual value). If you are purchasing a car, for example, you may wish to set the final payment to equal your estimate of the residual value of the car at the end of the loan period.
Interest p.a. (%): This is the annual interest rate.
Term (years): This is the total duration of the loan, in years. You can use fractions of a year, for example use 3.5 years for a term of 3 years and 6 months.
Select interval: This is the frequency of the loan repayments.
Results:
Repayments: These are the periodical loan repayments.
APR (%): This is the "annual percentage rate" charge which all UK loan providers must disclose. This amount gives you a comparable interest rate whichever lender you select.
Total interest: This is the total amount of interest paid on the loan.
PLEASE NOTE that your use of this calculator is at your own risk and should not be construed as financial advice.