Using a Loan Calculator
Filed in archive Banking by Greg Cruey on December 12, 2008
How much can you afford to borrow?
It's not always easy to figure out. There's the actual amount you need to borrow. Then there's the interest and the length of the loan. You end up with a monthly payment. Can you afford that payment? If not, you look for a better interest rate, or maybe a longer term on the loan.
You can do the math, right. Come on, you're kidding! The math is a pain (and I'm certified to teach math).
Why reinvent the wheel. Here's a loan calculator that will do the math for you. This particular one is actually a dual purpose calculator. You can click "loan amount" and then tell it the interest rate you can get, the length of the loan you want, and the payment you can afford; the calculator will tell you how much you can borrow. Or you can click "payment" and then tell it the interest rate you can get, the length of the loan you want, and how much you want to borrow; the calculator will tell you your payment.
Photo courtesy of iStockphoto, Image# 2225094
It's not always easy to figure out. There's the actual amount you need to borrow. Then there's the interest and the length of the loan. You end up with a monthly payment. Can you afford that payment? If not, you look for a better interest rate, or maybe a longer term on the loan.
You can do the math, right. Come on, you're kidding! The math is a pain (and I'm certified to teach math).
Why reinvent the wheel. Here's a loan calculator that will do the math for you. This particular one is actually a dual purpose calculator. You can click "loan amount" and then tell it the interest rate you can get, the length of the loan you want, and the payment you can afford; the calculator will tell you how much you can borrow. Or you can click "payment" and then tell it the interest rate you can get, the length of the loan you want, and how much you want to borrow; the calculator will tell you your payment.
Photo courtesy of iStockphoto, Image# 2225094
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