Simple Loan Calculator
My DIY Finances Debt Calculator
| Period | Payment | Interest | Balance |
|---|
Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on the information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement, or advice by My DIY Finances. It does not take into account your personal or financial circumstances.
Debt Calculator Instructions
Welcome to the Debt Calculator! This tool helps you estimate your monthly payments, total payments, and total interest payable for a loan. Follow these simple steps to utilize the calculator effectively:
1. Loan Amount
Enter the total amount of money you’re borrowing or the initial principal amount of your loan. This is the sum you’ll receive from the lender.
2. Number of Payments
Input the total number of payments you’ll make over the duration of the loan. This typically represents the loan term, whether it’s in months or years.
3. Payment Mode
Choose whether your payments will be made in arrears or in advance. Arrears means you pay at the end of each period (e.g., at the end of each month), while advance means you pay at the beginning of each period.
4. Interest Rate:
Enter the annual interest rate (in percentage) charged by the lender for the loan. This rate determines the additional amount you’ll pay on top of the principal amount borrowed.
After providing these inputs, the calculator will generate the following outputs:
Monthly Payment (including fees)
This is the amount you need to pay every month, including both the principal and the interest, as well as any additional fees associated with the loan.
Total Payment
This represents the total amount you will have paid by the end of the loan term, including the principal amount borrowed, interest, and any additional fees.
Total Interest Payable
This is the sum of all the interest payments you’ll make over the life of the loan. It indicates how much extra you’ll pay beyond the initial principal amount.
Feel free to adjust the inputs as needed to explore different scenarios or loan terms. If you have any questions or encounter any issues, don’t hesitate to seek assistance.
Happy calculating, and may you manage your debts wisely!
If you found this calculator helpful, please help others by sharing it through social media. Your support is greatly appreciated! – Kyle
Share Your Suggestions for Our Finance Calculators and Tools!
We’re dedicated to crafting FREE, top-notch Finance Calculators and tools. Your feedback matters! If you have any suggestions for improving our tools and calculators, we’re all ears.
Help us serve you better!