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Online calculator

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What is an online calculator?

Mathematics is one of the pillars of everyday life. From paying in a supermarket to buying a house, we have to perform operations with numbers. This would take quite a while if we had to do it manually every time. However, thanks to the machines called calculators, all these operations can be completed in a blink of an eye. These devices are indispensable when it comes to applying for credit.

Before obtaining a loan from a lender, you must know how much money you will pay back. The amount payable monthly to the bank or any other financial institution until the loan amount is fully paid off includes more than just borrowed money. It also contains interest on your loan and part of the principal amount to be repaid. The amount to be paid monthly is the sum of the principal amount and interest divided by the tenure (number of months in which the loan has to be repaid). The interest component of the monthly payment would be more significant during the initial months and gradually reduce with each payment. 

The interest rate in decimal form divided by the number of compounding periods plus one should be multiplied by your original amount invested, and then... Stop! Likewise, it’s not easy to do mathematics; that’s where a calculating machine will do that for you. Online calculators can help you estimate your monthly installments based on the amount you want to borrow, the interest rate, how much time you have to pay it back, your credit score, and information about your financial standing. 

When you take a loan, you make a financial commitment for the next few months, years, or decades. Therefore, consider the best and worst cases... and be ready for both. In short, hope for the best but make calculations and be prepared!

Major types of calculators

Dozens of calculators cater for your needs. For example, a BMI calculator can help you control your health, while a basic calculator can perform such basic operations as adding, subtraction, multiplication, and division. In bookkeeping, the electronic calculator eclipsed the adding machine. A more advanced device can determine the square root of any number in a matter of seconds and even calculate hyperbolic functions.

Aside from electronic calculators (a pocket calculator or a hand-held calculator), many financial calculators can be accessed on the Internet. Be it software installed on your computer, different mobile apps, or just online tools, the result comes in seconds.

It seems now you can find a calculator for every taste. But it doesn't seem so! You may still be offered to buy Texas Instruments calculators that contain finance functions and are superb at calculating the time value of money and an amortization schedule. In addition, an individual can use them to compute mortgage rates, loan amounts, leases, and savings. However, in the age of technology, the easiest way is to utilize online versions of calculators that free you of the worries about the power source of your electronic device.

A financial calculator is a type of electronic calculator that help to compute financial functions that a standard calculator cannot handle. For example, you can calculate your monthly payment on all kinds of loans. However, there are different requirements for different loans, and the type of loan determines the loan calculator you need to use to figure out your payments. As a result, many different types of loan calculators exist, including student, personal, mortgage, home equity, auto loan, and others.

Auto loan calculator

An auto loan is designed for purchasing a vehicle. Typically, the term of a loan is 36, 60, 72, or 84 months in Canada. Monthly repayments are withdrawn from the borrower's accounts to be transferred to auto loan lenders. In case of defaulting on a loan, the car can be legally repossessed. 

A car loan can be obtained through direct lending or dealership financing. The former comes from a typical loan originating from a bank, credit union, or financial institution. Direct lending provides more leverage for buyers to walk into a car dealer with most of the financing done on their terms. Dealership financing is initiated and completed through the dealership instead.

To utilize the calculator, key in the auto price, rate, and tenure in months for which the car loan is sought. Then input the initial payment you will make in the “Down payment” field. After that, enter the trade-in value if you exchange your old vehicle. Then choose your state and indicate sales tax and other fees, as a car purchase comes with costs other than the purchase price. Finally, check the box in case all fees should be included in the loan. Next, hit the “calculate” button to display your total loan amount and monthly payment. 

Mortgage calculator

A mortgage is a loan typically used to purchase or maintain a home, land, or other real estate types, for which that property serves as collateral. A mortgage allows most citizens to have the chance to own real estate, as the total purchase price of the house doesn't have to be provided upfront. However, a borrower cannot be considered the full owner of the mortgaged property until the last monthly payment is made. That’s why a borrower must repay the money within a certain period, usually up to 35 years in Canada, by making a monthly payment. Regular payments are divided into principal, the original amount borrowed, and the interest, the cost paid to the lender for using the money. 

A mortgage calculator assists in evaluating the monthly payment due along with other financial costs associated with mortgages. To begin, enter the home price, the initial amount you will pay in the “Down payment” field, loan term in years, interest rate, and the start date of the loan. Additionally to the principal and interest that you’ll be paying on the mortgage, you can include the following expenses:

Those will add to your monthly mortgage payment. More options are also available in the mortgage loan calculator by clicking on the “+More Options” (annual tax & cost increase and extra payments).

Home equity loan calculator

A home equity loan is an installment loan secured by your home's paid value. It allows the borrowers to get a loan against the equity in their homes. Equity is the difference between your home’s value and what you owe on your mortgage. As your house is used as collateral, the lenders need to ensure that you have an appropriate loan-to-value ratio or LTV. With high LTV,  lenders will be reluctant to let you borrow against it. To determine your LTV, divide your mortgage’s outstanding balance by the current home value. Generally, you may need more than 20% equity to take advantage of a home equity loan.

The home equity loan calculator figures whether you're eligible for a home equity loan and the maximum amount you might obtain. The calculator will immediately estimate your current loan-to-value ratio. With owning at least 20% of your home (an LTV of 78% or less), you’ll probably qualify for a home equity loan, depending on your financial track record. To determine whether a home equity loan meets your financial needs, enter your home’s value (if you’re not sure, check your most recent appraisal), the amount remaining on loan (find this on your most recent mortgage statement), and choose the range that reflects your current credit score.

Student loan calculator

One of the primary ways students and their families pay for college is through student loans. The Canadian government offers several full-time and part-time student loans through the Canada Student Loans Program as long as you can show that you are in financial need. A student loan is intended to make college affordable, but the amount you borrow will affect your budget for years after you graduate or leave school. That's why it's essential to get a complete picture of the amount owed. 

  1. Using an uncomplicated student loan calculator, enter your student loan amount, interest rate, and loan term into the calculator. You’ll then see your expected monthly and total payment schedule over time. This calculator will help you estimate the compulsory repayment amount required for your study loan.

  2. To evaluate the student loan payoff options and the interest to be saved, utilize the student loan repayment calculator. First, enter the remaining balance, monthly payment, and interest rate. Then, choose the repayment option: payoff, repayment with extra payments, or regular repayment. This calculator will display the evaluation of student loan repayment options and the interest that needs to be saved.

  3. Use the student loan projection calculator to estimate your loan balance and repayment obligation after graduation. Enter in what years you graduate, estimated loan amount per year, current balance, loan term, grace period (the period between graduation and the date that repayment of a student loan must begin), and interest rate. Check whether you are going to pay interest during school years or not. 

Personal loan calculator

A personal loan is a loan that can assist you in meeting a variety of goals, such as making a huge purchase or consolidating high-interest debts. Most personal loans are unsecured,  which means they’re no longer backed by using collateral. Unsecured loans are generally offered at higher interest rates (up to 25% or more) because of the increased risk that the lender assumes. On the contrary, secured loans are backed by an asset like your home or car, and the lender can repossess your property in case of default. 

Aside from the loan’s principal amount, you’re on the hook for interest and any fees associated with a personal loan. Take a note of the following payments:

The total cost of personal loans rises because most of them come with extra fees. The personal loan calculator can provide concise visuals of how monthly payments and total costs will look like over the existence of a personal loan. To estimate monthly repayment through the personal loan calculator, enter the loan amount, interest rate, the cost of insurance per month, loan term in year or months, and the loan's start date. You can also indicate the origination fee. It will display the estimated monthly payment and the total cost of the loan.

Why do you need a calculator?

It's always better to know in advance what you're going for than to take a pig in a poke. Especially when securing a loan, you will probably want a sense of how much your loan will cost over time. Knowing your monthly payment can help when you’re putting together a budget. You might have enough money left over to make extra payments. In the end, you might even be able to develop a plan to get ahead of your debt.

That’s where a calculator can assist! The loan calculator is designed to give you an idea of how much a personal loan will cost. It will give you a realistic idea of how much you could borrow and what your repayments and interest rates could be. To calculate the entire interest formula, one should use a graphing calculator or calculator software. If you prefer, you can do it all by hand and become a pro at understanding interest expenses. However, monthly computing payments for different combinations of the principal loan amount, interest rates, and loan term using a formula by hand is time-consuming, complex, and error-prone. Don’t worry! An online calculator automates this calculation for you and gives you the result in a split second, along with visual charts displaying the payment schedule and the break-up of total payment. 

Are you finding it complicated to perform arithmetic operations? Forget about math and Texas Instruments calculators and all other basic calculators. Online loan payment calculators do all the heavy lifting to help you discover what your monthly payment could be. Just enter the principal balance of your loan, the interest rate, and the number of years you will be paying your debt. 

The loan calculator is intended to give an indication only. Remember that the calculator does not guarantee the accuracy or applicability to your circumstances. We encourage you to consult a qualified financial professional for assistance in analyzing your overall financial situation before relying on the results presented. Calculators are provided as a self-help tool for your independent use. Note! The calculations should not be construed as financial, legal, or tax advice.

How does a calculator work?

Any calculator has a keyboard. A basic calculator performs addition, subtraction, multiplication, and division operations. The corresponding keys and the equals are typically located under the display. More advanced devices have such keys as square root, raising to a power, and percentage keys. In addition, scientific calculators include exponents, log, natural log (ln), trig functions, and memory. These functions are essential when you're working with scientific notation or any formula with a geometry component.

Your loan payments contain more than just borrowed money; they also include interest. The loan calculator will assist you with testing a variety of factors to estimate what your loan payment will be. The calculator is convenient because it takes different variables into account when determining repayment terms. In addition, financial calculators have more unique buttons. For example, the CPT button is usually pressed before calculating a payment (PMT), the number of periods (N), present value (PV), future value (FV), and interest rate period (I%).

Loan calculators can help you make sound financial decisions. A financial calculator will display a pie chart showing the distribution of the total payment amount as percentages, precisely the amount of the principal debt and the total amount of interest payable. In addition, it will display the total interest in percentage versus principal amount in the total of all payments. The amortization schedule shows how much in principal and interest is paid. The table depicts payments made every month/year for the loan duration and a chart showing interest and principal components paid each year. A portion of each payment is intended to pay interest, while the remaining amount is applied to the principal balance. During the initial loan period, a significant portion of each payment is accounted for by interest.  Over time, the more essential parts pay the principal amount of the debt. The payment schedule also shows the balance outstanding for each year, which will be carried over to the following year. Refer to the amortization table for a years-wise plan of repayments throughout the loan tenure.

How to use a calculator?

With instant results, a calculator is easy to use, intuitive to understand, and quick to use. Using the calculator, you can not only solve sin and logarithm problems but also calculate payments for auto loans, personal loans, student loans, or any other fully amortizing loan. The type of loan you have determines the type of loan calculator you need to use to figure out your payments.

Provide the information in the calculator to get the calculated payment amount. The information will vary according to the type of loan. The basic information for an amortized loan includes:

First, find the online calculator that will meet your needs according to the type of loan you want to obtain. The variables will depend on the type of the loan. After choosing the calculator, enter the values directly in the boxes provided. Generally, follow these steps: 

Identify how much money you want to borrow and insert this number into the “Loan Amount” field. If you are calculating a partially paid loan, enter the amount of money you have left to spend. 

Enter the interest rate you expect to get on the loan. The rate will depend on your credit score; the lower your score, the higher the interest rate can be. Conversely, you may anticipate a lower interest rate if you have a good score. 

Indicate the years or months you could be paying the loan back. The loan term will depend on the type of loan. When deciding how long you want the loan period, it is essential to remember that the longer it takes you to pay back the loan, the more interest you will have to pay, but your monthly repayments will be lowered. You will have to decide what you’re comfortable setting aside each month to repay your loan; however, it would be wise to budget in a buffer in case of unexpected changes to your situation.

Choose how often you will be making payments. For example, financial institutions may set up monthly, quarterly, semi-annually, annually, and other periods. 

Click on the “Calculate” button to get to know the loan payment.  

Most calculators will display information for a "fully amortized" loan payment schedule, which means you will pay the same amount each month.

How to compare loans using a calculator?

If you’ve decided you need a couple of hundreds or thousands of dollars, your next step is to see which loan would be the best for you. Every time you apply for a loan, the lender checks your credit history, except for no credit check loans, where you can avoid your credit history being checked. Since most lenders require multiple credit checks, your credit score will lower, reducing your chances of being offered a good APR. Therefore, the best option before applying for a loan is to compare loan offers carefully to choose the most favorable offer. This will also allow you to increase your chances of being accepted and reduce the risk of lowering your credit score. 

The easiest way to compare the different loans is online calculator. It considers the amount you want to borrow along with the loan period. Compare the lenders using online calculators reviewing the total interest, monthly payment, and total amount you will pay back. Knowing the details of the loan offers makes it easier to get the best deal for you. 

How do you calculate a loan payment?

To begin, enter the loan amount you’re looking to borrow or refinance in the loan field. Then input your interest rate and the number of years or months you will finance the loan. The number of payments you are going to make each year. Hit the “calculate” button. This will return your monthly payment and the total interest rate. 

How much will my monthly loan be?

Before obtaining a loan, you must know just how much debt you can afford. Your monthly payment for a loan will depend on several variables, such as the type of the loan, how long the loan lasts, and the APR (which is highly dependent on your credit score). Utilize the online calculators to get a sense of what your monthly payment could end up being. 

What is the interest formula?

To calculate interest on a loan agreement, you need to know the following main variables:

  • The amount of the interest rate under the terms of the contract;

  • Loan amount;

  • The interest accrual period.

A simple loan payment formula includes the principal amount of your loan, the interest rate, and the loan term. Your principal amount is spread equally over your loan reimbursement term, alongside interest fees due over the term. Although the number of years in your term might differ, you may commonly have 12 payments to make each year. 

The extra amount needs to be paid along with the actual loan. It's called interest. The interest formula includes two types of interests - simple interest and compound interest. Generally, the fee paid to the lender for lending is equal to the amount initially borrowed from the bank or invested multiplied by the rate of interest, multiplied by the overall tenure. Simple interest is a calculation of interest that doesn’t take into account the effect of compounding. Simple interest = principal X interest rate X time. 

When the interest is compounded over that period, the one must utilize the compound interest formula, P(1+r/n)^nt. ‘P’ represents the principal amount of the loan, the ‘r’ shows the annual interest rate in decimal form, the ‘n’ stands for the number of compounding periods for a year, and ‘t’ stands for the time in years. Unlike simple interest, the compound interest amount will not be the same for all years because it also considers the accumulated interest of previous periods.

You can calculate interest rates using a basic calculator, but the more convenient way to compute loan interest is with online calculators.

How many years will it take to pay off a loan?

You will eventually pay off your loan by making consistent regular payments toward debt service. But how long will it take? Usually, repayment plans may take several months to 30 years to redeem a debt. But, of course, everything depends on your specific situation. An online calculator is one of the best ways to determine how much time you will need to make payments to eliminate the debt obligation.