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Understanding how to calculate Credit Card Interest! @ Video

#Understanding #how #to #calculate #Credit #Card #Interest

Understanding how to calculate Credit Card Interest, REMMONT.COM


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Understanding how to calculate Credit Card Interest


Understanding how to calculate Credit Card Interest, NEF2.COM

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Understanding how to calculate Credit Card Interest


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How to Calculate the Net Operating Income (NOI) & Cap Rate for Real Estate Investments? & Video

#How #to #Calculate #the #Net #Operating #Income #(NOI) #& #Cap #Rate #for #Real #Estate #Investments

How to Calculate the Net Operating Income (NOI) & Cap Rate for Real Estate Investments, NEF6.COM


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How to Calculate the Net Operating Income (NOI) & Cap Rate for Real Estate Investments


How to Calculate the Net Operating Income (NOI) & Cap Rate for Real Estate Investments, REMMONT.COM

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3 Ways to Calculate Interest Payments, how to calculate interest on a loan.#How #to #calculate #interest #on #a #loan


How to Calculate Interest Payments

Not all loans are created equal. Understanding how to calculate a monthly payment, as well as the amount of interest you’ll pay over the life of the loan, are very helpful in choosing the perfect loan for you. Understanding exactly how the money adds up can requires you to work with a complex formula, but you can also calculate interest more simply using Excel.

Steps Edit

Method One of Three:

Quickly Comprehending Your Loan Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Method Two of Three:

Calculating your Payment by Hand Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Method Three of Three:

Calculating your Interest with Excel Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Community Q A

  • Calculate the first six months of interest at that rate and add it to the principal. Then, continue your calculation using this amount with the adjusted rate of interest.
  • Typically when you miss a payment the monthly payment amount does not change, but you will be charged a late fee which could be a fixed amount or an amount per day until the payment is made. However, if you do need to calculate the interest on missed payments, you would add the principal amount from the payments you missed and then use that amount in your calculation with the monthly interest rate. A loan amortization schedule will show you exact breakdown of principal to interest for each payment.
  • A line of credit is not a loan, but the lender’s agreement to provide a loan under certain conditions specified in the line of credit agreement. Lenders usually charge fees for a line of credit since it restricts their lending capacity. However, a line of credit until funded does not provide any cash to repay another loan. As a consequence, it appears that you will need to make a loan to pay off an older loan.
  • An interest payment is based upon the annual interest rate and the principal amount outstanding for the period. Presuming that you are making interest payments only on a term loan, divide the interest rate stated in the loan documents by the number of payments made in a year. Multiply the result times the principal outstanding. For example, if you have a $10,000 loan at 10% interest, your annual interest payments would total $1,000. If you make quarterly payments, you would pay $250 each quarter.
  • The ”total” monthly payment (including principal) would depend on the length of the loan. Using “simple” interest, the monthly interest payment would be roughly $85.
  • This gives you a monthly payment of $17,548.56, using the calculations given in this article. Multiply by 24 payments and you are paying a total of $421,165.44. Subtract that from the original $400,000, and you’re paying a total interest of $21,165.44. Your average monthly interest paid would be around $881.90.
  • Calculate the interest payments normally, but exclude the irregular ones and add them at the end. For example, if interest is £10 per month for 12 months, but one month it was 9 and one month it was 16, you’d calculate the 10 normal months and add the two irregulars at the end.
  • Start with the outstanding balance on the loan at the beginning of the current year. Multiply that balance by the loan’s APR (interest rate). Divide that number by 12. That is how much interest you pay in one month.
  • Leaving aside the complicating question of compound interest (by which your friend would owe you additional interest on all the unpaid interest), you would simply multiply $2500 by 53%. That’s how much interest your friend owes you at this point, in addition to whatever portion of the original principal you expected to get back by now (probably the whole thing!). 1% of $2500 is $25. That makes the calculation easy: your friend owed you $25 in interest every month, or a total of $1,325 over the period of 53 months, plus the original $2500. $25 continues to be added on every month.
  • That’s 3 percent each year for five years, which amounts to 15 percent simple interest over the whole period. In terms of compound interest, it would be more than that, depending on how often the interest is compounded.

Reusable Spreadsheet to Calculate Interest Payments Edit

The following table details how to use Excel, Google Docs, or similar spreadsheet programs to calculate simply interest payments on anything. Simply fill it in with your own numbers. Note that, where it says F x = <\displaystyle Fx=>, you must fill this part in the upper bar of the spreadsheet labeled “Fx.” The numbers (A2, C1, etc.) correspond to the boxes as they are labeled in Excel and Google Docs.



How to Calculate a Down Payment for a Car: 15 Steps, calculate car payment.#Calculate #car #payment


How to Calculate a Down Payment for a Car

Buying a car can be daunting, with the moving parts of finding a car you like, securing financing, and getting rid of your old vehicle if you have one. Knowing how much a down payment for a car you are interested in is a key element of decision making when you are on the market for a new automobile.

Steps Edit

Method One of Two:

Borrowing from a Dealer Edit

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Method Two of Two:

Borrowing from a Bank or Credit Union Edit

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment

Calculate car payment



Financial Calculator, Free Online Calculators from, calculate car payment.#Calculate #car #payment


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How do I Calculate Mortgage Payments in Excel, Home Guides, SF Gate, calculate car payments.#Calculate #car #payments


How do I Calculate Mortgage Payments in Excel?

When you take out a fixed-rate mortgage to buy or refinance a home, your lender takes three numbers and plugs them into a formula to calculate your monthly payment. Those three numbers are your principal, or the amount of money you re borrowing; your interest rate; and the number of months in your loan term. You can quickly create a spreadsheet in Microsoft Excel to perform the calculation for you–and, in the process, gain a greater understanding of just how a mortgage loan works.

Launch Microsoft Excel. Open a new workbook by pressing “Ctrl” and “N.”

Type “Principal” into cell A1 on the Excel worksheet. Type “Rate” into cell A2. Type “Months” into cell A3.

Enter the amount of the mortgage principal in cell B1.

Enter the interest rate in cell B2. Just enter the number; don’t use the percent sign. So, if your rate is 7 percent, just enter 7. If it’s 5.75 percent, enter 5.75.

Enter the number of months in the loan term in cell B3. Most mortgages are for either 15 or 30 years. Enter 180 for a 15-year mortgage or 360 for a 30-year loan. If your loan is for some other number of years, simply multiply that number by 12 and enter the result in cell B3.

Enter the following formula in cell A4, beginning with the “equals” sign: =B2/1200 This converts your annual interest rate to a decimal figure by dividing it by 100, then breaks it down into a monthly rate by dividing it by 12.

Enter the following formula in cell A5, beginning with the “equals” sign: =(1+A4)^B3 This step takes into account the compounding of the interest over the life of the loan.

Enter the following formula in cell A6, beginning with the “equals” sign: =(A4*A5)/(A5-1) This takes all the data and boils it down to a multiplier that’s applied to your principal to determine your monthly payment.

Enter the following formula in cell A7, beginning with the “equals” sign: =A6*B1 This applies the multiplier to your loan principal.

Right-click on cell A7 and select “Format Cells.” Set the formatting to “Currency.” Set “Decimal Places” to 2. Set the “Currency Symbol” to the dollar sign. Click “OK.” This cell now gives you the amount of your mortgage payment based on your principal, interest rate and loan term.

Things You Will Need

  • Microsoft Excel
  • Experiment with different principal amounts, interest rates and loan terms just by changing the values in cells B1, B2 and B3. The total payment in cell A7 will change to reflect the new figures.

Warning

  • Most lenders require that you pay your property taxes and homeowners’ insurance premiums on a monthly basis, with 1/12 of the total tacked on to each mortgage payment. Those amounts are not included in this calculation. The result in cell A7 includes only the amount that goes to your lender–the total principal and interest due each month.

References (2)

About the Author

Calculate car payments

Cam Merritt is a writer and editor specializing in business, personal finance and home design. He has contributed to USA Today, The Des Moines Register and Better Homes and Gardens publications. Merritt has a journalism degree from Drake University and is pursuing an MBA from the University of Iowa.



How to Calculate Total Interest Paid on a Car Loan: 15 Steps, how to calculate interest on a loan.#How #to #calculate #interest #on #a #loan


How to Calculate Total Interest Paid on a Car Loan

There are several components that are used to compute interest on your car loan. You need to know the principal amount owed, the term of the loan, and the interest rate. Most car loans use an amortization schedule to calculate interest. The formula to compute amortization is complicated, even with a calculator. Car buyers can find amortization calculators on the web. If your car loan uses simple interest, you can use the calculator to determine your monthly payment amount.

Steps Edit

Part One of Three:

Defining Car Loan Terms Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Part Two of Three:

Computing Your Total Interest Using an Online Calculator Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Part Three of Three:

Computing Total Interest Using The Simple Interest Formula Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan



Financial Calculator, Free Online Calculators from, calculate car payment.#Calculate #car #payment


Calculator

Use our financial calculators to finesse your monthly budget, compare borrowing costs and plan for your future.

Select a product below to begin calculating:

Mortgage Calculators

Auto Calculators

Credit Card Calculators

Home Equity Calculators

Investment Calculators

Retirement Calculators

Savings Calculators

College Calculators

Mortgage Rates

High Yield CD and MMA Rates

Other Rates

1 2017 Bankrate, LLC All Rights Reserved.

Maximize Your Money. Get Expert Advice Tools. Master Life’s Financial Journey.

You have money questions. Bankrate has answers. Our experts have been helping you master your money for four decades.

Our tools, rates and advice help no matter where you are on life’s financial journey.



Financial Calculator, Free Online Calculators from, calculate loan payments.#Calculate #loan #payments


Calculators

Use our financial calculators to finesse your monthly budget, compare borrowing costs and plan for your future.

Mortgage Calculators

Auto Calculators

Credit Card Calculators

Home Equity Calculators

Investment Calculators

Retirement Calculators

Savings Calculators

College Calculators

1 Tools. Master Life’s Financial Journey.

You have money questions. Bankrate has answers. Our experts have been helping you master your money for four decades.

Our tools, rates and advice help no matter where you are on life’s financial journey.

How we make money

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.

2017 Bankrate, LLC All Rights Reserved.



Car Loan EMI Calculator India – Calculate Auto Loan Monthly Payments, calculate car payments.#Calculate #car #payments


EMI Calculator

Auto Loan EMI Calculator

Nowadays, owning a car is no longer seen as a luxurious commodity, rather it has become a necessity. If you have plans to purchase your dream car, it is not important to burn a hole in your pocket in the process. Instead, you can go for the option of having a car loan. The best part of having a car loan is that with the help of reasonable EMIs you get to pay back the loan.

Are you confused about the whole concept of EMI and the interest you have to pay? You don’t need to and let Car Loan EMI Calculator handle this. Read on, to know more about the EMI Calculator for a car loan and various other related things.

Car Loan EMI calculator

Calculate car payments

What you should know about Car Loan Monthly Payment Calculator ?

An EMI loan calculator will help you out in making a right decision for the car model and the monthly budget. So, here are the key factors that you should know about this Loan EMI Calculator –

  • EMI calculator for Car Loan is one of the helpful tools that will make you familiar with the existing and the future monthly amount paid as installments. You can have a Car Loan EMI Calculator from the banks and financial entities.
  • While using an EMI Car loan Calculator, there is a need to enter certain details such as repayment term, loan amount, and the interest rate. With the help of this calculator, you can easily get familiar with the monthly installments and amortization schedule.
  • For using an EMI Calculator for auto Loan, you can enter the processing fee as well. The same fee also gets added to your loan amount to show the total expense incurred.
  • This Car Loans EMI Calculator online will also assist you with the amortization plan, interest outgo, and timeline of the loan repayment. Such information will make you aware of all the important information that helps you make smart decisions.
  • An EMI Calculator also comes handy in planning your monthly budget. This will really help in making the EMI more affordable.

Calculate car payments

How Does Online Car Loan EMI Calculator work?

First and foremost, the compound interest on the principal loan amount at the set interest rate gets calculated by this EMI Calculator. The calculation is done as per the following rule – paying the interest part first, the total amount payable, and the part that outstanding of your EMI is the principal. EMI is computed using the following emi calculation formula –

Monthly Installment Amount = [P x R X (1 + R) ^ N] / [ (1 + R) ^N 1]

In the formula, P is the principal amount; N signifies the number of monthly installments, and R is the rate of interest every month. Let us assume the interest rate per annum at 12%, the interest rate each month will be 12/ (12 100).

How can you simplify your car loan with an EMI Calculator?

When you want to have the best information about making a right choice for a loan or about the repayments, this Calculator will do all the things for you. Following are some of the main things that get simplified when you use this Calculator for car loan.

  • Being intuitive and easy to use are its key elements. The main idea behind designing the calculator is to make your calculation task easier. All you need is to enter the values and use the sliders and you will have the instant projections on EMI and amortization schedule.
  • Using this Calculator is as simple as using a standard calculator. You don’t need to have special expertise to use this calculator.
  • With the help of the Calculator, you will have the amortization schedule and above all the breakup of the payable amount in a graphic format makes the things easier to understand and interpret.
  • You can use this Calculator number of times until the time you have the right combination of term, affordable EMI, and the principal.
  • With the help of a online EMI Calculator, you get to know which car loan will be beneficial for you. You get to compare the interest rates based on the prepayment penalty, interest rates, and processing fee to check its effects on the EMI.
  • You don’t have to pay anything and you will get your results instantly.

What are the benefits of using a car loan eligibility calculator?

This online Loan Calculator for determining car loan payments is a handy tool that will help you make smart loan decisions. Let us discuss the benefits of this Calculator –

Reiterate Calculations –

Using this EMI Calculator for Car Loan, you can keep on varying the values till the time you have the right EMI value that suits you best. Using this calculator, you can also experiment with the interest rates and term of the car loan; you also get to know all these elements can affect your EMI.

Immediate Results –

One of the best things is that you get instant results when you calculate your EMI using Car Loan Calculator. You can also use this calculator before taking a final decision on taking a car loan, when you are finally paying off your loan, and while you are making plans for car loan repayments.

Logical evaluation of car loans –

With the help of this EMI calculator, you can easily compare the best car loans on the basis of key elements like – interest rate and EMI. You may feel that the interest rates are all same but using Car Loan Calculator, you will get a better idea of the interest rates that can prove beneficial to you.

Accurate –

With the help of online Car Loan Calculator, you get to save your efforts on calculating complicated compound interest. If you are planning to do manual calculations, you are bound to make mistakes. If you enter all the details in a Car Loan EMI online calculator, your task gets done in minutes. Having an intuitive interface, the Calculator can be used by anyone.

How to qualify for a car loan?

Well, you don’t need to worry as the process of auto loan approval is simpler as compared to the house loan. For your bank and the lenders, your credit history and income really plays a pivotal role. Basically, they are interested in knowing whether you will be able to repay the loan amount or not. Following are the things that a lender or your bank will consider –

Credit Score –

Your bank and lenders will show more interest in knowing your status regarding your credit health and even want to know your history. They are usually looking for a credit score i.e. more than 750. Basically, it is the first step and on the basis of your credit score, they will move on to the next step.

But, if your score is below 750, your application will not be considered for the car loan. For lenders or your bank having a credit score below 750 is a clear signal that you are not capable of managing your credit responsibly. So, if you don’t want to face a rejection, make sure you have a healthy credit score.

Employment Profile –

Your bank and your lenders will also show interest in knowing your employment status i.e. whether you have a stable employment or not. This will ensure them whether you are in a position to repay the loan amount. They are not sure if you have s stable employment where you can easily make the EMI monthly payments for a car loan. They check whether you have worked with an employer for a minimum of one year when you apply for the car loan.

Credit Report –

Just like your credit score shows the status of your credit health, your credit report shows your credit behavior. Even your current score is healthy, your bank can cross-check your credit report to have a look at your past payment history.

Existing EMI payments –

If your existing EMI liabilities is forming a high percentage of your income, your bank will have an idea that you are not in a position to maintain additional debt payments. If your total monthly EMI is over 50%-60% of your income, your lender will get skeptical about repaying the additional car loan. You have more chances of your loan application getting rejected.

Therefore, when you have decided to apply for the car loan, ensure that your EMI outflow is not more than your income percentage. Just in case it is high, make sure you pay off the smaller loans in order to bring down your overall EMI. This will help in freeing up some part of your income so that you can repay your car loan.

Besides Car Loan EMI Calculator, you also have easy access to various other EMI calculators like Home Loan EMI Calculator, Bike Loan EMI Calculator, and Personal Loan EMI Calculator.



Car Loan EMI Calculator India – Calculate Auto Loan Monthly Payments, calculate car loan.#Calculate #car #loan


EMI Calculator

Auto Loan EMI Calculator

Nowadays, owning a car is no longer seen as a luxurious commodity, rather it has become a necessity. If you have plans to purchase your dream car, it is not important to burn a hole in your pocket in the process. Instead, you can go for the option of having a car loan. The best part of having a car loan is that with the help of reasonable EMIs you get to pay back the loan.

Are you confused about the whole concept of EMI and the interest you have to pay? You don’t need to and let Car Loan EMI Calculator handle this. Read on, to know more about the EMI Calculator for a car loan and various other related things.

Car Loan EMI calculator

Calculate car loan

What you should know about Car Loan Monthly Payment Calculator ?

An EMI loan calculator will help you out in making a right decision for the car model and the monthly budget. So, here are the key factors that you should know about this Loan EMI Calculator –

  • EMI calculator for Car Loan is one of the helpful tools that will make you familiar with the existing and the future monthly amount paid as installments. You can have a Car Loan EMI Calculator from the banks and financial entities.
  • While using an EMI Car loan Calculator, there is a need to enter certain details such as repayment term, loan amount, and the interest rate. With the help of this calculator, you can easily get familiar with the monthly installments and amortization schedule.
  • For using an EMI Calculator for auto Loan, you can enter the processing fee as well. The same fee also gets added to your loan amount to show the total expense incurred.
  • This Car Loans EMI Calculator online will also assist you with the amortization plan, interest outgo, and timeline of the loan repayment. Such information will make you aware of all the important information that helps you make smart decisions.
  • An EMI Calculator also comes handy in planning your monthly budget. This will really help in making the EMI more affordable.

Calculate car loan

How Does Online Car Loan EMI Calculator work?

First and foremost, the compound interest on the principal loan amount at the set interest rate gets calculated by this EMI Calculator. The calculation is done as per the following rule – paying the interest part first, the total amount payable, and the part that outstanding of your EMI is the principal. EMI is computed using the following emi calculation formula –

Monthly Installment Amount = [P x R X (1 + R) ^ N] / [ (1 + R) ^N 1]

In the formula, P is the principal amount; N signifies the number of monthly installments, and R is the rate of interest every month. Let us assume the interest rate per annum at 12%, the interest rate each month will be 12/ (12 100).

How can you simplify your car loan with an EMI Calculator?

When you want to have the best information about making a right choice for a loan or about the repayments, this Calculator will do all the things for you. Following are some of the main things that get simplified when you use this Calculator for car loan.

  • Being intuitive and easy to use are its key elements. The main idea behind designing the calculator is to make your calculation task easier. All you need is to enter the values and use the sliders and you will have the instant projections on EMI and amortization schedule.
  • Using this Calculator is as simple as using a standard calculator. You don’t need to have special expertise to use this calculator.
  • With the help of the Calculator, you will have the amortization schedule and above all the breakup of the payable amount in a graphic format makes the things easier to understand and interpret.
  • You can use this Calculator number of times until the time you have the right combination of term, affordable EMI, and the principal.
  • With the help of a online EMI Calculator, you get to know which car loan will be beneficial for you. You get to compare the interest rates based on the prepayment penalty, interest rates, and processing fee to check its effects on the EMI.
  • You don’t have to pay anything and you will get your results instantly.

What are the benefits of using a car loan eligibility calculator?

This online Loan Calculator for determining car loan payments is a handy tool that will help you make smart loan decisions. Let us discuss the benefits of this Calculator –

Reiterate Calculations –

Using this EMI Calculator for Car Loan, you can keep on varying the values till the time you have the right EMI value that suits you best. Using this calculator, you can also experiment with the interest rates and term of the car loan; you also get to know all these elements can affect your EMI.

Immediate Results –

One of the best things is that you get instant results when you calculate your EMI using Car Loan Calculator. You can also use this calculator before taking a final decision on taking a car loan, when you are finally paying off your loan, and while you are making plans for car loan repayments.

Logical evaluation of car loans –

With the help of this EMI calculator, you can easily compare the best car loans on the basis of key elements like – interest rate and EMI. You may feel that the interest rates are all same but using Car Loan Calculator, you will get a better idea of the interest rates that can prove beneficial to you.

Accurate –

With the help of online Car Loan Calculator, you get to save your efforts on calculating complicated compound interest. If you are planning to do manual calculations, you are bound to make mistakes. If you enter all the details in a Car Loan EMI online calculator, your task gets done in minutes. Having an intuitive interface, the Calculator can be used by anyone.

How to qualify for a car loan?

Well, you don’t need to worry as the process of auto loan approval is simpler as compared to the house loan. For your bank and the lenders, your credit history and income really plays a pivotal role. Basically, they are interested in knowing whether you will be able to repay the loan amount or not. Following are the things that a lender or your bank will consider –

Credit Score –

Your bank and lenders will show more interest in knowing your status regarding your credit health and even want to know your history. They are usually looking for a credit score i.e. more than 750. Basically, it is the first step and on the basis of your credit score, they will move on to the next step.

But, if your score is below 750, your application will not be considered for the car loan. For lenders or your bank having a credit score below 750 is a clear signal that you are not capable of managing your credit responsibly. So, if you don’t want to face a rejection, make sure you have a healthy credit score.

Employment Profile –

Your bank and your lenders will also show interest in knowing your employment status i.e. whether you have a stable employment or not. This will ensure them whether you are in a position to repay the loan amount. They are not sure if you have s stable employment where you can easily make the EMI monthly payments for a car loan. They check whether you have worked with an employer for a minimum of one year when you apply for the car loan.

Credit Report –

Just like your credit score shows the status of your credit health, your credit report shows your credit behavior. Even your current score is healthy, your bank can cross-check your credit report to have a look at your past payment history.

Existing EMI payments –

If your existing EMI liabilities is forming a high percentage of your income, your bank will have an idea that you are not in a position to maintain additional debt payments. If your total monthly EMI is over 50%-60% of your income, your lender will get skeptical about repaying the additional car loan. You have more chances of your loan application getting rejected.

Therefore, when you have decided to apply for the car loan, ensure that your EMI outflow is not more than your income percentage. Just in case it is high, make sure you pay off the smaller loans in order to bring down your overall EMI. This will help in freeing up some part of your income so that you can repay your car loan.

Besides Car Loan EMI Calculator, you also have easy access to various other EMI calculators like Home Loan EMI Calculator, Bike Loan EMI Calculator, and Personal Loan EMI Calculator.



How to calculate interest on a loan#How #to #calculate #interest #on #a #loan


Calculate Loan Interest

How to calculate interest on a loan

How to calculate interest on a loan

The easiest way to calculate loan interest is with a calculator or spreadsheet, but you can also do it by hand if you prefer. We’ll cover each of those approaches on this page.

Technology makes quick work of the calculations, but when you do the math yourself (at least some of it) you notice details that can help you make better financial decisions.

Types of interest: it’s important to understand exactly how interest is charged, and that depends on the loan and your lender.

For example, credit cards often charge interest daily – so it pays to make your payment as soon as possible. Other lenders might calculate interest monthly or even annually. This detail is important because you need to use the right numbers for your calculations. Interest rates are usually quoted as an annual percentage rate (APR). If you pay interest monthly, you’ll need to convert that rate to a monthly rate by dividing by 12 for your calculations (for example, a 12% annual rate becomes a 1% monthly rate).

Calculators and Spreadsheets

If you want to do as little math as possible, there are two ways to take advantage of technology:

  • Spreadsheets like Microsoft Excel, Google Sheets, and others make it easy to build a model of your loan. See exactly how to calculate with a spreadsheet (with easy-to-follow steps). With the model built, you can easily see how different loans compare, and you can see things you’re your lifetime interest costs.
  • A loan amortization calculator does everything for you: it will calculate your monthly payment, show how much interest is in each payment, and show how much you pay down your balance every month. Copy and paste the output into a spreadsheet if you want to do more analysis.

How to Calculate Loan Interest Yourself

Don’t want to use a spreadsheet or calculator?

You can do it all by hand – or at least build a spreadsheet by hand – and you’ll become a pro at understanding interest expenses.

For standard home, auto, and student loans, the best way to do this is to build an amortization table. This table shows every payment, interest and principal amounts, and your remaining loan balance at any given time (just like a spreadsheet or a good calculator does). To calculate, you ll need to know a few important variables:

  • The interest rate
  • The length of time you ll borrow
  • The amount that you re paying interest on (known as the principal)
  • The monthly payment (see how to calculate payments below)

For a quick estimate of interest costs, a simple interest calculation can get you “close enough.”

Simple interest example: assume you borrow $100 at 6% for one year. How much interest will you pay?

Most loans aren t that simple. You repay over many years, and interest is charged every year, sometimes even compounding and causing your balance to grow.

Real-life example: assume you borrow $100,000 at 6% APR to be repaid monthly over 30 years. How much interest will you pay?

Assume this is a standard loan like a home loan.

Hint: the monthly payment is 599.55.

You’ll actually pay a different amount of interest every month – ideally less each month. These loans go through a process called amortization, which pays down your loan balance over time.

The table at the bottom of this page shows how your loan calculations might look; total interest over the first three payments is $1,498.50 ($500 $499.50 $499). To build that table yourself, use the steps below:

  1. Calculate the monthly loan payment (see how to calculate payments)
  2. Convert the annual rate to a monthly rate by dividing by 12 (6% annually divided by 12 months means a 0.5% monthly rate)
  3. Figure the monthly interest by multiplying the monthly rate by the loan balance at the start of the month (0.5% times $100,000 equals $500 for the first month)
  1. Subtract the interest costs from the monthly payment (and keep a running tally in an additional column if you like)
  2. Apply the remainder of the monthly payment to principal repayment (reduce your loan balance by the principal payment)
  3. Calculate your remaining loan balance
  4. Copy the remaining loan balance to the next line
  5. Repeat steps 2 through 8 until the loan is paid off

You’ll see that a portion of each payment goes towards your interest expense, while the rest pays down your loan balance. Payments in the early years mostly go towards your interest costs (this is especially true for long-term loans). Over time, the interest portion decreases, and you pay down the loan more quickly.

Helpful tips for calculation:

Calculate Credit Card Interest

With credit cards, the calculation is similar, but it can be more complicated. Your card issuer may use one of several different methods to calculate your interest charges and minimum payment. These calculations account for purchases and payments that occur throughout the month, and the card issuer’s approach to generating profits.

To see an example of how to calculate interest, payments, and debt payoff with a credit card yourself, see Calculate Credit Card Payments Costs.

Calculate Loan Interest Rates

If you want to calculate a loan’s interest rate – as opposed to interest costs – see How to Calculate Interest Rates.

Interest Expenses

Interest effectively raises the price of the things you buy, whether it s a new home, a car, or equipment for your business. In some cases, those interest costs are tax deductible – which is one more reason not to ignore them. In other cases, interest is simply the price you pay for using somebody else s money.

To understand your finances, it’s wise to calculate interest costs any time you borrow. This helps you compare the costs of different loans, and it’ll even help you evaluate big decisions (such as how much to spend on a house or automobile). You can compare lenders, choose between ​longer or shorter loan terms, and find out how much ​the interest rate really affects your total interest costs.



How to Calculate Georgia Car Tax, calculate car payment.#Calculate #car #payment


How to Calculate Georgia Car Tax

Calculating Georgia car tax isn’t the most pleasant of tasks, but knowing what you’ll pay before you purchase a car can take some of the shock away before you sign on the dotted line. The state has a retail sales tax of 4%, however this does not apply to motor vehicles purchased in the state. Instead of a Georgia state auto sales tax, an Ad Valorem tax is assessed and must be paid yearly. If a vehicle was purchased outside of the state of Georgia, the sales tax applies (see section on Sales Tax). When you buy a car in Georgia, you are responsible for paying the ad valorum tax at the time your car is registered to you. Vehicle registration must be renewed yearly, and ad valorem tax must be paid every year in order to renew your registration. Local county taxes apply in addition to the requisite ad valorem tax. The Georgia Department of Revenue has a Georgia car tax calculator tool in which consumers can select make, model, series (trim type), county and district, in order to find the tax amount to be paid to the state.

There are conditions under which the ad valorem tax is not required to be paid, as in the case of an owner who is a disabled veteran. Some active duty military personnel can qualify for exemption as well, and more information on this topic can be found on the state Department of Revenue’s website. A downloadable publication, the Motor Vehicle Assessment Manual outlines the rules and regulations regarding both active duty military personnel and disabled veterans.

If you have additional questions about Georgia state tax on motor vehicles, email Taxpayer Services at the Georgia State Department of Revenue.

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Financial Calculator, Free Online Calculators from, calculate car payment.#Calculate #car #payment


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Lease Calculator, Calculate Lease Payment, calculate car payment.#Calculate #car #payment


Leasing

Calculate car payment

Operating Lease Converter

The free Operating Lease Converter uses some common elements to provide you with valuable feedback about the value or lack thereof of a potential lease property. You can enter a few important pieces

Calculate car payment

Lease Payment Calculator

[enlarge] Most people use a lease payment calculator when they are considering purchasing a car. By doing your lease payment calculation in advance, you can ensure that you’re getting the most bang for

Calculate car payment

Time Value of Money

There is that old saying that time is money, but have you ever really thought about how much your time is worth? There are plenty of reasons to want to know the answer

Calculate car payment

Car Lease Calculation

This Excel template calculates the amount of a lease for a potential car that a buyer might be interested in purchasing. You can enter a down payment amount plus the amount of the

Calculate car payment

Real Estate Investment Analysis

For the past ten years there has been an explosion of people looking to get into the real estate investing game. Sure, some of the TV programs out there make it look easy .

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Car Leased Calculation

This is a simple car leased calculation Excel template that can be used by the car buyer or the car dealer to determine how much the lease of the car will be. The



Car Loan EMI Calculator India – Calculate Auto Loan Monthly Payments, calculate loan payments.#Calculate #loan #payments


EMI Calculator

Auto Loan EMI Calculator

Nowadays, owning a car is no longer seen as a luxurious commodity, rather it has become a necessity. If you have plans to purchase your dream car, it is not important to burn a hole in your pocket in the process. Instead, you can go for the option of having a car loan. The best part of having a car loan is that with the help of reasonable EMIs you get to pay back the loan.

Are you confused about the whole concept of EMI and the interest you have to pay? You don’t need to and let Car Loan EMI Calculator handle this. Read on, to know more about the EMI Calculator for a car loan and various other related things.

Car Loan EMI calculator

Calculate loan payments

What you should know about Car Loan Monthly Payment Calculator ?

An EMI loan calculator will help you out in making a right decision for the car model and the monthly budget. So, here are the key factors that you should know about this Loan EMI Calculator –

  • EMI calculator for Car Loan is one of the helpful tools that will make you familiar with the existing and the future monthly amount paid as installments. You can have a Car Loan EMI Calculator from the banks and financial entities.
  • While using an EMI Car loan Calculator, there is a need to enter certain details such as repayment term, loan amount, and the interest rate. With the help of this calculator, you can easily get familiar with the monthly installments and amortization schedule.
  • For using an EMI Calculator for auto Loan, you can enter the processing fee as well. The same fee also gets added to your loan amount to show the total expense incurred.
  • This Car Loans EMI Calculator online will also assist you with the amortization plan, interest outgo, and timeline of the loan repayment. Such information will make you aware of all the important information that helps you make smart decisions.
  • An EMI Calculator also comes handy in planning your monthly budget. This will really help in making the EMI more affordable.

Calculate loan payments

How Does Online Car Loan EMI Calculator work?

First and foremost, the compound interest on the principal loan amount at the set interest rate gets calculated by this EMI Calculator. The calculation is done as per the following rule – paying the interest part first, the total amount payable, and the part that outstanding of your EMI is the principal. EMI is computed using the following emi calculation formula –

Monthly Installment Amount = [P x R X (1 + R) ^ N] / [ (1 + R) ^N 1]

In the formula, P is the principal amount; N signifies the number of monthly installments, and R is the rate of interest every month. Let us assume the interest rate per annum at 12%, the interest rate each month will be 12/ (12 100).

How can you simplify your car loan with an EMI Calculator?

When you want to have the best information about making a right choice for a loan or about the repayments, this Calculator will do all the things for you. Following are some of the main things that get simplified when you use this Calculator for car loan.

  • Being intuitive and easy to use are its key elements. The main idea behind designing the calculator is to make your calculation task easier. All you need is to enter the values and use the sliders and you will have the instant projections on EMI and amortization schedule.
  • Using this Calculator is as simple as using a standard calculator. You don’t need to have special expertise to use this calculator.
  • With the help of the Calculator, you will have the amortization schedule and above all the breakup of the payable amount in a graphic format makes the things easier to understand and interpret.
  • You can use this Calculator number of times until the time you have the right combination of term, affordable EMI, and the principal.
  • With the help of a online EMI Calculator, you get to know which car loan will be beneficial for you. You get to compare the interest rates based on the prepayment penalty, interest rates, and processing fee to check its effects on the EMI.
  • You don’t have to pay anything and you will get your results instantly.

What are the benefits of using a car loan eligibility calculator?

This online Loan Calculator for determining car loan payments is a handy tool that will help you make smart loan decisions. Let us discuss the benefits of this Calculator –

Reiterate Calculations –

Using this EMI Calculator for Car Loan, you can keep on varying the values till the time you have the right EMI value that suits you best. Using this calculator, you can also experiment with the interest rates and term of the car loan; you also get to know all these elements can affect your EMI.

Immediate Results –

One of the best things is that you get instant results when you calculate your EMI using Car Loan Calculator. You can also use this calculator before taking a final decision on taking a car loan, when you are finally paying off your loan, and while you are making plans for car loan repayments.

Logical evaluation of car loans –

With the help of this EMI calculator, you can easily compare the best car loans on the basis of key elements like – interest rate and EMI. You may feel that the interest rates are all same but using Car Loan Calculator, you will get a better idea of the interest rates that can prove beneficial to you.

Accurate –

With the help of online Car Loan Calculator, you get to save your efforts on calculating complicated compound interest. If you are planning to do manual calculations, you are bound to make mistakes. If you enter all the details in a Car Loan EMI online calculator, your task gets done in minutes. Having an intuitive interface, the Calculator can be used by anyone.

How to qualify for a car loan?

Well, you don’t need to worry as the process of auto loan approval is simpler as compared to the house loan. For your bank and the lenders, your credit history and income really plays a pivotal role. Basically, they are interested in knowing whether you will be able to repay the loan amount or not. Following are the things that a lender or your bank will consider –

Credit Score –

Your bank and lenders will show more interest in knowing your status regarding your credit health and even want to know your history. They are usually looking for a credit score i.e. more than 750. Basically, it is the first step and on the basis of your credit score, they will move on to the next step.

But, if your score is below 750, your application will not be considered for the car loan. For lenders or your bank having a credit score below 750 is a clear signal that you are not capable of managing your credit responsibly. So, if you don’t want to face a rejection, make sure you have a healthy credit score.

Employment Profile –

Your bank and your lenders will also show interest in knowing your employment status i.e. whether you have a stable employment or not. This will ensure them whether you are in a position to repay the loan amount. They are not sure if you have s stable employment where you can easily make the EMI monthly payments for a car loan. They check whether you have worked with an employer for a minimum of one year when you apply for the car loan.

Credit Report –

Just like your credit score shows the status of your credit health, your credit report shows your credit behavior. Even your current score is healthy, your bank can cross-check your credit report to have a look at your past payment history.

Existing EMI payments –

If your existing EMI liabilities is forming a high percentage of your income, your bank will have an idea that you are not in a position to maintain additional debt payments. If your total monthly EMI is over 50%-60% of your income, your lender will get skeptical about repaying the additional car loan. You have more chances of your loan application getting rejected.

Therefore, when you have decided to apply for the car loan, ensure that your EMI outflow is not more than your income percentage. Just in case it is high, make sure you pay off the smaller loans in order to bring down your overall EMI. This will help in freeing up some part of your income so that you can repay your car loan.

Besides Car Loan EMI Calculator, you also have easy access to various other EMI calculators like Home Loan EMI Calculator, Bike Loan EMI Calculator, and Personal Loan EMI Calculator.



Loan Payment Formula and Calculator, calculate loan payment.#Calculate #loan #payment


Loan Payment

Calculate loan payment

The loan payment formula is used to calculate the payments on a loan. The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity. A loan, by definition, is an annuity, in that it consists of a series of future periodic payments.

The PV, or present value, portion of the loan payment formula uses the original loan amount. The original loan amount is essentially the present value of the future payments on the loan, much like the present value of an annuity.

It is important to keep the rate per period and number of periods consistent with one another in the formula. If the loan payments are made monthly, then the rate per period needs to be adjusted to the monthly rate and the number of periods would be the number of months on the loan. If payments are quarterly, the terms of the loan payment formula would be adjusted accordingly.

Standard Loan Payment

The loan payment formula shown is used for a standard loan amortized for a specific period of time with a fixed rate. Examples of specialized loans that do not apply to this formula include graduated payment, negatively amortized, interest only, option, and balloon loans.

An adjustable rate loan will use the formula shown but will need to be recalculated based on the remaining balance and remaining term for each new rate change.

Use of Loan Payment Formula

The loan payment formula can be used to calculate any type of conventional loan including mortgage, consumer, and business loans. The formula does not differ based on what the money is spent on, but only when the terms of repayment deviate from a standard fixed amortization.

Simple interest and amortized loans will generally have the same payment. The terms amortized and simple interest relate to how much of the payment is applied to principal and how much is applied to interest for each payment.

Simple interest loans rely on the date of payment to determine the amount of interest paid with the remaining amount going to principal. If a payment is made early, the interest portion of the payment will be less than if paid later. Less interest accrues when the amount is paid early because the loan balance will be less due to the extra principal payments.

On the other hand, an amortized loan has a predetermined amount of interest paid per payment so an earlier payment has no affect on lowering the principal balance sooner. Different companies and their loans will have different policies on how they are amortized. An example of how a company may amortize their loan, is by re-amortizing every year so that extra principal payments to the loan will only go in effect after a year to lower the monthly interest portions of the payment.

Alternative Loan Payment Formula

Calculate loan payment

The payment on a loan can also be calculated by dividing the original loan amount (PV) by the present value interest factor of an annuity based on the term and interest rate of the loan. This formula is conceptually the same with only the PVIFA replacing the variables in the formula that PVIFA is comprised of.



3 Ways to Calculate Interest Payments, how to calculate interest on a loan.#How #to #calculate #interest #on #a #loan


How to Calculate Interest Payments

Not all loans are created equal. Understanding how to calculate a monthly payment, as well as the amount of interest you’ll pay over the life of the loan, are very helpful in choosing the perfect loan for you. Understanding exactly how the money adds up can requires you to work with a complex formula, but you can also calculate interest more simply using Excel.

Steps Edit

Method One of Three:

Quickly Comprehending Your Loan Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Method Two of Three:

Calculating your Payment by Hand Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Method Three of Three:

Calculating your Interest with Excel Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Community Q A

  • Calculate the first six months of interest at that rate and add it to the principal. Then, continue your calculation using this amount with the adjusted rate of interest.
  • Typically when you miss a payment the monthly payment amount does not change, but you will be charged a late fee which could be a fixed amount or an amount per day until the payment is made. However, if you do need to calculate the interest on missed payments, you would add the principal amount from the payments you missed and then use that amount in your calculation with the monthly interest rate. A loan amortization schedule will show you exact breakdown of principal to interest for each payment.
  • A line of credit is not a loan, but the lender’s agreement to provide a loan under certain conditions specified in the line of credit agreement. Lenders usually charge fees for a line of credit since it restricts their lending capacity. However, a line of credit until funded does not provide any cash to repay another loan. As a consequence, it appears that you will need to make a loan to pay off an older loan.
  • An interest payment is based upon the annual interest rate and the principal amount outstanding for the period. Presuming that you are making interest payments only on a term loan, divide the interest rate stated in the loan documents by the number of payments made in a year. Multiply the result times the principal outstanding. For example, if you have a $10,000 loan at 10% interest, your annual interest payments would total $1,000. If you make quarterly payments, you would pay $250 each quarter.
  • The ”total” monthly payment (including principal) would depend on the length of the loan. Using “simple” interest, the monthly interest payment would be roughly $85.
  • This gives you a monthly payment of $17,548.56, using the calculations given in this article. Multiply by 24 payments and you are paying a total of $421,165.44. Subtract that from the original $400,000, and you’re paying a total interest of $21,165.44. Your average monthly interest paid would be around $881.90.
  • Calculate the interest payments normally, but exclude the irregular ones and add them at the end. For example, if interest is £10 per month for 12 months, but one month it was 9 and one month it was 16, you’d calculate the 10 normal months and add the two irregulars at the end.
  • Start with the outstanding balance on the loan at the beginning of the current year. Multiply that balance by the loan’s APR (interest rate). Divide that number by 12. That is how much interest you pay in one month.
  • Leaving aside the complicating question of compound interest (by which your friend would owe you additional interest on all the unpaid interest), you would simply multiply $2500 by 53%. That’s how much interest your friend owes you at this point, in addition to whatever portion of the original principal you expected to get back by now (probably the whole thing!). 1% of $2500 is $25. That makes the calculation easy: your friend owed you $25 in interest every month, or a total of $1,325 over the period of 53 months, plus the original $2500. $25 continues to be added on every month.
  • That’s 3 percent each year for five years, which amounts to 15 percent simple interest over the whole period. In terms of compound interest, it would be more than that, depending on how often the interest is compounded.

Reusable Spreadsheet to Calculate Interest Payments Edit

The following table details how to use Excel, Google Docs, or similar spreadsheet programs to calculate simply interest payments on anything. Simply fill it in with your own numbers. Note that, where it says F x = <\displaystyle Fx=>, you must fill this part in the upper bar of the spreadsheet labeled “Fx.” The numbers (A2, C1, etc.) correspond to the boxes as they are labeled in Excel and Google Docs.



How to Calculate Your Monthly Lease Payment, calculate car payment.#Calculate #car #payment


How to Calculate Your Monthly Lease Payment

Your monthly lease payment is calculated by adding up the following 3 things:

  • Depreciation
  • Interest
  • Tax

When you lease a car, a leasing company actually buys the vehicle from the dealer before leasing it out to you.

The leasing company expects to earn interest on the money they used to buy the car (just like a loan). They also know the car will be worth a lot less at the end of your lease and expect to be compensated for the depreciation.

Here are some terms you should be familiar with in order to calculate the lease:

  • Capitalized Cost – The cost of the vehicle after subtracting any down payment or trade-in allowance.
  • Residual – The amount the vehicle is worth at the end of the lease.
  • Depreciation – The amount the vehicle has lost in value during the lease.
  • Term of Lease – The number of months you will be leasing (usually 24, 36, 39, or 48 months)
  • Money Factor – The finance charge, usually expressed as a fraction. (To calculate the interest rate, simply multiply the money factor by 2400)

An Example

We’re going to assume the car you will be leasing has an MSRP of $27,000 and you managed to negotiate the purchase price down to $25,000. To keep things simple, there is no down payment and you don’t have a trade-in. You will be leasing the car for 36 months. The money factor is .0029, and the leasing company has predicted the residual value to be $12,500 at the end of 36 months.

Basically, all you need to know in order to calculate your monthly lease payment is the price of the car, the residual value, the money factor, and the lenght of the lease. Dealers should provide you with all of these numbers if you call them up and ask.

Now let’s take a look at how each part of the lease payment is calculated

1. Depreciation

Remember, Capitalized Cost is the negotiated selling price of the car. The leasing company doesn’t care if you get ripped off or not, it’s up to you to get the best deal possible to ensure the lowest possible depreciation cost.

$347 is your monthly depreciation cost

2. Interest

You read that right, it’s the Cap Cost PLUS residual value. It doesn’t seem to make sense but it’s actually an accounting method the leasing companies use to simplify things on their end.

$109 is your monthly interest payment

3. Taxes

$31 is your monthly tax payment

Add it All Together

See, it’s not that hard to figure out the total monthly lease payment.

Q: I used this formula and it matched what I was quoted as a monthly payment, but the offer also included about $1,500 due at inception. Why do I have to pay an extra amount up front? When it comes to leasing, many people think “no down payment” means zero payment due at inception. Unfortunately, that is not the case. In addition to the first month’s payment, most leases require you to pay an acquisition fee, dealer doc fee, tag, title, registration, and license fees – all due up front. Some leases also require you to pay a security deposit (which is refundable as long as there is no damage to the vehicle)

Paying $1,500 upfront is typical in a lease – even when you have zero down payment. Learn more: Leasing Fees Due Up Front.

My Recommendation for Car Shoppers

Calculate car payment

About: Gregg Fidan

Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.



How to Calculate Line of Credit Payments, calculate loan payments.#Calculate #loan #payments


How to Calculate Line of Credit Payments

Calculate loan payments

Using your home to secure a line of credit can get a lower interest rate.

roosevelts home image by Photoeyes from Fotolia.com

Related Articles

  • 1 [Interest Expenses] | How to Calculate Interest Expenses on a Revolving Loan
  • 2 [Operating Line] | How to Apply for an Operating Line of Credit
  • 3 [Interest Rate] | How to Calculate Interest Rate on a Compensating Balance Installment Loan
  • 4 [Banks Create Lines] | How Do Banks Create Lines of Credit?

Home equity lines of credit allow homeowners to secure a lower interest rate on an open line of credit by leveraging the value of their home. The line of credit allows borrowers to access the money as needed over the term of the loan. In addition, the borrower only accrues interest on the money being used, rather than the entire amount of the line of credit. During the access period of the loan, typically interest-only payments are required. You must recalculate your line of credit payment each time your outstanding balance changes changes.

1. Contact your lender to determine the current interest rate on your home equity line of credit and your current balance.

2. Divide the annual interest rate by 12 to calculate the monthly interest rate. For example, if your annual interest rate equal 6.12 percent, you would divide 0.0612 by 12 to get 0.0051.

3. Calculate your interest payment on your line of credit by multiplying your monthly interest rate by your outstanding balance. Continuing the example, if you had a balance of $12,000, you would multiply $12,000 by 0.0051 to find your payment would be $61.20.

Things Needed

  • Calculator
  • Some home equity line of credit loans require a balloon payment when your line of credit payment ends. In this case, you must make a payment equal to the entire balance of the loan.

Warning

  • Most home equity lines of credit have an adjustable rate so you have to recalculate your payment every time your interest rate changes, according to the Federal Reserve.

References (2)

About the Author

Mark Kennan is a writer based in the Kansas City area, specializing in personal finance and business topics. He has been writing since 2009 and has been published by Quicken, TurboTax, and The Motley Fool.

Photo Credits

  • roosevelts home image by Photoeyes from Fotolia.com

More Articles

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[Credit Vs] | Line of Credit Vs. Revolving Credit

  • Calculate loan payments

    [Interest Rate] | How to Convert an Annual Interest Rate to a Monthly Rate

  • Calculate loan payments

    [Line] | How to Get a Line of Credit to Start a Business

  • Calculate loan payments

    [Calculate Amortization] | How to Use Excel to Calculate Amortization



  • EMI Per Lakh Chart for Car Loan in India, calculate car payments.#Calculate #car #payments


    EMI Per Lakh Chart for Car Loan in India. Calculate Interest,EMI

    Calculate car payments

    Compute Per Lakh EMI for Car Loan from 3 years to 7 years and from 9% to 13% with Icici, Hdfc, Kotak, Sbi and Other Banks in India

    EMI Per Lac Chart

    a) Without Advance EMI :- Below is EMI Per Lac Chart in Case of No Advance EMI i.e Arrears Scheme in Car Loan

    Interest Rate Tenor 3 yr 4 yr 5 yr 6 yr 7 yr

    9% 3180 2488 2075 1802 1609

    9.25% 3191 2500 2088 1815 1622

    9.5% 3203 2512 2100 1827 1634

    9.75% 3215 2524 2112 1839 1647

    10% 3227 2536 2125 1851 1660

    10.25% 3238 2548 2137 1864 1673

    10.5% 3250 2560 2149 1878 1686

    10.75% 3262 2572 2162 1891 1699

    11% 3274 2585 2174 1903 1712

    11.25% 3286 2597 2186 1916 1725

    11.5% 3298 2609 2199 1929 1739

    11.75% 3309 2621 2212 1942 1752

    12% 3321 2633 2224 1955 1765

    12.25% 3333 2645 2236 1968 1779

    12.5% 3345 2658 2250 1981 1792

    12.75% 3357 2670 2263 1994 1806

    13% 3369 2683 2275 2007 1819

    Calculate Car Loan Interest

    b) With 1 Advance EMI :- Below is EMI Per Lac Chart in Case of Advance EMI (where 1 Advance EMI will be shown in your Loan Statement)

    Interest Rate Tenor 3 yr 4 yr 5 yr 6 yr 7 yr

    9% 3156 2470 2060 1789 1597

    9.25% 3167 2481 2072 1801 1609

    9.5% 3178 2493 2084 1813 1622

    9.75% 3189 2504 2095 1825 1634

    10% 3200 2515 2107 1837 1646

    10.25% 3211 2527 2119 1849 1659

    10.5% 3222 2538 2131 1862 1671

    10.75% 3233 2550 2143 1874 1684

    11% 3244 2561 2154 1886 1697

    11.25% 3255 2573 2166 1898 1709

    11.5% 3266 2584 2178 1911 1722

    11.75% 3277 2596 2190 1923 1735

    12% 3289 2607 2202 1936 1748

    About the author

    Gagan Modi

    Gagan is CEO of Modi Online Ventures. Backed with a Management Degree from one among Top 10 Institute in India with Professional Work Experience of over 15 Years including working with Largest Passenger Car Manufacturer and Largest Private Sector Bank in India.

    Having passion for Automobiles and Entrepreneurship – ventured Single-Handed in Business in April 2011. At MyCarHelpline – you can get in thousands of reviews, latest information updates which is 100% Unbiased with Personalized assistance through Forum.

    Recent posts

    Important : If you seek advise or recommendation, pls raise query in Car Forum instead of posting in comments

    Comments 4

    Calculate car payments

    Experience of getting a car loan for a Used car:

    1. Loan from a Nationalized bank: I approached a Nationalized bank and I got all the certificates they wanted and also got the car valuation done by their suggested evaluator. After all this they wanted a sale agreement between me and the company which would tell them that the company is ready to make a sale. My company declined to give me any letter like that saying that they cannot make a sale as it is not their business. They can only give a communication saying that I am the User. Of course they have no problem with bank paying to the financial institution directly.

    2. Loan from a private bank: Then I approached a private bank and they told me that they don’t need any agreement. However, they said that they can disburse loan in only 2 days provided I already have a NOC. This can happen only when I pay then loan. Essentially the bank wants me to close the loan with financial institution for me to get a loan. This was absurd. The fact is since the loan is not closed vehicle is hypothecated to the financial institution and bank cannot issue another loan during this time. There is a workaround possible with bank getting some security documents from you during this period until the vehicle RC is changed and hypothecated to them. Interest rate is higher as well – 15%

    SO anyone thinking to go for a loan on an used car have to be careful.

    1. NOC must be available

    2. Loan interest rate is higher

    3. Loan will be 75% of the valuation

    Calculate car payments

    I am interested to buy a one year old eon hundai car in Rs 300000, i want to pay cash Rs one lakh and rs two lakh as loan, and laon period should maximum. The used car date of purchase is July 2013.,

    pl inform me what will the emi at maximum period of finance, Ashok Sharma 7505330999

    Calculate car payments

    Be careful to do your math to see if the car will still be worth enough when you are finished making all your payments. If you choose to take a shorter loan, your car will be paid off much quicker and you will pay less for it in the long run, but your monthly payments will be higher.

    Calculate car payments



    How to Calculate Interest Rates on Bank Loans #advance #payday #loans


    #calculate interest on loan
    #

    Before You Take out a Bank Loan, Learn to Calculate Your Interest Rate

    Continue Reading Below

    The effective rate of interest is also known as the annual percentage rate (APR). The APR or effective rate of interest is different than the stated rate of interest. Banks also tie your interest rate to a benchmark, usually the prime rate of interest.

    Effective Interest Rate on a one Year Loan

    If you borrow $1000 from a bank for one year and have to pay $60 in interest for that year, your stated interest rate is 6%. Here is the calculation:

    Effective Rate on a Simple Interest Loan Interest/Principal $60/$1000 6%

    Your annual percentage rate or APR is the same as the stated rate in this example because there is no compound interest to consider. This is a simple interest loan.

    Effective Interest Rate on a Loan With a Term of Less Than one Year

    If you borrow $1000 from a bank for 120 days and the interest rate is 6%, what is the effective interest rate?

    Effective rate Interest/Principal X Days in the Year (360)/Days Loan is Outstanding

    Effective rate on a Loan with a Term of Less Than one Year $60/$1000 X 360/120 18%



    Here s how banks calculate home loan eligibility. #mortgage #interest #rates


    #home loan eligibility
    #

    Here’s how banks calculate home loan eligibility

    Updated on: July 15, 2011

    T his article is aimed at clearing doubts over how a bank calculates your net income while calculating the eligibility for total home loan amount. Normally, all banks provide home loans up to 60 times your monthly net income.

    • You have a monthly in-hand (take home) salary as Rs 50,000 and you are looking for a home loan of about Rs 30 lakh.
    • Your gross monthly income might be much more than Rs 50,000 per month but that does not matter while calculating the net income.
    • You don’t have any other loan like car or personal loan on your name.
    • Bank rules say that you are eligible to get 60 times your monthly net income as loan.

    Well, all sounds good till the time you are talking to your bank executive or an agent over phone for your eligibility. They ask you for your net income, you answer Rs 50,000 per month and they immediately say that you are eligible for a loan that is 60 times your monthly net income, that is, Rs 30 lakh. You are excited that everything is going as per your expectations and think you will get the amount you were looking for.

    Click NEXT for more



    How to Calculate Car Loan Interest and Instalment #perkins #loan


    #calculate car loan
    #

    How to Calculate Car Loan Interest and Instalment

    Written by Ching

    Calculating your car loan is simple. All you need is a calculator.

    Taking up a car loan (also known as hire purchase) is the most common approach when buying a car. In this article, we’ll show you how simple it is to calculate your monthly interest and instalment for a conventional car loan in Malaysia. All you need is a calculator and you’re good to go!

    2 Easy Steps to Calculate Car Loan Interest and Instalment

    First, determine the values of the loan amount, loan period and interest rate of your car loan, as follow:

    Now, use the following formulas to determine the total interest, monthly interest and monthly instalment of your car loan:

    Let’s Put This Into Practice, Shall We?

    Say you have a car loan amount of RM50,000 at a flat interest rate of 2.5% to be paid over 5 yearsLoan Amount = 50,000

    Interest Rate = 2.5

    Your Total Interest = 2.5/100 x 50,000 x 5 = RM6,250

    Your Monthly Interest = 6,250 / (5 x 12) = RM104.17



    How to Calculate Car Payments #loans #for #blacklisted


    #calculate car loan
    #

    How to Calculate Car Payments

    Embed Code

    You will need

    • Scientific calculator
    • Pen and paper
    • Online payment calculator (optional)

    Step 1 Convert the interest rate percentage to a decimal Convert your loan s interest rate to a decimal number by dropping the percent sign and dividing the number by 100.

    Step 2 Divide decimal number by 12 Divide the interest rate on your car loan by 12. Write this number on a piece of paper.

    Step 3 Multiply by your car loan principal Multiply the number by the loan s principal amount the total amount of your car loan. Write this number down, as it will be used in your final calculation.

    Remember to subtract any down payment you might make from the new car s purchase price when figuring out the principal amount.

    Step 4 Add 1 plus the interest divided by 12 Recall the number you got from dividing the interest rate by 12 in step 2. Add 1 to this number.

    Step 5 Multiply sum by itself, using number of payments as exponent Take the sum from step 4 raised to the power of the number of months included in the term of your loan. For example, if you will make 36 monthly payments, multiply the sum from step 4 by itself 36 times.

    Step 6 Calculate 1 divided by this sum Calculate 1 divided by the result from step of your multiplication.

    Round this number to the nearest hundredths place to make it easier to work with.

    Step 7 Subtract sum from 1 Subtract this number from 1. Jot this number down for use in your final calculation.

    Avoid the math by using car payment calculators found on many auto dealer and bank websites.



    Loan Payment Calculator – Calculate loan payments, payoffs, etc. #loans #ireland


    #installment loan calculator
    #

    Calculated Results

    Loan amount Original or expected balance for your loan.

    Term in years The number of years over which you will repay this loan. The most common loan terms are 15 years and 30 years.

    Interest rate Annual fixed interest rate for this loan.

    Monthly payment Monthly principal and interest payment (PI).

    Total payments Total of all monthly payments over the full term of the loan. This total payment amount assumes that there are no prepayments of principal.

    Total interest Total of all interest paid over the full term of the loan. This total interest amount assumes that there are no prepayments of principal.

    Prepayment type The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.

    Prepayment amount Amount that will be prepaid on your loan. This amount will be applied to the loan principal balance, based on the prepayment type.

    Start with payment This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month’s interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assumed to happen before the first payment of the loan.

    Savings Total amount of interest you will save by prepaying your loan.

    Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



    How to Calculate Your New Car Interest Payments. #car #loans #with #bad #credit


    #car loan interest calculator
    #

    How to Calculate Your New Car Interest Payments

    If you are interested in learning how to calculate auto loan interest payments, you will be relieved to know that the process is quite simple. Understanding how lenders calculate auto loan interest payments on new car loans is important when you begin shopping around for a new car.

    Car loan rates directly affect the interest payments on your new car loan and should be explicitly defined in the auto loan terms. Calculating the interest payments on your new car loan can be done by following a simple process.

    Calculate the Total Interest Payment

    In order to calculate your interest payments over time, it is necessary to know the total amount of interest due on your loan. Begin by multiplying your loan s interest rate by the number of years you will be paying the loan off. For example, if you have a 6 percent interest rate on a five-year term, you would multiply 0.06 by 5 to get 0.30. Multiply it by the total amount of money you are borrowing on the loan to get the total amount of interest you will pay over the course of paying off the loan.

    If you get a $20,000 loan at 6.0%, you will pay $6,764.51 in interest for the five-year duration, making that a total of $26,764.51. That s considerably more than you will take out.

    Using a monthly payment calculator brings is similar in that it simplifies loan calculations. Enter in the amount borrowed, the interest rate and the time period. Using the same example, your monthly payment would be $386.65.

    Both types of calculators give an approximate total, whether it s interest or a monthly payment. Fees may alter the numbers given but offer a good estimate.

    Divide Total Interest by Time

    Once you have the total amount of interest you will pay off over the life of the loan, divide this number by the number of years you will be paying on the loan to determine the yearly interest payments. You can then divide this number by twelve to determine the amount of your monthly payment that will be applied to interest. An auto loan calculator available on the Internet can aid in this process, which can help you customize your payment options to fit your budget and financial schedule.

    Before you take out a loan for a new or used car, you should calculate the auto loan interest that you ll end up paying on the loan. Auto loan terms can be hard to understand sometimes, if not misleading.



    How to Calculate Interest #personal #loans #interest #rates


    #calculate interest on loan
    #

    Things You’ll Need

    Know what the entire amount drawing interest is. This is the principal. For this example, let’s say the principal is $10,000.

    Decide if you want to calculate simple interest or compound interest. Simple interest is a one-time charge. Compound interest builds on itself from one period to the next. It could be compounded yearly, monthly or even daily.

    To calculate simple interest, take the interest rate and divide by 100. If your interest rate is 7 percent, this would turn it into .07. Now multiply that decimal by the amount of the principal (which is $10,000 in our example) to get the interest. In this case, it would be $700.

    Calculating compound interest is more complicated. Suppose your 7 percent interest is compounded every year, and it is for an investment, not a debt. That means $10,000 turns into $10,700 after one year. The following year you would earn interest of .07 multiplied by $10,700, which equals $749. Now the total comes to $11,449.

    If you need to calculate compound interest over more than just a few periods of time, it is easier to use a formula instead of repeating a calculation over and over. To do this, first add a 1 to your interest rate decimal. Therefore a 7 percent rate would become 1.07.

    Then convert this number to the power of your number of times the interest is compounded. If it is once a year for 12 years, then it would be 1.07 to the 12th power, which equals 2.25. That means your money will have grown 2.25 times at the end of 12 years.



    Calculate My Loan Payment #student #loan #information


    #loan calculation
    #

    Gaining at the least 1000 Calculate my loan payment a month is necessaryLoans British are compact cause of fund that can be benefited with regards to your forthcoming pay day advance. Minimal rate usecured bank loans are typically anchored as the name indicated, as they are available in a guarantee bond.

    As a result, if you leave the workplace, you will get no debts and get a resource with your title.

    New Calculate my loan payment york boasts the budget lending options Calculate my loan payment because of their respected clientelle remaining intent for your wish auto. A fitness-similar crisis or possibly automobile explanation might also inspire one to pick a quick payday loan.

    Additionally there is a possibility for poor scorers, to obtain this loan in a choice of secure or unleveraged kind.

    As you would like the short money currently and as outlined by each one of these Calculate my loan payment situations, built suits you the best. Although the demerits are a small amount Calculate my loan payment does apply for.

    This has been proven to work by several buyers in order to avoid real estate foreclosure and preserve their house.



    Calculate auto loan #short #term #payday #loans


    #calculate auto loan
    #

    What is a Loan to Value and How to Calculate LTV Regarding Auto Financing.

    In the automotive world, what is Loan to Value (LTV)?

    In the automotive world, Loan to Value (LTV) is the amount financed for a car loan divided by the current value of the vehicle. For new cars the value is typically the invoice amount. For used cars, the trade of wholesale value is typically used in order to determine the value of a vehicle so as to not overstate the expected sale or trade-in value.

    A lower LTV ratio means that the car is worth more than the financed amount. The lower the ratio the more appealing it is to a lender. Many lenders have LTV limits which is why this calculation becomes important for someone purchasing a car. The exact value is determed by the lending institution.

    Loan to Value (LTV) = Amount Financed/Vehicle Value.

    LTV is equal to 1 when the financed amount is equal to the automobile’s value. If a vehicle is 100% financed (meaning no down payment) then the LTV will most likely be greater than 1. The value of a new vehicle is the invoice price but not including fees. The loan would then include these fees such as tax, title, and license. For example a car with a $25000 out the door price may only be worth $20,000 for trade which would result in a loan to value ration of 125%.

    This process is essentially the same for calculating the LTV of a mortgage. Simply substitue the outstanding mortage balance with and the current value of the home to arrive at the LTV of a home loan. To get the value of the home you can have it appraised, which will cost money, or do a rough estimate by comparing with other similar houses in the area.



    How to Calculate Construction Loan Payments #same #day #loans


    #construction loan calculator
    #

    How to Calculate Construction Loan Payments

    Promoted by

    Review your construction loan disbursement schedule. Some lenders prefer – or may mandate – simplicity (it’s less work for them). This may or may not be good for you, too. They may establish only three equal disbursements (30%) with a 10% “hold back” to be paid after a final inspection. Other lenders will allow you to set a schedule that works for you and may include five, six, or more disbursement amounts. This gives you access to funds to pay subcontractors and other charges more frequently. Understanding your disbursement schedule helps you estimate and/or calculate your coming construction loan payments.

    Learn when construction loan disbursements are posted to your outstanding balance and when payments are due during the construction period. For example, a disbursement made during the last three to five days of a given month may or may not be posted to your loan balance and require interest thereon for your next payment. The loan terms regarding disbursement posting affect your loan payment calculation.

    Divide your construction loan interest rate by 365 (or 360, if your lender uses 30-day months for calculation). The resulting number (percentage) is your “per diem” (daily) interest rate. If you have a variable interest rate per your construction loan note, always verify the current month’s rate before calculating your per diem rate.

    If there have been no new disbursements in the current month, take your outstanding balance at month’s end and multiply it by your per diem interest rate and then by the number of days in the current month (or 30 if your lender uses equal days months). An interest-only construction loan will require this payment as it shows interest due based on your loan balance and the number of days you had “use” of these funds.

    If you had a balance on day one of the month and had another disbursement during the month, calculate your construction loan payment by doing the following.

    Multiply your outstanding balance on day one by the per diem rate for the total days in the month.

    Multiply the new disbursement by the per diem rate and the number of days between disbursement date and the end of the month.

    Add the two interest charges together, and you’ve calculated the expected construction loan payment for the current month.

    After the construction period ends (usually six months), your lender should provide you with a payment schedule going forward that includes principal and interest. Some lenders will convert your construction loan to “permanent” financing – a mortgage loan. Others, will expect you to obtain a new mortgage loan with your current or another lender as quickly as possible so they can “retire” the construction loan off their books, since it was always meant to be temporary financing.



    How to Calculate an Auto Loan #home #mortgage #rates


    #calculate auto loan
    #

    Things You’ll Need

    Visit Bankrate’s website to use their auto loan calculator. This is a very popular and resourceful tool found on many sites and used by many people when in the process of shopping for a new auto. It can make understanding all the numbers and figures a whole lot easier for you (see Resources below).

    If you already know the loan amount, you can enter it in the first box. Even if you aren’t completely sure of the amount, use a reasonable ballpark amount to give you an idea.

    Enter the term of the loan. This could be a monthly term or a yearly term up to 10 years or more. Many people will choose the shortest term they can afford, but you can always re-finance later down the road to lower your payments. If you want, enter a few different term lengths so you can compare the final outcome.

    Enter the interest rate. Your interest rate will normally depend on your credit rating. If you are worried about the rating you might qualify for, you should consider checking your credit rating by obtaining a credit report. You are entitled to a free report every year from major companies like Experian and TransUnion. You might be able to clean it up before applying for a loan so you can get a lower interest rate (see Resources below).

    Once you enter the required information in the correct fields, click on “Show/Recalculate Amortization Table” to see your monthly payment. You can also add any additional or extra payments below the calculator.



    How to Calculate Payments on a Personal Loan #best #car #loan #rates


    #personal loan calculator
    #

    How to Calculate Payments on a Personal Loan

    A personal loan is a lending agreement in which an individual borrows money from another party, agreeing to make interest payments and return the principal. The payments are calculated so that the sum of their present values is equal to the present value of the loan, which is the principal. The main variables are the interest rate, the number of payment periods, and the duration of the loan. There are many online loan payment calculators, but you also can use a simple present value formula for calculating the payment amount.

    Other People Are Reading

    Formula for Calculating Loan Payments

    The formula for calculating loan payments is based on the time value of money, which in turn is based on the notion that a dollar today is more valuable than a dollar received any time in the future, because a dollar today can be invested in a risk-free security and earn a return. The formula for calculating loan payments is: r/(1-(1+r)^-n)), where r is the stated interest rate, and n is the number of payments made. Both r and n will not be annual amounts if payment is made more than once per year. For example, if the stated interest rate is 6 percent and payments are made monthly, r equals 6 percent divided by n, which is 12 months, resulting in an r of 0.5 percent.

    Comments

    Please enable JavaScript to view the comments powered by Disqus.

    Resources

    You May Also Like

    When you take out a loan, you need to calculate how much you will have to pay each month in order to.

    It is important to be able to calculate a loan payment so that you can decide if the loan payments will be.

    A personal loan is one extended to a borrower without the need for security or collateral such as an automobile or a.

    When you borrow money from a lender, you do it in three steps: how much you borrow, how long you want to.

    How to Calculate Mortgage Payments Using a Mortgage Calculator. Learn how to calculate mortgage payments using a mortgage calculator. A mortgage calculator.

    Annual payments may be needed for insurance plans and banking loans. While some people prefer to pay in smaller increments each month.

    Purchasing real estate is very in-depth process as it should be since purchasing a home is one of the largest investment some.



    SBI personal loan emi calculator November 2015 – Calculate EMI – Deal4loans #low #interest #loans


    #personal loans calculator
    #

    SBI personal loan emi calculator November 2015 Calculate EMI

    Use SBI Personal Loan EMI Calculator to find out how much EMI you will have to pay for your Personal Loan at state bank of India.

    SBI personal loan Emi Calculator – Find how much EMI amount you have to pay for your Personal loan. Just Enter your loan amount, Interest rates and loan tenure period to get the instant quotes within seconds.

    SBI offers custom made personal loan scheme to borrowers in the form of credit loan, saral loan, pension loan and festival loans.

    Do you want funds readily available to you whenever you desire or need, be it a sudden vacation that you plan with your family or urgent funds required for medical treatment? SBI Saral Personal Loan is the answer to your questions.

    The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability,such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets etc.)

    Repayment



    Mortgage Calculator from – Calculate Payments with Ease #3 #month #loans


    #home loan calculators
    #

    Mortgage Calculator

    APR and Payment examples shown do not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here .

    Compare rates with confidence. Rates are accurate and available as of the date seen for Bankrate customers. Identify yourself as a Bankrate consumer to get the Bankrate.com rate. Bankrate.com has today’s most competitive mortgage rates.

    If you are seeking a mortgage in excess of $417,000, recent legislation may enable lenders in certain locations to provide rates that are different from those shown in the table above. We recommend that you contact your lender directly to determine what rates may be available to you.

    Many lenders have different rates on their own websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. Rates are subject to change without notice and may vary branch to branch. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Bank and thrift mortgages are insured by the Federal Deposit Insurance Corp. Credit union mortgages are insured by the National Credit Union Administration.

    Rate collection and criteria

    Click here for more information on rate collection and criteria.



    How to Calculate Interest #personal #loans #unsecured


    #calculate interest on loan
    #

    Things You’ll Need

    Know what the entire amount drawing interest is. This is the principal. For this example, let’s say the principal is $10,000.

    Decide if you want to calculate simple interest or compound interest. Simple interest is a one-time charge. Compound interest builds on itself from one period to the next. It could be compounded yearly, monthly or even daily.

    To calculate simple interest, take the interest rate and divide by 100. If your interest rate is 7 percent, this would turn it into .07. Now multiply that decimal by the amount of the principal (which is $10,000 in our example) to get the interest. In this case, it would be $700.

    Calculating compound interest is more complicated. Suppose your 7 percent interest is compounded every year, and it is for an investment, not a debt. That means $10,000 turns into $10,700 after one year. The following year you would earn interest of .07 multiplied by $10,700, which equals $749. Now the total comes to $11,449.

    If you need to calculate compound interest over more than just a few periods of time, it is easier to use a formula instead of repeating a calculation over and over. To do this, first add a 1 to your interest rate decimal. Therefore a 7 percent rate would become 1.07.

    Then convert this number to the power of your number of times the interest is compounded. If it is once a year for 12 years, then it would be 1.07 to the 12th power, which equals 2.25. That means your money will have grown 2.25 times at the end of 12 years.



    How to Calculate Your New Car Interest Payments. #loan #officer


    #car loan interest calculator
    #

    How to Calculate Your New Car Interest Payments

    If you are interested in learning how to calculate auto loan interest payments, you will be relieved to know that the process is quite simple. Understanding how lenders calculate auto loan interest payments on new car loans is important when you begin shopping around for a new car.

    Car loan rates directly affect the interest payments on your new car loan and should be explicitly defined in the auto loan terms. Calculating the interest payments on your new car loan can be done by following a simple process.

    Calculate the Total Interest Payment

    In order to calculate your interest payments over time, it is necessary to know the total amount of interest due on your loan. Begin by multiplying your loan s interest rate by the number of years you will be paying the loan off. For example, if you have a 6 percent interest rate on a five-year term, you would multiply 0.06 by 5 to get 0.30. Multiply it by the total amount of money you are borrowing on the loan to get the total amount of interest you will pay over the course of paying off the loan.

    If you get a $20,000 loan at 6.0%, you will pay $6,764.51 in interest for the five-year duration, making that a total of $26,764.51. That s considerably more than you will take out.

    Using a monthly payment calculator brings is similar in that it simplifies loan calculations. Enter in the amount borrowed, the interest rate and the time period. Using the same example, your monthly payment would be $386.65.

    Both types of calculators give an approximate total, whether it s interest or a monthly payment. Fees may alter the numbers given but offer a good estimate.

    Divide Total Interest by Time

    Once you have the total amount of interest you will pay off over the life of the loan, divide this number by the number of years you will be paying on the loan to determine the yearly interest payments. You can then divide this number by twelve to determine the amount of your monthly payment that will be applied to interest. An auto loan calculator available on the Internet can aid in this process, which can help you customize your payment options to fit your budget and financial schedule.

    Before you take out a loan for a new or used car, you should calculate the auto loan interest that you ll end up paying on the loan. Auto loan terms can be hard to understand sometimes, if not misleading.



    Comparison Rate Calculate – Real Interest Rate AAPR #secured #personal #loans


    #loan comparison calculator
    #

    Comparison Rate Mortgage Calculator

    Calculate real annual interest rate for your mortgages

  • Comparison rate calculates the Average Annual Percentage Rate (AAPR) of a home loan. It is basically calculating the real interest rate. To fid out how it works read our article on comparison rates.
  • If you need help with this calculator there are notes below or please do not hesitate to contact us .

  • Compare home loan lenders interest rates, fees and products side by side. All the mortgage calculations are done for you.

    Mortgage calculations such as repayment amount, fees, comparison rate and total cost of loan are all done for you in a side by side comparison

    1. Loan Amount – Estimate of how much you would like to borrow – not sure find out how much you can borrow

    2. Number of Years – Enter the number of years to pay the loan

    3. Fixed or Intro Term (optional): Insert the fixed rate term in years or the introductory rate or honeymoon period. Expressed in years

    4. Fixed or Intro Term Interest Rate (optional) – Insert the fixed interest rate term or the introductory rate or honeymoon period.

    5. Ongoing Interest Rate – Insert the interest rate. If there is a fixed or introductory period insert the interest rate after the period has ended.

    6. Repayment Frequency – Choose monthly, fortnightly, weekly or interest only and the repayments result will reflect your repayments for that period. Note that interest only payments are calculated per month. Click the following link if you would like to use a specific interest only mortgage calculator.

    7. Application Fee – Insert the total upfront fees for the loan

    8. Monthly Fees – Insert the ongoing monthly fee if applicable to the loan

    9. Yearly Fees – Some lenders charge an annual fee for loans

    10. Discharge Fees and or Early Exit Fees – Most lenders charge an discharge of mortgage fee between $150 and $900 when your mortgage has been discharged. Insert early exit fee penalties if you discharge your loan within the first 3 to 5 years.

    11.Total Fees – This includes all the upfront, ongoing and exit fees associated with your loan.

    12. Intro or Fixed Repayments- This is your monthly, fortnightly, weekly or interest only repayments for a fixed rate loan or introductory rate loan

    13. Ongoing Repayments – This is your monthly, fortnightly, weekly or interest only repayments for the loan. If there is a fixed or introductory period then these are the repayment after the period has expired.

    14. Interest Paid – This is the total interest paid over the term of the loan without making extra repayments, interest rate changes or using an offset facility.

    15. Total Cost of Loan – This is the total cost of the loan and it includes all the upfront, ongoing and exit fees for that loan.

    16. Comparison Rate – As described above

    This is an estimate only. It is provided for illustrative purposes only and is based on the accuracy of information provided. It does not constitute a quote. Results are based on amortised scheduled repayments and, once any discount or fixed rate period expires, applies the current variable rate for the remainder of the loan term. All applications for credit are subject to lenders normal credit approval criteria.

    Compare Mortgages

    Compare hundreds of loans from more than 30 lenders including the major Australian banks. Compare home loans, investment loans, self managed super fund and commercial loans side by side with calculated repayments, fees and total costs of the loan.



    How to Calculate the Monthly Payment for a Loan #fha #loans


    #loans with monthly payments
    #

    Things You’ll Need

    Convert your annual percentage interest rate to a monthly interest rate expressed as a percentage by dividing it by 1,200. For example, if your annual rate equals 9.78 percent, you would divide 9.78 by 1,200 to get 0.00815 as your monthly interest rate expressed as a decimal.

    Compute the monthly interest rate expressed as a decimal times the loan amount. In this example, if you were borrowing $18,000, you would multiply $18,000 by 0.00815 to get $146.70.

    Add 1 to the monthly interest rate expressed as a decimal. Continuing the example, you would add 1 to 0.00815 to get 1.00815.

    Determine the number of monthly payments you will make on the loan. If the loan term is listed in years, multiply the number of years by 12 to find the number of months. For example, if you were taking out a three-year loan, you would multiply 3 by 12 to get 36.

    Make the result from Step 4 negative. In this example, you would make 36 into -36.

    Raise the result from Step 3 to the result from Step 5 using a calculator. In this example, you would raise 1.00815 to the -36th power to get 0.746611095.

    Calculate 1 minus the result from Step 6. Furthering this example, you would subtract 0.746611095 from 1 to get 0.253388905.

    Divide the result from Step 2 by the result from Step 7 to find your monthly loan payment. In this example, you would divide $146.70 by 0.253388905 to find your monthly loan payment would be $578.95.



    Using Spreadsheets for Finance: How to Calculate Loan Payments – Envato Tuts Computer Skills Tutorial #commercial #loan #calculator


    #calculate loan payment
    #

    Using Spreadsheets for Finance: How to Calculate Loan Payments

    This post is part of a series called Spreadsheets for Finance .

    If you’re going to take out a loan that you have to pay back every month, there’s a calculation that will tell you the monthly payment amount. This is the Payment function, and it works the same in any version of Excel in Windows and Mac, and also on Google Sheets and Apple Numbers.

    The idea is this: you tell the worksheet how much you’re borrowing, how long it will take to pay it back with regular installments, and what the interest rate is. The Payment function uses that information to tell you how much each payment will be. That will be a single number. But what if you want to see what the payment will be if some of the input numbers are different?

    This is where a data table comes in. You plug in your original calculation, and set up a table that has row and column headers containing alternate numbers. Excel then automatically fills in the table, so you can see the many possibilities. Here’s everything you need to know about the Payment function, and how you can use it with a data table to explore how changing variables will affect your loan payments.

    Screencast

    You can follow along with the payment function parts of this tutorial in any version of Microsoft Office Excel on the Mac or PC, or in any alternate spreadsheet app including Google Sheets and Numbers. The data table feature is only available in the Windows and Mac desktop versions of Excel, though, and you won’t find it in the Excel web app, Google Sheets, or Numbers.

    We’ve included a template spreadsheet file that you’ll find on the top left of this tutorial that you can use to follow along, or just make your own spreadsheet as you work through the tutorial so you can get practice using your own spreadsheet skills. Let’s get started.

    The Payment Function

    To use the Payment function, there are three parameters you need to know, and two optional parameters you can use:

    • Interest rate
    • Number of periods
    • Initial amount (PV)
    • Amount when finished (FV)
    • Payment type (i.e. time)

    The syntax for the Payment function (PMT ) is:

    =PMT(rate, periods, pv, [fv], [type])

    Open the spreadsheet template from the top of this tutorial and go to the Basic workbook, or type in what’s in the image below—or your own numbers that’d correspond to the same parameters. These are typical numbers you might have when buying a house:

    Since we want to know the monthly payment, we have to convert all the values to months. That means dividing the yearly interest rate by 12, and multiplying the number of years by 12. To do that, click cell B10 in your spreadsheet and enter the function:

    =pmt(B4/12,B5*12,B3,B6,1)

    Notice that the result has a negative value: -1,427.49.

    The reason it’s negative is because it’s a cash outflow. If that looks strange, you can fix it either by making the loan amount negative—which might look equally strange—or by editing the formula to put a negative sign before the loan amount in cell B3. To do that, edit the formula to be the following:

    =pmt(B4/12,B5*12,-B3,B6,1)

    That makes the Monthly payment a positive number, as you’d expect:

    Substituting different values

    If you want to see how the monthly payment will rise or fall with different input values, you could edit cells B3, B4 and B5 as much as you want, but you’ll see only one result at a time. That’s where the data table feature of Excel comes in, as it lets you see many different outcomes at once. As mentioned previously, this tool is only in the desktop versions of Excel, so if you’re using Google Sheets, Numbers, or even the Excel Web App, you’ll need to just swap in different values manually. But if you have Excel, here’s a chance to see its power in action.

    In your template spreadsheet, go to the Multiple Values sheet—or if you’re making your own spreadsheet, add a new sheet and type in the values below (or, again, your own values that correspond to the parameters):

    On top, we have the same input values as in the first part of this tutorial, and for practice, we’ll enter the Payment function again in B10. But now, we also have table headers. The headers across row 10 are different possible loan amounts, and the values down the lower part of column B are different possible interest rates. Inside the table, we’ll calculate what the monthly payments will be if we substitute these values for what’s in B3 and B4, giving you an easy way to see how your payments would differ if your loan amount or interest rate vary. The 30-year payback period will remain the same, but you could easily use row 10 or column B for that, instead, if you’d like to see how changing the length of the loan would change the values.

    Let’s go ahead and get that data table filled. First, in cell B10, once again enter the formula:

    =PMT(B4/12,B5*12,-B3,B6,B7)

    Now select the entire range—the entire rectangle of cells bordered by your new loan amounts and interest rates. Most importantly, make sure the original monthly payment value is in the upper-left corner of the selection, or the data table tool won’t work.

    Now, go to the Data tab in the top of your Excel window, click the What-If Analysis button, and choose Data Table from the menu. In Windows, the button is on the right side of the ribbon, and on the Mac, the button will be on the left side of the ribbon.

    This will open a dialog where you’ll tell Excel where to find the original values that your variables will be substituting for. The header row of the table—Row 10—has substitutes for the loan amount, which is in B3, so select the Row input cell box, then click cell B3. Now, press Tab or click in the Column input cell box. The column headers down column B are substitutes for the interest rate, which is in B4, so click cell B4.

    Click OK, and the whole table will automatically be filled in with your potential monthly payments depending on your loan amount and interest rate:

    You might want to format these as currency. Select just the numbers inside the table, and on the Home tab, click the Comma Formatting button. Or use the keyboard shortcut: Ctrl-Shift-! (Command-Shift-! on the Mac).

    More Than Just Loans

    You can use the Data Table feature in Excel to substitute values for any type of calculations, but it works especially well for financial calculations. Just remember that the original formula has to be in the upper-left corner.

    Conclusion

    Now you know how to calculate your monthly payments on a loan, and how to use a data table in Excel to see how the monthly payment will change with different combinations of input values. This way you can make informed decisions: maybe you can afford a payment only up to a certain amount, or maybe you can save money by paying back over a shorter period of time, or you’ll want to borrow more or less, depending on the resulting number. And if you’re the lender, you’ll have an idea of whether making the loan is the return on investment you want.

    Spreadsheets are a powerful tool for quickly crunching numbers, and are especially handy for financial calculations. Once you’ve purchased that new house, car, or equipment you’re taking out a loan for, you’ll need to keep track of your depreciation on that asset. For that, don’t forget to check our Using Spreadsheets to Calculate Depreciation tutorial.

    Please note : This tutorial is not intended to give you financial advice, but only to explain how to use spreadsheets for loan calculations. Please consult a qualified financial advisor before making any financial decisions.



    Loan Calculator Calculate Interest Rate #alternative #student #loans


    #calculator loan
    #

    Amid the problems of quickly income move forward could be the substantial price of likes and dislikes. But, be sure that the mortgage lender you ve opt for to apply needs to be authentic and reputable. When your information and Loan calculator calculate interest rate facts is apt, according to the financial institution s requirements, he can instantly scholarship this personal loan inside 24 hours.

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    Financial market place gives tax assistance to low credit score scorers available as low credit score personal loans.



    How to Calculate Your New Car Interest Payments. #get #a #loan #today


    #car loan interest calculator
    #

    How to Calculate Your New Car Interest Payments

    If you are interested in learning how to calculate auto loan interest payments, you will be relieved to know that the process is quite simple. Understanding how lenders calculate auto loan interest payments on new car loans is important when you begin shopping around for a new car.

    Car loan rates directly affect the interest payments on your new car loan and should be explicitly defined in the auto loan terms. Calculating the interest payments on your new car loan can be done by following a simple process.

    Calculate the Total Interest Payment

    In order to calculate your interest payments over time, it is necessary to know the total amount of interest due on your loan. Begin by multiplying your loan s interest rate by the number of years you will be paying the loan off. For example, if you have a 6 percent interest rate on a five-year term, you would multiply 0.06 by 5 to get 0.30. Multiply it by the total amount of money you are borrowing on the loan to get the total amount of interest you will pay over the course of paying off the loan.

    If you get a $20,000 loan at 6.0%, you will pay $6,764.51 in interest for the five-year duration, making that a total of $26,764.51. That s considerably more than you will take out.

    Using a monthly payment calculator brings is similar in that it simplifies loan calculations. Enter in the amount borrowed, the interest rate and the time period. Using the same example, your monthly payment would be $386.65.

    Both types of calculators give an approximate total, whether it s interest or a monthly payment. Fees may alter the numbers given but offer a good estimate.

    Divide Total Interest by Time

    Once you have the total amount of interest you will pay off over the life of the loan, divide this number by the number of years you will be paying on the loan to determine the yearly interest payments. You can then divide this number by twelve to determine the amount of your monthly payment that will be applied to interest. An auto loan calculator available on the Internet can aid in this process, which can help you customize your payment options to fit your budget and financial schedule.

    Before you take out a loan for a new or used car, you should calculate the auto loan interest that you ll end up paying on the loan. Auto loan terms can be hard to understand sometimes, if not misleading.



    Calculate Personal Loan Payments Loan Calculator #loan #finder


    #home payment calculator
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    To enable them to, on-line loan companies are providing lending options for jobless to fulfill their desires.



    How Do I Calculate My Monthly Mortgage Payment? #business #loans #rates


    #calculate loan payment
    #

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    How Do I Calculate My Monthly Mortgage Payment?

    You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

    How much your monthly mortgage payment will total can be a big mystery, especially for the first-time homebuyer. But a quick bit of math will supply the answer. Don’t worry, it’s easier than it looks. Here’s how to calculate your monthly mortgage payments on a fixed-rate loan :

    M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

    The variables are as follows:

    • M = monthly mortgage payment
    • P = the principal, or the initial amount you borrowed.
    • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
    • n = the number of payments, or the payment period in months. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

    The longer the loan, the less you’ll pay each month. You will, however, also pay more in total, because interest compounds. Essentially, you’ll be paying interest on interest. So you multiply the interest rate by itself for each term of payment — hence the exponent in the formula. That will have a great bearing on your decision between a 30-year fixed-rate and a 15-year. Let’s compare.

    Say you’ve decided to buy a home that’s appraised at $500,000, so you take out a $400,000 loan with an interest rate of 3.5%. Let’s take a look at the 30-year loan. For quick reference, again, the formula is:

    M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

    Our P, or principal, is $400,000.

    Remember, with i, we must take the annual interest rate given to us — 3.5%, or 0.035 — and divide by 12, the number of months in a year. This calculation leaves us with 0.002917, or i.

    Our n, again, is the number of payments. And with one payment every month for 30 years, we multiply 30 by 12 to find n = 360.

    When all is said and done, we learn that, for a 30-year loan at 3.5% interest, we’ll pay $1,796.18 each month.

    For the 15-year loan, the math is nearly identical. All that’s different is the value of n. Our loan is half the length, and so n is 180. Each month, then, we’ll pay $2,859.53, over 60% more than with the 30-year loan.

    Over time, though, the 15-year loan is a far better deal, as interest compounds. You pay $514,715 over that time. With the 30-year, you pay $646,624 — over $100,000 more.

    Your decision between these two, quite simply, hinges on whether or not you can float the significantly higher monthly payments for a 15-year loan.

    How can I lower my monthly payment?

    You can lower your monthly payment in a few ways:

    • Increase the term of the loan. As shown  above, the longer you take to pay off the loan, the smaller each monthly payment will be. The downside is that you’ll pay more interest.
    • Decrease the size of the loan. Of course, if you have a smaller loan balance to begin with, you’ll need to fork over less each month to pay it off.
    • Get to the point where you can cancel your mortgage insurance. Some lenders require you to buy mortgage insurance if you put less than 20% down. This is another charge that gets added to your monthly mortgage payment. You can usually cancel mortgage insurance when the ratio of your remaining balance to the home value is less than 80%.
    • Look for a lower interest rate. You can think about refinancing (if you already have a loan) or shop around for other loan offers to make sure you’re getting the lowest interest rate possible.

    Can my monthly payment go up?

    Your monthly payment can rise, in a few cases:

    1. You have an adjustable-rate mortgage in which your payment stays the same for an initial term (such as 5, 7 or 10 years) and then readjusts every year.
    2. If you have an escrow account to pay for property taxes or homeowner’s insurance, those taxes or insurance premiums may increase. Your monthly payment includes the amount paid into escrow, so the taxes and premiums affect the amount you pay each month.
    3. You may have been assessed fees. Check your mortgage statement or call your lender.

    A little math can go a long way in providing an affordability reality check.



    How to Calculate the Monthly Payment for a Loan #emergency #loans


    #loans with monthly payments
    #

    Things You’ll Need

    Convert your annual percentage interest rate to a monthly interest rate expressed as a percentage by dividing it by 1,200. For example, if your annual rate equals 9.78 percent, you would divide 9.78 by 1,200 to get 0.00815 as your monthly interest rate expressed as a decimal.

    Compute the monthly interest rate expressed as a decimal times the loan amount. In this example, if you were borrowing $18,000, you would multiply $18,000 by 0.00815 to get $146.70.

    Add 1 to the monthly interest rate expressed as a decimal. Continuing the example, you would add 1 to 0.00815 to get 1.00815.

    Determine the number of monthly payments you will make on the loan. If the loan term is listed in years, multiply the number of years by 12 to find the number of months. For example, if you were taking out a three-year loan, you would multiply 3 by 12 to get 36.

    Make the result from Step 4 negative. In this example, you would make 36 into -36.

    Raise the result from Step 3 to the result from Step 5 using a calculator. In this example, you would raise 1.00815 to the -36th power to get 0.746611095.

    Calculate 1 minus the result from Step 6. Furthering this example, you would subtract 0.746611095 from 1 to get 0.253388905.

    Divide the result from Step 2 by the result from Step 7 to find your monthly loan payment. In this example, you would divide $146.70 by 0.253388905 to find your monthly loan payment would be $578.95.



    How to Calculate Car Loan Interest and Instalment #bad #credit #loans #nz


    #calculate car loan
    #

    How to Calculate Car Loan Interest and Instalment

    Written by Ching

    Calculating your car loan is simple. All you need is a calculator.

    Taking up a car loan (also known as hire purchase) is the most common approach when buying a car. In this article, we’ll show you how simple it is to calculate your monthly interest and instalment for a conventional car loan in Malaysia. All you need is a calculator and you’re good to go!

    2 Easy Steps to Calculate Car Loan Interest and Instalment

    First, determine the values of the loan amount, loan period and interest rate of your car loan, as follow:

    Now, use the following formulas to determine the total interest, monthly interest and monthly instalment of your car loan:

    Let’s Put This Into Practice, Shall We?

    Say you have a car loan amount of RM50,000 at a flat interest rate of 2.5% to be paid over 5 yearsLoan Amount = 50,000

    Interest Rate = 2.5

    Your Total Interest = 2.5/100 x 50,000 x 5 = RM6,250

    Your Monthly Interest = 6,250 / (5 x 12) = RM104.17



    How to Calculate Annual Percentage Rate (APR) #credit #union #loans


    #interest rate on car loan
    #

    Why Use APR?

    They might include certain costs that you re likely to pay, or they might conveniently omit those costs in advertisements and brochures. You might even get completely transparent quotes from different lenders, but be unsure which one is less expensive (because the interest rates and closing costs are different).

    APR helps you (more or less) get an apples-to-apples comparison of loans by accounting for all of the costs related to borrowing.

    If you just want an APR calculation without all of the math, use our online APR calculator .

    What is APR?

    APR allows you to evaluate the cost of the loan in terms of a percentage. If your loan has a 10% rate, you’ll pay $10 per $100 you borrow annually. All other things being equal, you simply want the loan with the lowest APR.

    APR Limitations

    Unfortunately, all other things are never equal. There are a few important things you should know about using APR.

    With credit cards. APR tells you what interest rate you pay, but it doesn’t include the effects of compounding – so in reality you probably pay more than the APR.

    Continue Reading Below

    If you only make small payments on your credit card, you’ll start paying interest not only on the money you borrowed, but you’ll also pay interest on the interest that was previously charged to you. This compounding effect can raise your cost of borrowing higher than you might think. Instead of looking at the APR, APY would be a more accurate description of how much you pay.

    In addition, APR for credit cards only includes interest costs – it doesn’t account for the other fees you pay to your credit card company, so you have to research and compare those costs separately. Annual fees, balance transfer fees. and other charges can add up, so a card with a slightly higher APR might be better in some cases (depending on how you use your card). In addition, your credit card might have several different APRs. so you pay different rates for different types of transactions.

    With mortgage loans . APR is complicated because it does include more than just your interest charges. Any quotes you get might or might not include closing costs that you’ll have to pay or other payments required to get your loan approved (such as private mortgage insurance ). Lenders have the ability to choose whether or not certain items are part of the APR calculation, so you have to look closely if you’re comparing loans .

    You can’t simply rely on an APR quote to evaluate a loan. You need to look at each and every charge and expense related to your prospective loan in order to judge whether or not you’re getting a good deal. In addition, look at the bigger picture – you need to know how long you’ll be using a loan to make the best decision. For example, one-time charges up-front may drive up your actual cost on a loan – but the APR calculation will assume those charges are spread out over a longer lifetime (and therefore the APR would look lower). If you re going to pay a loan off quickly, APR tends to underestimate the impact of up-front costs.

    APR Example With Excel

    APR seems really easy, but it’s amazing to watch the numbers (and your costs!) change with different scenarios.

    Assume you will borrow $100,000, and the lender tells you you’ve got a 7% interest rate (you ll need to convert that from percentage to decimal format ). You also have $1,000 in closing costs. The APR on a 30 year fixed rate mortgage would be 7.10%.

    To test this, try the math yourself. In Microsoft Excel, follow these steps:

    Find the monthly payment for loan and closing costs:

    PMT(0.07/12,360,100000)

    The format is: PMT(rate,nper,pv ,fv,type)

    • .07 divided by 12 is the rate (you’re using a monthly rate to find monthly payments)
    • 360 is the number of periods (payments or months – 30 years here)
    • 100,000 is the present value of your loan (including additional costs)

    You should have a result of $665.30.

    Next, Solve for the APR:

    RATE(360,-665.30,99000)

    The format is: RATE(nper,pmt,pv ,fv,type,guess)

    • 360 is the number of periods you pay on the loan (360 months or 30 years)
    • – 665.30 is your payment
    • 99,000 is the present value of your loan (how much you’re actually borrowing)

    You should have a result of .592%. This is a monthly rate. Multiply by 12 to get 7.0999%.

    Why is the loan amount smaller in the third bullet point above? We need to calculate the rate for this step using an decreased loan balance of $99,000 (the $100,000 loan minus the $1,000 in fees required to get that loan).

    As you compare loans, you might hear additional terms, such as variable APR and 0% APR. To learn more about different types of loans, see What does APR Mean?



    Simple Loan Calculator Calculate #quick #payday #loans


    #calculator mortgage
    #

    In addition to, rejecting the loan application merely for the reason of Simple loan calculator calculate your unfavorable credit ratings ranking gives you a serious influence on your economic stability. Tenant mortgage Simple loan calculator calculate is a personal unsecured loan usually of all those who don t put on there private property or home, or who leaves utilizing their parents or all those forking over rent payments to a landlord.

    A good analysis from the highly aggressive online loan marketplace allows you acquire charge-useful personal loan package depending on your requirements.

    low rate loans no credit

    Alternatively, the credit card classification does not Simple loan calculator calculate require any guarantee.

    These refinancing options can be purchased in both anchored and unprotected sorts, portion you in each and every possible financial need.

    I m not going a secured personal loan because it would be secured from the collateral at my dwelling and I think my property is much more vital compared to a wonderful new motor vehicle! Say I am looking for 10,000 over four years, which is all-around 310 per 30 days and older 3 years it could be about 240 every month. Nevertheless, in britain out of work individuals meet the criteria for Simple loan calculator calculate loans to hold these kinds of conditions. These loans could work being a lifesaver for everyone not working men and women right up until they have a good enough building origin on their behalf.



    How To Calculate Mortgage Payments – Interest and Mortgage Formula Calculation #loan #no #credit #check


    #how to calculate interest on a loan
    #

    How To Calculate Mortgage Payments

    Copyright 2014 by Morris Rosenthal

    All Rights Reserved

    Interest and Mortgage Formula Calculation

    If you loaned a bank $100,000 at a 5% interest rate, compounded annually, the bank would pay you $5,000 per year. So why can’t you get a $100,000 mortgage and pay the bank $5,500 a year, let them earn a 10% profit? The reason is that traditional mortgages are designed so you end up owning the house when the mortgage is paid off. Our simple example above would apply to an “interest only” mortgage, where you are really just renting the house from the bank. After 30 years, zero equity. It’s the reverse of your loaning $100,000 to the bank and earning $5,000 per year in interest. The bank doesn’t get to keep your $100,000, they’re just paying for the use of it. In essence, the bank is renting the principal from you, the same way you rent a house from the bank with an interest only mortgage.

    So, after ten years you’ve paid the bank $120,000 on your $100,000 mortgage, and you still owe them another $22,814.05, but at least the end is in near, and in another two years the loan will be paid off.

    With mortgages, we want to find the monthly payment required to totally pay down a borrowed principal over the course a number of payments.The standard mortgage formula is:

    M = P [ i (1 + i ) n ] / [ (1 + i ) n – 1]

    Where M is the monthly payment. i = r /12. The same formula can be expressed many different way, but this one avoids using negative exponentials which confuse some calculators.

    For our $100,000 mortgage at 5% compounded monthly for 15 years, we would first solve for i as

    i = 0.05 / 12 = 0.004167 and n as 12 x 15 = 180 monthly payments

    Next we would solve for (1 + i ) n = (1.004167) 180 using the x y key on the calculator, which yields 2.11383

    Now our formula reads M = P [ i (2.11383)] / [ 2.11383- 1] which simplifies to

    M = P [.004167 x 2.11383] / 1.11383 or

    M = $100,000 x 0.00790 = $790.81

    All of the rounding down I did makes a 2 cent difference on the monthly payment, compared with keeping all the digits the calculator can handle. Now, one important feature of the mortgage formula is that it’s the principal is multiplied last, meaning that we can develop a table of mortgage rate multipliers for any fixed time period that will yield a monthly payment simply by multiplying the principal borrowed.

    If you’re curious to know how much interest you’d pay the bank over the course of the mortgage,just multiply the amount of the monthly payment by the number of payments and subtract the principal:

    ($791.81 x 180 ) – $100,000 = $142,525.80 – $100,000 = $42,525.80

    The only bright side to paying the bank all of that interest is that in most cases, it’s deductible on your Federal income tax in the in the years that it’s paid. The savings to you depends on what tax bracket you’re in. If you’re only in the 10% tax bracket to start with, you’re only getting a 10% discount on your taxes for carrying a mortgage. If you’re in the 25% tax bracket, you’re getting a 25% discount.

    If you want to skip the formula and just read your monthly mortgage payment from a table, I’ve created fixed rate mortgage tables for 15 and 30 year mortgages, covering rates from 4.0% to 5.95%. Note, I use the same numbers from this page in my amortization formula example.



    Calculate Loan Payoff in Excel 2010 the Easy Way #career #development #loan


    #calculate car loan
    #

    Calculate Loan Payoff in Excel 2010 the Easy Way

    One of my favorite uses for Microsoft Excel is to make a financially tracking spreadsheet. With this I track all my expenses by hand. Yes there are services out there like Mint that will do this for you, and I really like Mint, but Mint doesn’t have everything I want or need. One of them is a loan payoff calculator. We have shown you a really cool iPad app that will show you a nice graphical and table format for your loan payoff. If you don’t have an iPad but have a computer with Excel, here is a way to calculate loan payoff in Excel 2010. You can also use Excel 2007 as well.

    Calculate Loan Payoff in Excel

    First thing you need to do is open Excel. You can do this by going to the Start Search and typing in Excel, or going to the Programs folder under Microsoft Office. After you have it open Enter the headings in Loan Amount, Interest Rate, Term of Loans Months   and Payment in B2, C2, D2, and E2. In the cell below each one but the correct values except for the E2. which is the Payment value, unless you already know what it is. Then enter Payment Date, Starting Balance, Interest Paid, Principal Paid, and Ending Balance in B4, C4, D4, and E4. After A4 enter in the frequencies of the payments. For me I’m going to do this for months since this is typically by months so I will be skipping by ever month on the 16th. Your spreadsheet should look this:

    If you didn’t enter in E2 we can use the payment function to calculate this. Since we are using months in this spreadsheet we will be dividing the interest rate by 12 to calculate the monthly interest and multiply the term of the loan by 12 as well to correctly calculate the total number of payments. We will also add a minus sign to the Loan Amount in order to return a positive result rather than a negative liability figure which is the default. The formula will look like this: =PMT(C2/12,D2,-B2). Enter this into E2 like below:

    The next step is filling about row 5. Since this is the first row we will need to make sure to set this one up special. First in B5 enter the formula =B2 just like below.

    Next in C5 enter in the formula =B5*$C$2/12. This formula will calculate the interest paid for the first month. We are still dividing the interest rate by 12 since the rate is an annual interest rate and we need it for just one month. This is how it should look like:

    Next up is the actual Principal Paid. or D5. All we have to do for this is subtract the interest paid from the payment. That is down with this formula =$E$2-C5. It will look like this:

    Last field in this row the Ending Balance. or E5. All we need to do is subtract the Starting Balance minus the Principal Paid or =B5-DB. It will look like this.

    That’s it for the first row. Your spreadsheet should look like this:

    Now for the other rows. Starting in B6 we will want to enter in the previous Ending Balance or E5. Enter in =E5 in B6 just like the picture below:

    Then select C5 through E5 and click and drag the little box in the bottom right hand corner to row 6 just like the picture below:

    The formulas will drag and auto calculate the new values in row 6. Highlight B6 through E6 and click and drag the little box to the right to the end of your spreadsheet to let autocomplete fill in the blanks.

    Your spreadsheet will look like this now. Make sure to use autocomplete function, or the little box in the bottom of cell, to complete the entire term of the loan.

    The best part about this spreadsheet is that you can quickly change the Loan Amount, Interest Rate, Term of Loan Months and the Payments at the top, row 2, without having to redo all the formulas in the entire spreadsheet.

    Give it a try! If you have any question or comments please share them below or post them in our excel how to forum