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FinAid, Calculators, Loan Calculator, loan repayment.#Loan #repayment


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Loan repayment

Loan repayment

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Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

Loan repayment

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.


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Loan Calculator

A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) that they are obligated to pay back in the future. Most loans can be categorized into one of three categories:

Loan repayment calculator

Paying Back a Fixed Amount Periodically

Use this calculator for basic calculations of common loan types such as mortgages, auto loans, student loans, or personal loans, or click the links for more detail on each.

Results:

Paying Back a Lump Sum Due at Loan Maturity

Results:

Paying Back a Predetermined Amount Due at Loan Maturity

Use this calculator to compute the initial value of a bond/loan based on a predetermined face value to be paid back at bond/loan maturity.

Results:

First Calculation: Fixed Amount Paid Periodically

Many consumer loans fall into this category. It contains regular payments that are amortized uniformly over its lifetime. Routine payments are made on principal and interest until the loan is entirely paid off, also known as the loan having matured. These are the most familiar loans such as mortgages, car loans, student loans, and personal loans. In everyday conversation, the word “loan” will refer to this type, not the type in the second or third calculation. Below is a list of loans that fall under this category, along with links to more information and calculators. Use the following for each specific need:

Second Calculation: Single Lump Sum Due at Loan Maturity

Many commercial loans or short-term loans are in this category. Unlike the first calculation which is amortized with payments spread uniformly over their lifetimes, these loans have a single, large lump sum due at maturity. Although the lump sum includes a single payment of interest for the whole loan, it is not simple interest but accrued by compounding over the life of the loan. As a matter of fact, this is a typical calculation of how finance textbooks teach interest accumulation. Some loans, such as balloon loans, can also have smaller routine payments during their lifetimes, but this calculation only works for loans with a single payment of all principal and interest due at maturity. Compared with smaller routine payments, there is greater risk with not being able to meet the lump sum payment obligation at the end because of how relatively large it is.

Third Calculation: Predetermined Lump Sum Paid at Loan Maturity

This kind of loan is rarely made except in the form of bonds. Technically, bonds are considered a form of loan, but operate differently from more conventional loans. Mainly in that the payment at loan maturity is predetermined, which is the main difference between this calculation and the second calculation, where the maturity payment is not predetermined. The face, or par value of a bond is the amount that is paid when the bond matures, assuming the bond doesn’t default. The term is used because when bonds were first issued in paper form, the amount was printed on the “face”, meaning the front of the bond certificate. Although face value is usually important just to denote the amount received at maturity, it can also help calculate coupon interest payments, which this calculation essentially does. Note that this is mainly for zero-coupon bonds, which do not have coupon payments in between. After a bond is issued, its value will fluctuate accordingly with interest rates, market forces, and many other factors. Due to this, because the face value due at maturity doesn’t change, the market price of a bond during its lifetime can fluctuate.

Loan Basics for Borrowers

Interest Rate

Nearly all loan structures include interest, which is the profit that banks or lenders make on loans. Interest rate is the percentage of a loan paid by borrowers to lenders. For most loans, interest is paid in addition to principal repayment in order to compound over time. Compound interest is interest that is earned not only on initial principal, but on accumulated interest of previous periods also. Loan interest is usually expressed in APR, or annual percentage rate, in which compounding of interest is not accounted for, but fees are. The rate usually published by banks is the annual percentage yield, or APY, in which compounding interest is accounted for. It is important to understand the difference between APR and APY. Borrowers seeking loans can calculate the actual interest paid to lenders based on their given advertised rates by using our Interest Calculator.

Compounding Frequency

How often interest on loans compound will affect the total amount of interest paid. Generally, the more frequently compounding occurs, the higher the total amount due on the loan. In most cases, loans compound monthly as APR. Use the Compound Interest Calculator to learn more about or do calculations involving compound interest.

Loan Term

Terms of loans refer to how long they last, given that required minimum payments are made each month. For some specific loans such as mortgages or car loans, the terms can shorten if loan payments are accelerated. Terms can affect loan structures in many ways. Generally, the longer the term of a loan, the more interest will be accrued over time, raising the total cost of the loan for borrowers. However, because of a longer horizon to meet the debt obligation, routinely scheduled payments are lowered. Be sure not to confuse loan terms with the terms and conditions (T although T ?>

Mortgage Repayment Calculator, Westpac, loan repayment calculator.#Loan #repayment #calculator


Mortgage Repayment Calculator

Interest only repayments only cover the interest on the principal borrowed, fees and any applicable government charges. You will not be paying off the principal of your loan. Principal and interest repayments which in addition to covering interest on the outstanding principal, fees and any applicable government charges include an amount which goes towards the repayment of principal. To see the difference between your interest only and principal and interest repayments, run two calculations and compare the results.^

What will the repayments be on my mortgage?

Our mortgage repayment calculator gives you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you’ll be paying.

Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget you’ll start to see whether you can realistically afford the home you want to buy, you might even discover you can afford a more expensive one than you first thought.

Loan repayment calculator

How much can I borrow?

Find out your borrowing power with our mortgage calculator.

Loan repayment calculator

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Estimate how much Stamp Duty you might have to pay when buying a property.

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*The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

**Premier Advantage Package Conditions of Use apply and are available above. Annual fee, currently $395, applies. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders.

  1. The output or result of these calculators:
    1. is subject to the assumptions which are subject to change;
    2. is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029. We recommend that you consult your financial adviser before taking out a loan;
    3. does not represent either a quote or pre-qualification for a loan;
    4. may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.

    Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.


FinAid, Calculators, Loan Calculator, home loan repayment calculator.#Home #loan #repayment #calculator


home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

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Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

Home loan repayment calculator

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.


Car loan repayment calculator – Car finance calculator, Esanda, car loan repayment calculator.#Car #loan #repayment #calculator


Car loan repayment calculator

Estimate your monthly repayments with our car loan repayment calculator. If you have not yet contacted us for an indicative rate but wish to estimate repayments, our rates start from Car loan repayment calculator(View current rates) % p.a. (comparison rate Car loan repayment calculator(View current rates) % p.a. * ). Your actual interest rate and repayments will depend on Esanda’s credit assessment of your application.

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Peace of mind

Note: A balloon amount is only available to approved applicants and is subject to several factors considered as part of your loan application. A Balloon is only available on a loan term of 1 to 5 years.

  1. This calculator is provided for illustrative purposes only and does not constitute a quote. Information provided by this calculator is based on the accuracy of information provided by you and does not take into account your personal needs and financial circumstances.
  2. Esanda will not store the information provided in this calculator.
  3. Additional fees and charges apply.
  4. All applications are subject to Esanda’s normal credit approval criteria.
  5. This calculator is not applicable for Novated Lease

* Comparison rate shown for a secured loan on a loan amount $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

2015 Copyright Esanda, a division of Australia and New Zealand Banking Group Limited ABN 11 005 357 522.


Car Loan Calculator, Auto Loan Calculator, car loan repayment calculator.#Car #loan #repayment #calculator


Car Loan Calculator

Car loan repayment calculator

Car loan repayment calculator

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Car loan repayment calculator

Car loan repayment calculator

Car loan repayment calculator

Car loan repayment calculator

Car loan repayment calculator

Disclaimer

Whilst every effort has been made in building the car loan calculator tool, we are not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the calculator tools and information derived from the web site. This tool is here purely as a service to you, please use it at your own risk.

The calculations given by the car loan calculator tool are only a guide. Please speak to an independent financial advisor for professional guidance. Read the full disclaimer.

Why take out a car loan?

When it comes to financing a new car, there are a number of options available to you – outright purchase, personal loan, leasing, hire purchase or dealer financing. It’s advisable to read up on the pros and cons of each of these before deciding upon the best one for you. Articles such as this one on What Car’s website may help you make the decision. Should you be considering taking out a different type of loan, give our standard loan calculator a try.

What is the car loan calculator?

Car loan repayment calculator

This calculator helps you fully work out the costs associated with purchasing a car/auto on credit. Once you have entered the amount, the interest rate and the period of the loan, the calculator will produce some important figures, allowing you to assess the loan.

The first key figure given to you will be the total cost for the car loan, including all of the interest. You will then be presented with the regular payments and the total interest that you stand to pay.

As an additional feature, the car loan calculator breaks down the monthly payments, showing you how much of the monthly payment is for the capital and how much is interest, together with the balance remaining at that point in time.

From all of this information you should be able to gauge whether you think it is worthwhile going ahead with the car loan or not.

What is a balloon payment?

A balloon payment is a large, lump-sum payment made at the end of a long-term loan. It is commonly used in car finance loans as a way of reducing monthly repayment figures. Be aware that once you reach the end of your loan period, that balloon amount becomes payable. You can learn more about balloon payments in our article, What is a balloon payment?.

What is the formula for this calculator?

This calculator uses the following formula:

Monthly payment = [rate + rate / ( (1+rate) ^ months -1) ] x principal car loan amount

If you have any problems using this car finance calculation tool then please contact me.


Home Loan Repayment Calculator: How Much You Can Afford? #business #loans #for #women


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Tips for your situation

Loan details

You can use this calculator to work out your home loan repayments with different loan sizes, interest rates, loan terms and repayment options.

What interest rate should I use?

You can use the Bank Standard Variable Rate (BSVR) of one of the major banks, less a 0.7% discount.

This is a good rough guide, although it is likely that we may be able to get your a better interest rate than this.

However, to determine what your payments would be if interest rates were to increase, put in an interest rate around 1.5% higher than the current BSVR.

This will help you figure out if you would be able to afford the loan, if rates went up.

What loan term should I use?

Generally, most mortgages in Australia are for a 30 year term. You can choose any term you like even up to 40 years, which is the maximum term offered in Australia.

Please keep in mind the shorter your term, the higher your repayments. However, the faster you pay off the loan, the less interest your will ultimately pay.

Is it better to pay weekly, fortnightly or monthly?

Despite what you might have heard in the media, there is no benefit to paying weekly or fortnightly as opposed to making monthly repayments. Some lenders divide the monthly repayment by two to work out how much you would pay if you were to make fortnightly repayments.

This is actually paying more than the true fortnightly repayments. If you make extra repayments then you will pay the loan off faster and will save money, this is why paying fortnightly appears to give you a benefit.

Making monthly repayments and paying more than the minimum is the most effective way to save money on your mortgage. If this is combined with an offset account you can easily reduce your interest expense without making a noticeable change to your lifestyle.

What does interest only mean?

If you are making interest only repayments then you are not actually paying off your home loan. You are just paying the monthly interest to the bank.

The advantage is that your repayments are smaller. The disadvantage is that you will not actually pay off your loan and ultimately you will pay much more in interest.

Investors often use interest only loans on their investment properties to keep their monthly commitments low and to allow them to use their spare funds to pay off their non-tax deductible debts first.

Can I pay interest only payments on a weekly basis?

The majority of lenders only allow interest only repayments to be made on a monthly basis. There are a few ways around this, however very few people choose to do this as there is no benefit in paying weekly or fortnightly if you are paying interest only.

How can I work out my borrowing capacity?

To do this, first determine how much you would feel comfortable repaying each month, then use a 1.5% higher rate than the current BSVR. This method can help you work out how much you could comfortably borrow without having to change your lifestyle or current spending habits.

This is a simplified method of working out your borrowing capacity. However, you can also use our borrowing power calculator or our mortgage brokers can give you a more exact figure using our software.

We never recommend that you borrow to your limit as this leaves you very little surplus money to spend on holidays or to keep on stand by for unforeseen circumstances.

Speak to a mortgage broker

Our mortgage brokers are here to help you apply for a loan that suits your needs. If you are trying to minimise your loan repayments or pay off your loan as quickly as possible, we can help you develop a strategy.

Please enquire online or call us on 1300 889 743 for more information.


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Federal Loans

Basic Federal Student Loan Repayment Options

The available pre-default repayment plans are different depending on what type of student loan you have. (What Type of Loan Do I Have ?). These plans are not available if you are already in default.  The good news is that there are a number of flexible and affordable repayment plans for federal loan borrowers.  You should pay particular attention to the income-driven repayment plans .  These generally require you to pay more in the long run, but may be needed to help keep you current on your payments and out of default.

Most of these plans are available for both FFEL and Direct Loan borrowers.  The IBR plan is available in both the FFEL and Direct loan program while ICR is available only in the Direct Loan program.  The Pay as You Earn plan is only for Direct Loan borrowers.  Perkins has its own rules, as do private loans .  Another difference between FFEL and Direct Loans is that public service forgiveness is only available in the Direct Loan program.  Borrowers may consolidate with Direct Loans in order to participate in the public service forgiveness program.

PLUS loan borrowers have nearly all the repayment options that Direct and FFEL Stafford loan borrowers have, with one big exception.   The income-based plans described below (Pay as You Earn, ICR and IBR) are not generally available to parent PLUS borrowers. These plans are available to graduate PLUS borrowers.

Parent PLUS borrowers who also have other federal student loans and choose to consolidate with Direct will find that the PLUS loan taints the entire consolidation loan and will mean that they will not be eligible to repay the consolidation loan using IBR or Pay As You Earn.  If they wish to consolidate, parent PLUS borrowers may exclude the PLUS loans from the consolidation and pay them separately.  These borrowers should also be able to consolidate and choose ICR.

What Your Payment Covers

Lenders are allowed to credit any payment received first to accrued late charges or collection costs, then to any outstanding interest, and finally to outstanding principal. This is also true for schools collecting Perkins loans.

This means, for example, that, if the collection rate for a particular year is 24%, then 24% of each payment you make is applied to collection costs, the balance to interest, and then, if the payment is sufficient, to the reduction in the principal.

You may repay the entire loan or any part of a federal loan at any time without penalty. If you send in a payment amount that equals or exceeds the monthly payment amount, the lender must apply the prepayment to future installments by advancing the next payment due date, unless you request otherwise.

If you would like to prepay some of the principal on your loan, you must request in writing that the extra amount you send be applied to principal. Send the payment and request together, via certified mail, get a receipt, and keep copies for yourself.

Private lenders may charge you a penalty if you repay early. You should read your loan agreement carefully to look for rules related to prepayment.

How is Interest Calculated?

Interest on all federal loans is calculated on a simple daily basis. The following formula demonstrates how the sample interest is calculated between payments:Average daily balance between payments x interest rate x (Number of days between payments/365.25) = monthly interest.For example:Average daily balance $10,000 Interest rate x .08 Days between payments (30/365.25) x .08214 _____________________________________________Monthly Interest: $65.71


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Parents

Repayment

There is no grace period for a Direct PLUS Loan the repayment period begins 60 days after your school makes the last disbursement of the loan. However, if you’re a parent PLUS borrower who is also a student, you can defer repayment while you’re enrolled in school at least half time and (for Direct PLUS Loans first disbursed on or after July 1, 2008) for an additional 6 months after you graduate or drop below half-time enrollment.

If you’re a parent PLUS borrower, you can defer repayment of Direct PLUS Loans first disbursed on or after July 1, 2008, while the student for whom you obtained the loan is enrolled at least half time, and for an additional 6 months after the student graduates or drops below half-time enrollment (half-time enrollment status is determined by your child’s school). You must separately request each deferment period.

Generally, you’ll have from 10 to 25 years to repay your loan, depending on the repayment plan that you choose. You can choose to repay your PLUS Loan using the standard, extended, or graduated repayment plan. Read more about these repayment plans .

Your loan servicer will notify you of the date your first payment is due. If you do not choose a repayment plan, your loan servicer will place you on the standard plan, with fixed monthly payments for up to 10 years. Most Direct Loan borrowers choose to stay with the standard repayment plan, but there are other options for borrowers who may need more time to repay or who need to make lower payments at the beginning of the repayment period.

You can change repayment plans at any time by contacting your loan servicer.

Consolidation

If you have multiple federal education loans, you can consolidate them into a single Direct Consolidation Loan. This may simplify repayment if you are currently making separate loan payments to different loan holders, as you’ll only have one monthly payment to make. There may be tradeoffs, however, so you’ll want to learn about the advantages and possible disadvantages of consolidation before you consolidate. To learn more, visit the Direct Consolidation Loan website .

Automated payments (electronic debit)

When you receive your first bill, you’ll learn how to sign up for the electronic debit account (EDA) option and have your bank automatically make your monthly loan payments for you from your checking or savings account. You won’t have to write checks, use stamps, or worry if your payment will get to us by the due date. In addition, there is a 0.25% reduction in the interest rate on your loans during any period when your payments are made through EDA.

Trouble making payments

If you’re having trouble making payments on your loans, contact your loan servicer as soon as possible. Their staff will work with you to determine the best option for you. Options include:

  • Changing repayment plans.
  • Deferment, if you meet certain requirements. A deferment allows you to temporarily stop making payments on your loan.
  • Forbearance, if you don’t meet the eligibility requirements for a deferment, but are temporarily unable to make your loan payments. A forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments. Read more about deferments and forbearance .

If you stop making payments and don’t get a deferment or forbearance, your loan could go into default, which has serious consequences see below.

Your loan becomes “delinquent” if your monthly payment is not received by the due date. If you fail to make a payment, we’ll send you a reminder that your payment is late. If your account remains delinquent, we’ll send you warning notices reminding you of the consequences of default and of your obligation to repay your loans.

If you are delinquent on your loan payments, contact your loan servicer immediately to find out how to bring your account current. Late fees may be added, and your delinquency will be reported to one or more national consumer reporting agencies (credit bureaus), but this is much better than remaining delinquent on your payments and going into default.

Consequences of default

If you default:

  • We will require you to immediately repay the entire unpaid amount of your loan.
  • We may sue you, take all or part of your federal and state tax refunds and other federal or state payments, and/or garnish your wages so that your employer is required to send us part of your salary to pay off your loan.
  • We will require you to pay reasonable collection fees and costs plus court costs and attorney fees.
  • You may be denied a professional license.
  • You will lose eligibility for other federal student aid and assistance under most federal benefit programs.
  • You will lose eligibility for loan deferments.
  • We will report your default to national consumer reporting agencies (credit bureaus).

For more information and to learn what actions to take if you default on your loans, see the website for the Department’s Default Resolution Group .

Last updated January 3, 2014