The Versatile Loan Calculator Model is designed to help those making decisions around a Principal and Interest type loan. The loan calculator can be used to determine the payment profile of an existing loan, whilst also assisting with decision making on a loan, even historical loans can be inputted if you know the terms at the inception of the loan.
The versatile loan calculator will give the user the realities of a loan, the payments required, the amount of interest paid, and the number of times a loan will request payment as per the loan terms. It is important that every person truly understand what will happen with a loan if entered and this will help provide guidance for you.
For those who like to forecast, functionality has been built into the loan to allow the user to forecast interest rates, additional payments to a loan, and additional drawdowns and how that will impact the entirety of the loan payment term!
If you are new to a loan and what it entails, this calculator will give you guidance on what to expect and will assist you with such questions as:
Do I want a loan this size?
Do I want a loan for this long?
Is my forecast too conservative or optimistic?
Am I willing to contribute more to my loan?
Am I happy to pay this amount of interest over the life of the loan?
If I contribute or draw from the loan, am I ok with the new end date of the loan?
Those who are interested in comparing loan terms can use the loan comparison sheet to determine which loan is best for their purpose, and those who have a hunch on what will happen in the future can quickly put in their desired forecast and see what the impact will have on their loan.
Financial literacy is of utmost importance, please use this calculator to make sure you feel secure with your next loan.