loan calculator

Definition

Digital computation system that allows a borrower to project how much the monthly payment will be on a loan and how long it will take to repay the borrowed amount. A loan calculator factors in the repayment of interest and principal on the loan to determine how long it will take to pay off. This is a good tool for potential borrower to use to see if they will be able to afford the monthly payment on the loan. To receive the most accurate number, a borrower would have to ask the lender for the interest rate that they qualify for.
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loan balance table loan capital