 |
To use the loan calculator simply enter the amount you wish to borrow and select a repayment period using the drop down menu. Then enter the interest rate and press the calculate button. The results are calculated using the generic compound interest formula and show the monthly repayment and the monthly interest charged by the lender. For comparison purposes, which some find useful, an alternative monthly repayment figure is displayed below assuming an interest rate of 5.5% is charged.
Remember, this online calculator tool should be used as a guide only and some lenders will often build in Payment Protection Insurance or (PPI) in addition to possible secured loan application fees. Therefore, the actual monthly repayment amount in reality could be higher.
