Secured Loan Calculator

Secured loan calculator - Before you apply a loan it is better for you to use on above picture is secured loan calculator as a guiding for you to borrow the monthly cost and monthly interest that is being charged. This is especially important for owners who work to a monthly budget by understanding what their outgoings are for example some bills and mortgage payments versus income received.

 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.

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