Money can either be your best friend or the stress that is raging in the background of your life. For some it is a blessing and for others it is a curse, but one thing is for sure – knowing some of the best loan interest calculator websites makes it much easier to stay on top of your debt, better understand budgetary issues, and know for sure whether you can afford a loan before you commit to one. Not every loan calculator is made the same, which is why you should follow along with the best listed options below.
1.) Bankrate.com
Of all the best loan interest calculator websites, this one may be the easiest to find. With a name like Bank Rate, it's obvious that this site is going to point you in the right direction to better understand and calculate loan options. Bankrate.com offers a simple loan calculator that is quick and easy to use with only three input windows. You must know your loan amount in dollars, the interest percent, and the loan term in years. There is also a full feature loan calculator which also asks for more in depth information for a personalized calculation. This can include data like monthly payment, prepayment type, annual home insurance, and annual property taxes.
2.) CalculatorWeb.com
This isn't just one of the best loan interest calculator websites on the net, it also has options for many other types of calculations as well, making it a great tool for anybody who likes to stay on top of numbers. This site requires the amount of the loan, the interest rate, the number of payments that will take place over the life of the loan, how many payments there are per year, and the length of the repayment period. It also has an additional tool to customize the data that is returned by entering the loan type, the loan amount, and your zip code so that you can compare loans.
3.) LoanCalculatorSite.com
Similar to the two websites above, this is considered one of the best loan interest calculator websites because of the way that it seems to be able to target a calculation much closer to the actual number than other sites can. This may be due to the added information that it requires, including currency, loan amount, annual interest rate, initial deposit, number of months in the loan period, extra fees, balloon payment at end, and the loan start date. This website also has a "loan payoff calculator," so that you know not only that you can afford your loan, but how long it will take you to pay it off as well.
4.) OnlineLoanCalculator.org
Finally, for automobiles, this is one of the best loan interest calculator websites available. It gives you an amortization graph, repayment chart, and balance graph. All you need to do is enter your purchase price, down payment, trade-in-value, interest rate, loan term, sales tax, and start date. This will give you your yearly amortization chart, along with various other important information that can aid in financing a new car.