What is the Loan Calculator?
The loan calculation tool is your easy online way to calculate loan-related values, including loan amounts, interests, and monthly payments. These amounts will help you issue loans to people. Plus, you can use these values to keep individual records of dues.
You must enter the loan amount, loan term in months, and the yearly interest rate and click the calculate button. The application will do the rest for you.
When calculating loan amounts, interest, etc., the calculations need to be precise. Manually calculating these can cause significant errors. The loan calculator is a fast and easy way to calculate monthly payments, the total cost of the loan, and the total interest. This tool we will learn about this tool and how it works.
Features of the Loan Calculator
This Loan calculation application offers a few valuable features that make it very handy. Let’s see them below.
Simple layout:
This online application offers a simple format, making it easy to understand for everyone. There are no complex buttons or input boxes, so even a beginner can benefit from it.
Increment and decrement buttons:
You can use these buttons to increment or decrement the values of the input boxes. It is helpful, especially if you have entered the wrong amount. Then you won’t have to press backspace in the EMI Calculator and enter the values again.
Three handy buttons:
There are three buttons available in this tool. Let’s see them below.
The copy symbol:
There is a copy symbol in each output box – monthly payments, the total cost of the loan, and total interest. You can use these buttons to copy the output to the clipboard. Then, you can paste it for further calculations or paste it into a file to save on your computer.
How to use the Loan Calculator?
Using this tool is very easy. As we mentioned above, even a beginner can use it to calculate loan-related values, including monthly payments, the total cost of the loan, and total interest. All you have to do is follow these steps.
- Enter the loan amount in input box 1.
- Enter the loan term in months in input box 2.
- Enter the interest rate per year in input box 3.
- Click the calculate button of the Loan Interest Calculator.
The calculator will give you accurate values of the total cost of the loan, monthly payments, and real interest based on the values you provided. You may also press sample or reset buttons if needed.
For example: Suppose you entered the following input.
- Loan amount: 12000.
- Loan term in months: 12.
- Interest rate per year: 10.
Then, you will obtain the following result.
- Monthly payments: 1054.99.
- The total cost of loan: 12659.88.
- Total interest: 659.88.
Please note that all these amounts are calculated in dollars, and the input is received in dollars.
The benefits of using the Loan/EMI Calculator
There are many benefits of using this calculator over a basic or scientific calculator to calculate loan-related values. Let’s see them below.
Quick and accurate results:
This calculator will give quick and precise results on every input. No matter how random or complex values you share, you will always obtain the correct values of monthly payments, the total cost of the loan, and the total interest.
The dollar symbol:
In other calculators, you may have to type the dollar (S) sign for each calculation. It can be very frustrating. However, the dollar symbol is always there in this Loan Calculator. So you won’t have to bother putting it in for every calculation.
Easily copy output:
Copying the outcome for further calculations or saving it to your computer is straightforward. You must press the appropriate buttons to copy it to the clipboard. Then, you can paste it anywhere you like.
Easily accessible:
All you need is a browser and an internet connection to use this tool. Then you can access this calculator from anywhere in the world as long as you have internet access.
Overall, with this calculator, you won’t ever need a scientific or basic calculator to obtain loan-related values.
Who can use a Loan/EMI Calculator?
As such, there are no restrictions on who should use the loan calculation application. However, these individuals and organizations will have the most use of it.
Banks:
Especially trainees in banks can use this tool to become familiar with monthly payments, the total cost of loans, and total interest. They can always use it for practice. It’s also beneficial for other employees who deal with loan sanctions.
Rich people and lords:
Rich people also deal with giving and receiving loans. This Loan Calculator/EMI Calculator will help them a lot in calculating the different values. The same applies to individuals such as lords, landlords, etc.
Students:
Students practicing loan calculation will have a handy use of this tool. They can become familiar with the calculations using it.
Modern children:
Children of the next generation may also use it for time passes and enjoyment. All they will do is put in random amounts and get random outputs.
Loan takers:
People who have taken a loan will already have the information on the total cost of the loan, monthly payments, and real interest. However, if they forget it or it gets lost, they can use this tool to retrieve these details.
In conclusion, this tool benefits organizations and individuals dealing with loans. It will give them fast and accurate results for the different values every time.
We also have other online tools and applications to make your calculation work easy and fast. So please do check them out as well. Thank you for reading.
