Before you apply for a loan, a loan calculator can be a great tool to determine how much you would have to pay back if you have been considering taking out a loan.

The purpose of Megaincomestream’s loan calculator was to assist borrowers in figuring out amortized loans. These include student loans, vehicle loans, mortgages, and other personal loans that are repaid over time in predetermined installments that cover both the principal and interest.

Our calculator displays the annual percentage rate, or APR, which represents the entire cost of a loan. To view your customized results, enter the loan amount, term, and interest rate in the areas below, then click calculate.

The type of loan, the lender, the state of the market, your income, and credit history all affect how much a loan costs. Checking your credit score prior to loan shopping is crucial since it will help you focus your search on lenders who provide loans to consumers who fit your credit profile. However, you will need to have good to excellent credit (a FICO score of 740 and above) in order to get the greatest interest rates.

Using a loan calculator before looking for a loan is a smart idea. By displaying how much you can afford to pay each month, a calculator can assist you in focusing your search for a house or vehicle. Particularly with mortgages, it can assist you in comparing loan prices and observing how variations in interest rates may impact your payments. On the other hand, you can use an interest rate calculator to figure out how much you should pay each month in order to lower your interest costs. Making wise financial judgments while taking out a loan requires the use of a calculator.

Calculators for Loan Types

Here are some facts regarding the most popular loan kinds and the loan calculators that can be useful to you.

Mortgage

Megaincomestream’s mortgage calculator gives you a monthly payment estimate after you input the home price, your down payment, the interest rate and length of the loan term. Use the calculator to price different scenarios. You might discover you need to adjust your down payment to keep your monthly payments affordable.

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You can also see the loan amortization schedule, or how your debt is reduced over time with monthly principal and interest payments. If you want to pay off a mortgage before the loan term is over, you can use the calculator to figure out how much more you must pay each month to achieve your goal.

Other mortgage calculators can answer a variety of questions: What is your DTI, or debt-to-income ratio? That’s a percentage that lenders look at to gauge your debt load. Should you take out a 15-year mortgage or a 30-year? Fixed interest rate or variable?

It’s critical to nail down the numbers before buying a home because a mortgage is a loan that is secured by the home itself. If you fail to make the monthly payments, the lender can foreclose and take your home.

Auto loan

An auto loan is a secured loan used to buy a car. The auto loan calculator lets you estimate monthly payments, see how much total interest you’ll pay and the loan amortization schedule. The calculator doesn’t account for costs such as taxes, documentation fees and auto registration. Plan on adding about 10 percent to your estimate.

Home equity loan

Home equity loans, sometimes called second mortgages, are for homeowners who want to borrow some of their equity to pay for home improvements, a dream vacation, college tuition or some other expense. A home equity loan is a one-time, lump-sum loan, repaid at a fixed rate, usually over five to 20 years. A home equity calculator helps you determine how much you might be able to borrow based on your credit score and your LTV, or loan-to-value ratio, which is the difference between what your home is worth and how much you owe on it.

Home equity line of credit (HELOC)

A HELOC is a home equity loan that works more like a credit card. You are given a line of credit that can be reused as you repay the loan. The interest rate is usually variable and tied to an index such as the prime rate. The home equity calculators can answer a variety of questions, such as: 

• Should you borrow from home equity? 
• If so, how much could you comfortably borrow? 
• Are you better off taking out a lump-sum equity loan or a HELOC? 
• How long will it take to repay the loan?

Personal loan

A personal loan is an unsecured, lump-sum loan that is repaid at a fixed rate over a specific period of time. It is a flexible loan because it can be used to consolidate debt, pay off higher-interest credit cards, make home improvements, pay for a wedding or a vacation, buy a boat, RV or make some other big purchase. The personal loan calculator lets you estimate your monthly payments based on how much you want to borrow, the interest rate, how much time you have to pay it back, your credit score and income.

If you have some combination of good to excellent credit, a low debt-to-income ratio, steady income and assets, you can probably qualify for most types of loans. Use loan calculators to answer your questions and help you compare lenders so you get the best loan for your financial situation.

Student loan

A student loan is an unsecured loan from either the federal government or a private lender. Borrowers must qualify for private student loans. If you don’t have an established credit history, you may not find the best loan. A college savings calculator will show you how long it will take to pay off your loan and how much interest it will cost you. The college savings calculator will help you set savings goals for the future.

When taking out any loan, it’s important to understand these four factors:

• Interest rate: An interest rate is the cost you are charged for borrowing money. This rate is charged on the principal amount you borrow. 
• APR: The APR on your loan is the annual percentage rate, or cost per year to borrow, which includes interest and other fees.
• Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan. Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term.
• Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.