A consumer loan calculator is a tool for calculating loans and the costs associated with it. Interest rate calculators, loan calculators, and consumer loan calculators are there to allow you to compare loans across lenders online.
A consumer loan calculator will typically show you a loan amount, the term of the loan, interest rate, APR and the total amount you have to repay.
What do all those numbers mean? And what does it cost to borrow? Set our consumer loan calculator to your desired loan amount and let’s find out what it shows.
Consumer Loan Calculator – How To Use It
When you enter your desired loan amount into our Consumer Loan Calculator, you can see your upcoming minimum monthly payment. However, this amount has not yet been determined.
Drag the slider in the consumer loan calculator and adjust this amount if you want. With our consumer loan calculator, you can determine your monthly payment as long as it is within the limits shown in the loan calculator.
Try turning up and down for your monthly benefit in our consumer loan calculator and see how the calculations change. If you set our consumer loan calculator to a higher amount, your total costs will decrease.
It shows our consumer loan calculator
Once you’ve set the amount you want to pay each month, the Consumer Loan Calculator will show you the following metrics:
- The number of months you would rather pay off your loan
- Total credit costs in that number of months
- The total repayment amount
- Your monthly benefit
If you like what you see in our consumer loan calculator, you can click on “apply” and start taking out the loan.
What does it cost to borrow?
The price of a consumer loan you can always see in our consumer loan calculator – it consists of the annual costs. Lite lending company’ Consumer Loan Calculator shows you what it costs to borrow both in percentage and in dollars and ears.
However, you should be aware that the real costs will be lower than what is stated in our consumer loan calculator.
When you use our interest calculator, you will see the total interest you have to pay, without any tax deduction. Did you know that you get 1/3 of interest back from tax? You have to deduct that from the amount in our interest calculator.
Lender’s interest calculator can’t calculate how exactly your tax deduction will look. However, it is always about a third of interest that you get back.
Lite lending company doesn’t use interest rates, so you can safely count on paying 2/3 of the total interest amount shown in our interest calculator.
How do you do?
Use our interest calculator to find out the total amount and multiply it by 0.66 – you have the most realistic interest amount to pay.
So what does it cost to borrow? Total credit costs minus one-third of interest.