Loan Calculator

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One of the benefits of shopping for loans on the internet is the loan calculator. Instead of showing you lots of tables, you can get two quick answers immediately: "what will my monthly repayments be" for any permutation of loan, and "what can I afford" in monthly outgoings and repayments.

Don't sign up for a loan without playing with our loan calculator first. Because there are so many permutations of amounts and terms that otherwise a mass of tables is required to work a loan out.

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There are two types of loan calculator. The first is broadly summarised as "What will my monthly repayments be?" Enter the amount you wish to borrow and the term over which you would like to borrow it. The calculator will return a figure for the monthly repayments. Most will also offer a figure taking account of payment protection insurance which will alter the repayments.

Some loan products require an uneven first payment and some calculate any payment holiday differently. The loan calculator will give you an idea of what you'll be liable to pay which is enough to make a good comparison.

The second type of loan calculator is "What can I afford". This allows you to enter an assessment of your monthly incomings and outgoings, and gives you an idea of what loan amount and across what loan terms are within your repayment range. Although this is time consuming, it is an essential process because you should always run through your expenses before signing up to a new loan.

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