Personal Loan Calculator
eCompareMo’s personal loan calculator will give you a broad estimate on what your monthly payment will be and what the matures loan payment will be after it.
This is a good tool for people seeking a loan and want to check if they will be able to meet the monthly payment. Calculator tool allows the borrower to project how much the monthly payment would be and how long will it take them to pay it off. When you are aware of the numbers or at least know the potential outcome, you can easily decide on your options that will suit your needs. Just make sure that your budget can handle the payments. In the end you will land on the best deal by simply testing dozens of options with this personal loan calculator.
Definition of Terms on the Personal Loan Calculator:
- Amount of loan
- Total amount you intend to borrow.
- Also knows as the term of the loan. It could be an amount of time left for the repayment of a loan or the initial term length of a loan. It can be expressed in years, months or days.
- Interest Rate
- Amount charged and expressed as a percentage for the use of money by a lender to a borrower. Interest rates are typically noted on an annual basis. It is calculated by dividing the amount of interest by the amount of principal.
- Estimated Monthly Installment
- Estimated premium to be paid out on a monthly basis that covers principal and interest.
- Estimated Total Payment
- Total cash out to be made on the Loan over the specified period of time consisting of Loan principal and total Interest.
- Flat Interest rate
- Fixed interest charged to the loan. This is computed by multiplying the total loan with the interest and term of loan.
If you are in search for a personal loan with lowest interest rate, eCompareMo can definitely help. Our comparison tool carries the most comprehensive information about applying for a cash loan in the Philippines.