Secured Loan Calculator

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Source Code
Subject
Description
A free loan repayment calculator allows you to calculate and break down monthly repayment figures for a secured or unsecured loan.

Before deciding to apply for a loan some homeowners find it useful to understand the approximate cost of borrowing in terms of the monthly cost and the interest which is being charged. This is especially useful for homeowners who work to a monthly budget by knowing what their outgoings are such as household bills and mortgage payments versus income received.

Tips:

What is a secured loan?
A secured loan is a loan in which the borrower pledges an asset (e.g. a car or property) as collateral for the loan.

What is an unsecured loan?
Unsecured loans are monetary loans that are not secured against the borrower's assets. These often take the form of credit card debt, personal loans, bank overdrafts, credit facilities or corporate bonds.

What is a balloon payment?
A balloon payment is a large, lump-sum payment made at the end of a long-term loan. It is commonly used in car finance loans as a way of reducing monthly repayment figures. Be aware that once you reach the end of your loan period, that balloon amount becomes payable.

What is APR?
APR stands for Annual Percentage Rate and is an important factor in determining the overall cost of a loan. You can use APR to compare different personal loan offers. When you arrange a loan with a finance company, their offer can include extra fees associated with the loan. The APR figure takes all of that into account, giving you an easy percentage interest rate to allow you to compare and shop around.

Category Finance
Created By tech
Created Date 9/29/2011
Last Modify Date 1/22/2012
Calculation Count 3081
Version 1.00
Positive 0
Neutral 0
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Related Program ID None