When receiving a loan, it is important to know how long it will take you to close the amount of the loan taken with all the interest accrued on this amount according to the loan program you have chosen. There are various options for calculating the credit term.
It is necessary
banking programs
Instructions
Step 1
Quite often, the desire to purchase a really expensive thing: an apartment, a car, expensive equipment, leads to the need to take a part of the money on credit in a banking structure. So that loan payments do not turn into an unbearable burden for you, you must clearly determine in advance how long you will actually be able to pay off the resulting debt, and what monthly payments will be required for this. Since different banks offer slightly different lending conditions, first select a bank and a loan program.
Step 2
To calculate your credit term, contact the specialist of your chosen bank directly. They have standard calculation programs for each banking product, so you will find out information about your loan repayment term rather quickly.
Step 3
If visiting a bank at the moment is inconvenient for you, use a program on the banks' websites called a universal loan calculator. This program allows you to calculate both annuity and differentiated payments for various loan programs (mortgage, car loan, loan for urgent needs) and is unique for each type of lending in a given bank.
Step 4
To get started, go to the website of the selected bank and read more about the terms of the type of loan you are interested in. Then select the universal loan calculator and enter the numerical values required for the calculation.
Step 5
They are different for each type of lending.
Mortgage:
- the estimated cost of the acquired housing;
- percentage of the down payment;
- borrower's age;
- the amount of monthly income.
Car loan:
- the purchased car;
- the cost of a car in the currency of the loan;
- the size of the initial payment;
- the desired loan term.
Any goals:
- loan currency;
- the size of the loan amount;
- the desired loan term.
Step 6
The calculation will result in the monthly payment amount. If it does not suit you, change the original data until you receive the required amount. Now you see real data, including your credit term.
