Online calculator for calculating loan balance. Calculation of the loan balance at any date. The calculation of the loan balance is subject to monthly equal payments and is calculated taking into account: payment, interest rate, term and frequency of interest calculation.
Formula of Loan balance
The loan balance calculator allows you to compute the remaining balance of your loan. If you want to quickly check how much you still have to repay – you have found the right tool. Our universal loan balance calculator may be used as a personal loan calculator remaining balance calculator, a car loan balance calculator, or a mortgage balance calculator. All you need to do to calculate the remaining loan balance is to fill in the appropriate fields below.
Why do people take loans?
There are dozens of reasons why people take out loans. Among the most popular, there are needs such as:
Car purchase: A car loan is one of the most popular types of loan. Usually, the cost of buying a car is a few times higher than your salary, so you need to find additional money to buy it.
Home renovation or improvement: Most of us always have something to improve in the house. You can finance these costs by taking a bank loan.
Vacations/dreams: Sometimes, the realization of our dream requires a lot of money (e.g., traveling, ideal wedding, unforgettable party).
Medical expenses: Sometimes, people are forced to borrow money to cover their unexpected medical expenses.
Bill consolidation: Nowadays, almost everyone has bills or debt of some sort. You can decide to consolidate your debts into just one loan. There are two reasons to do it: convenience (you have only one debt) and costs (in a consolidated loan, the interest rate is usually lower).
Moreover, one of the most popular types of loan is a mortgage, which allows you to finance the purchase of a home.