# Home Finances Loan Calculator

Online Loan Calculator for Home, Personal or Business Use

Thinking of borrowing money to purchase a home or car and want to know how much it will cost you in total? How much your loan repayments will be? Or want to know the amount of interest you will end up paying on a loan?

Our loan amortizer helps you calculate interest rate, loan or mortgage amounts, number of payments, periodic payment amount and other loan calculations instantly. Simply enter the details of the loan in the calculator below and find out all the figures and more.

You can easily create comparison scenarios to suit your budget. You can also use the loan calculator to find out how much you can afford to borrow from the bank, finance company or your lending institution by trying different principle sums and seeing what your weekly or monthly repayments will be. The calculator can also be useful for people with current active loans wishing to see by how much they would need to increase their re-payments to pay off a loan quicker.

To use the Amortization Calculator simply input:

• Principal (sum of money you wish to borrow)
• Amortization Period (Number of years the loan is over)
• Payments per year (Number of payments over a year eg. monthly = 12 and weekly = 52)
• Interest rate: (Approx. current interest rate your lender is charging) Interest rate should be entered as follows: a rate of 8 1/2%, for example, would be entered as 8.5 and with no percentage sign.
• Press the Calculate button.

The calculation shows you amortization tables with complete mortgage amortization schedules for the loan showing total interest and total amount paid over the term of the loan.

The results of this loan payment calculator are for comparison purposes only. This calculator is to be considered as a guide to your home, car, or other loan re-payments please consult your lending institution or financial adviser before making any decisions.

Loan Calculator
Loan Amount:
Number of Payments:
Annual Interest Rate: (ex. 8.5% = 8.5)

### How Much Down payment Do I need to Buy a House or Car?

Down payment is a term used for the purchase of items such as a new car or a house. The down payment is the upfront portion of the total price, and it is usually given in cash at the time of finalizing the transaction. A loan is then required to make up the difference of the full car or house price. Note that the larger the down payment you make towards your purchase, the less you will have to borrow from the bank or finance company, and the more equity you'll have in your home or car.

Mortgages taken out with less than a 20% down payment usually require a mortgage insurance policy to secure the loan and offer protection to your lender.

Down payment amounts vary. For most people buying a house they can vary between 5% and 20% of the total purchase price of the asset.

For car purchases the down payment can range between 3% and 13% of the vehicles price.

There is considerably more risk for money lenders when individuals purchase a home as an investment property. Therefore the bank or financial institution may charge a higher interest rate and expect a higher down payment as collateral against the asset.

If you are a first time home buyer, you should investigate the possibility of getting a government down payment assistance grant.

You are permitted to use another loan to help towards the downpayment amount required. However some restrictions apply when using a loan as a down payment assistance program, for instance you must disclose a downpayment loan to your lending institution and the monthly payment must be included in the calculation of your affordable budget.

A mortgage loan guaranteed by the FHA (Federal Housing Administration) currently requires a minimum down payment of only 3%.

### Questions the Bank May Ask When Applying for a Home Loan

• Do you have a steady source of income?
• Have you been employed on a regular basis for the past several years with the one employer?
• Do you have a good record of paying your bills? (Credit rating check)
• How much do you owe on current debts like car payments?
• Do you have the money saved for a down payment on the house?
• Does your household budget allow you to cover the monthly mortgage repayments every month?

Further information is available in our article U.S. Home Loans for Low Income, Disabled and Seniors

Loan Information for low income singles, families, seniors and disabled. Includes home, vehicle and personal loans.

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