Loan Calculators

Loan calculators have become very popular as the debt levels worldwide are reaching new highs. A loan calculator is usually an online tool, which can help you estimate the cost of getting a loan. The most popular loan calculators are mortgage calculator and car loan calculator. Other popular financial calculators are retirement calculator and compound interest calculator.

Mortgage calculators vary from very simple to utterly complex and they have two main functions. The first type of mortgage calculators will allow you to calculate how much money you can afford to borrow with mortgage loan. You need to enter your income and expenses in order to use this type of calculators. The second type of mortgage calculators will calculate your mortgage payments. To use it you need to enter the amount of money you want to borrow and the interest rate you will be paying. These mortgage calculators usually compare side-to-side different mortgage payment options like Monthly, Bi-Weekly, Weekly, Accelerated Bi-Weekly, so you can decide which one to use. Before going to your bank and applying for mortgage in Canada, it's always a good idea to use mortgage calculators to estimate how much you can borrow and how much will be your monthly payments.

Car Loan Calculators can help you estimate your monthly car payments, which is the most important factor in your car buying decision. Most new car dealers have online car loan calculators on their sites, which you can use to see how much a car leasing or car financing will cost.

Loan Calculators are powerful consumer tools, and in my opinion anybody who wants to apply for a loan will greatly benefit from them.