Those who have no savings and need money for a renovation, the purchase of a new kitchen or a new car, will look for a personal loan. Calculating the costs or monthly amount of a personal loan is not difficult. It is even easy to do yourself. We explain how to calculate the personal loan.
Of course it all starts with determining the amount you want to borrow to make the purchase. Or the amount needed to repay the old expensive loans. Once you know this amount, you can start calculating the personal loan. The amount to be borrowed is the basis for the rest.
Calculate the costs and monthly amount of a Personal Loan
Monthly loan amount
After determining the amount to be borrowed, it is time to see what can be repaid monthly, that is, what the monthly amount of the ideal loan will be. Take into account the fact that the interest is calculated on the total remaining debt amount. The more you pay off each month, the harder the interest costs will fall. The total loan amount divided by the monthly repayment is the term of the ideal personal loan for you. Based on this you can calculate the costs of the personal loan per provider.
It is wise to keep in mind that not all providers use the same amounts, terms and interest rates. Only relying on a low interest rate is not wise. After all, those who pay little repayment will have a debt open for a longer period. As a result, the net amounts for the interest will be considerably higher.
The opposite is also true. If you want to repay too much each month, this can put too much pressure on your budget. No matter how much you want to get rid of the loan. The result may be that you have to borrow money again and this is of course not the intention when you want to calculate the personal loan.