4 Loan Calculators to Help Manage Your Money

When it comes to making financial decisions, there’s no substitute for crunching the numbers. Loan calculators can help you better weigh your borrowing options and choose the best repayment strategy for your budget.

Here are four loan calculators from Experian that can help you understand loan costs and manage your debt. You’ll also find additional resources to help you make a plan to reach your savings, investment and budgeting goals.

1. Personal Loan Calculator

When you’re considering borrowing a personal loan, you should understand how the terms you choose impact what the loan will cost you in total by the time you pay it off.

Use the Experian personal loan calculator to compare how your loan term and interest rate impact your monthly payments and the total interest you’ll pay. This can help you decide whether a shorter term will fit into your budget, or whether it makes more sense to opt for a longer term even if that means a higher interest rate.

2. Mortgage Calculator

Whether you’re getting ready to buy a home now or are simply planning for homeownership down the road, use the Experian mortgage calculator to see the potential cost of a home loan. You can use this calculator to find out how the size of your mortgage, your down payment and your loan’s interest rate all impact your monthly payments and the total cost of your home loan.

This information can help you decide whether to start home shopping now, save so you can put more down, work on improving your credit before you seek loan preapproval or opt for a more affordable home to keep monthly payments down.

3. Auto Loan Calculator

An auto loan can help you finance a new car when it’s time to buy, but the terms you pick will have a big impact on affordability. When you apply for an auto loan, you’ll typically have options for your auto loan’s term length. The longest term will lower your monthly payments, but you’ll also have a higher interest rate.

Use Experian’s auto loan calculator to compare your options and pick the best car payment for you. As you choose the best car loan for your budget, it’s important to balance what you can afford for a monthly payment with the total cost of borrowing. Choosing a lengthy loan term with a high interest rate can cause you to pay a lot more in interest over the life of your loan.

You can also use the calculator to see how saving for a larger down payment or improving your credit before you borrow can help you save on interest.

4. Annual Percentage Rate (APR) Calculator

The annual percentage rate or APR shows the true cost to take out a loan. It includes interest and other financing charges, such as origination fees. Use Experian’s APR calculator to compare the cost of different loan options. By looking at APR, rather than just the interest rate, you can get an apples-to-apples comparison of how much you’ll really pay for each loan to pick the more affordable option.

More Free Financial Tools

In addition to the loan and debt calculators above, access these free financial resources from Experian to support your goals in all areas of your financial life, from debt management to retirement planning:

The post 4 Loan Calculators to Help Manage Your Money appeared first on Experian’s Official Credit Advice Blog.

https://www.experian.com/blogs/ask-experian/loan-calculators-to-manage-your-money/

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