A loan calculator - is an automated tool that can be of assistance to someone who already took out or is looking to take out a loan. The calculator takes into consideration the, loan amount, loan term, interest rate and date of first payment. It can be used to determine: the amount that must be paid as a monthly instalment in order to pay back a home, student or auto loan (for car loan, use Amortization-Calc's car loan calculator) within a certain period of time; what effect a change in interest rate will have and; whether or not an individual can afford the loan. A bank, company or corporation, in order to determine at which interest rate it will be profitable to grant a loan, can also make use of a loan calculator.
This loan calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.