If you are looking for a loan estimator, you can use the following ones, according to the type of loan you are looking to get:
#1 Loan Estimator
This loan estimator has 2 modes: a loan and a mortgage. Choose the tab that is relevant for you, enter the loan’s details and press “calculate”. The result is a graph showing your monthly payment (on the top left “Monthly principal an interest”), the total amount you will pay (providing there aren’t any additional fees) and the end date of the loan.
The bottom graph and chart of this loan estimator are designed to visually explain how much interest and how much principal (the loan amount that you have borrowed) you will return each year.
#2 Loan Estimator
This loan estimator also has 2 modes: a simple payment calculator, used for loans, and a detailed payment calculator, used for mortgages. This loan estimator is very useful when you know the exact down payment that you can afford to put on a house, and can give you a feel of what kind of mortgage you will be able to get.
The Advantages of Using A Loan Estimator:
A loan estimator can easily demonstrate how much you will be paying each month. How much you will save by borrowing less or getting a lower interest rate. This information is very valuable during the loan taking process. The more you will know, the better you will be able to negotiage and get a good loan.
The Disadvantages of Using A Loan Estimator:
The better the loan estimator, the more variables it will take into account. In most cases, using a loan estimator means that you still haven’t contacted a bank, or a loan service, and still don’t know the exact interest rate that you will get. Most of the times you will also need to guess the fees that you will be required to pay, and if you are looking for a mortgage loan estimator then there are property taxes that should be taken into account.
For these reasons, it is recommended that you will contact loan companies, banks and credit unions and use a live loan estimator – the advisor. This is true even if you are still not sure that you should even take out a loan. An online loan estimator can actually confuse you and give you misleading information.