What will my loan balance be

Moreover, you may be using debt without even realizing it. While credit is very important to the economy, its abuse is harmful. Credit is extended with the faith that borrowers will repay the debt.

Goods and services are provided on credit with the expectation that they will be paid for with money in the future. Credit makes commerce more convenient. When credit is abused, everyone loses. Credit abuse increases the cost of credit to everyone. One should never use credit to purchase things for which one will not be able to pay in the future. Many impulse purchases are made on credit with little thought given to how the debt will be repaid in the future.

Usually, the cost of buying a car is a few times higher than your salary, so you need to find additional money to buy it. Home renovation or improvement - Most of us always have something to improve in the house.

You can finance these cost by taking the bank loan. Medical expenses - In some cases people are forced to borrow money to cover their unexpected medical expenses. Bill consolidation - Nowadays, almost everyone has bills or debt of some sort. You can decide to consolidate your debts into just one loan. There are two reasons to do it: convenience you have only one debt and costs in a consolidated loan, the interest rate is usually lower.

Moreover, one of the most popular types of loan is a mortgage which is a type of loan that allows you to finance the purchase of a home. Embed Share via. Table of contents: How to use our loan balance calculator Example of use of the remaining balance calculator Formula for remaining loan balance Why do people take loans? How to use our loan balance calculator First of all, enter the original loan terms: the loan amount, the loan interest rate on a yearly basis.

The results from this calculator is an indication only. The results do not represent either quotes or pre-qualifications for a loan. The specific details of your loan will be provided to you in your loan contract. Auto Refinance My Loan. Get a New Loan. Auto Insurance. Home Buy a Home. Refinance My Loan. Home Insurance. Real Estate Agents. Resources Identity Monitoring.