What is A Home Loan Calculator?

Nowadays, everyone wants to buy their own dream home, but because a home loan is a long-term financial commitment, it can be challenging to manage the expenditure. However, thanks to the many lenders on the market offering home loans at low-interest rates, buying a home is now more accessible.

Before you apply for a home loan, you need to conduct your due diligence and research the market for the current offers available.  At the same time, plan your finances as well. You can do so with the help of a home loan calculator. A home loan calculator is an online tool that helps you figure out your monthly instalments and the total interest payable.

Here is how you can use a home loan calculator:

Step 1: Visit an online home loan calculator 

Step 2: Enter the following details:

a. Enter the loan principal amount 

b. Enter your suitable tenor period 

c. Enter the interest rate 

Step 3: Clicking on Submit will display you the following results:

a. Your monthly instalments 

b. Your total principal amount 

c. Your total interest payable amount 

Here are some of the benefits of a home loan calculator:

1. An online home loan calculator is easy to use and does not have any complicated functionalities. It is designed in such a user-friendly manner that it provides ease of access to anyone. 

2. When you are calculating your monthly instalment manually, there are chances that you are going to make errors. A home loan calculator will provide you with error-free and accurate results every time.