Wednesday, October 7, 2009

Loan Repayment Calculators

I don't know why, but I love to plug numbers into calculators and dream of how quickly we could pay off our house... or more importantly, our students loan. Some repayment calculators out there are very basic and don't offer you to play with different scenarios. Here are a couple of calculators I like:
  • Bankrate- This calculator is supposedly for home equity loans, but it works for about any loan. This calculator works with Java, so as you input numbers into the calculator, it will automatically adjust other amounts. Very cool. I like that you can view the details of your calculations with a payment schedule. It also has a nice graph for my visual side.
  • Suncorp - This calculator has a lump sum option, which is nice. It also uses Java, has a nice graph and figures your monthly payment amount. So, this is good for determining the right monthly payment in order to pay your loan off in X amount of time.

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