Reverse loan calculator: determine the exact real interest rate on your loan based on the monthly payment, number of months, and the loan amount.
Here in Russia, banks are often adding “insurance” and “commission” payments to loan amounts or monthly payments, creating a discrepancy between the advertised interest rate and the actual rate that the client will pay, which makes it difficult to compare loan offers. If banks do the same things in your country, you might consider getting this app to always calculate the real interest rate of a bank loan offer.
The calculator lets you to bring all loan offers to common ground – the real cost of credit. To get the real cost of credit, you only need three values: 1) loan amount (the real amount that you will actually get, please read the loan offer carefully); 2) loan term in months; 3) monthly payment amount.
The app also has the direct loan calculator function: you can calculate the monthly payment amount based on the loan amount, the number of months, and the interest rate.
Here in Russia, banks are often adding “insurance” and “commission” payments to loan amounts or monthly payments, creating a discrepancy between the advertised interest rate and the actual rate that the client will pay, which makes it difficult to compare loan offers. If banks do the same things in your country, you might consider getting this app to always calculate the real interest rate of a bank loan offer.
The calculator lets you to bring all loan offers to common ground – the real cost of credit. To get the real cost of credit, you only need three values: 1) loan amount (the real amount that you will actually get, please read the loan offer carefully); 2) loan term in months; 3) monthly payment amount.
The app also has the direct loan calculator function: you can calculate the monthly payment amount based on the loan amount, the number of months, and the interest rate.
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