Ravi Chandran
Top loan calculators will help you to plan and adjust your budget before you make that application for credit
If you are looking to get a loan, no matter what type it is, using top loan calculators will help you find out if your budget can afford it. A loan calculator will also let you know the amount of time it will take to pay your debt off. Loan calculators differ in terms of their caliber, but as a rule, any calculator would only be able to do its job if you use it correctly.
Common pieces of information that top loan calculators require are the balance of the loan, the duration of the loan, and the interest rate. Entering these details into the loan calculator will allow you to find out the amount of your monthly payments. You may also see the interest rate that you will have to pay over the course of the loan.
With the details that the calculator provides, you will be able to plan and adjust your budget first before you get a particular loan.
Check out the different types of top loan calculators in Singapore that we have for you.
Mortgage Calculator
A mortgage calculator will help you get an estimate of how much you could loan before you apply for a mortgage. It is a valuable tool that you can use as you compare your home loan options. A mortgage calculator can also help you figure out the amount that will suit your financial conditions. It can determine what how much payments might be, as well as the let you know what will change if the interest rate is adjusted.
Most mortgage calculators do not include the charges or bank fees, so you have to remember that the different fees required by different lenders can affect the amount of the payment. A mortgage calculator will help you plan your budget and allow you to make informed decisions. It can also help choose an option that will help you save the most money.
By using a mortgage calculator, you can experiment with various conditions and gain a better understanding of the way that mortgages work. You will be able to negotiate and choose your terms much easier. Additionally, a mortgage calculator such that that in iCompareLoan.com or a heavy weight solution called Home Loan Report powered by iCompareLoan.com will help you save time since you will be able to make comparisons and calculations by yourself or for your clients (if you are a financial advisor or property agent). Alternatively you can consult a mortgage broker if you prefer the human touch.
The key details that a mortgage calculator will ask from you are the loan amount, interest rate per year, and the term of loan. These pieces of information will allow you to know the monthly payment per year.
Mortgage Insurance Premium Calculator
A mortgage insurance premium is something that you, the borrower, should pay for. This is so that the lender will be protected from losses in case you fail to pay for the loan. A mortgage insurance premium calculator will help you choose the policy that is most suitable for your requirements and needs. The basic details that you would need to input in a mortgage insurance premium calculator are the outstanding loan amount from the property, the interest rate of the current loan, your birthday, gender, and certain information about your lifestyle. These amounts will be calculated to show your estimated yearly premium.
Housing Payment Calculator
A housing payment calculator will help you determine the amount of the periodic payment that you have to make. You can adjust the loan amount in the calculator until the total monthly payment fits your budget. The pieces of information that you will need to provide for the housing payment calculator are the loan amount, the yearly loan interest rate, term of loan, annual property tax, and annual property insurance. The best housing payment calculators will be able to show you the amounts for the following:
- Monthly principal + interest
- Monthly tax amount
- Monthly insurance cost
- Total monthly payment
Buy vs Rent Property Calculator
When looking for a property, there are certainly lots of options that you will encounter. But is it better to buy your own property or simply rent one? Making the right choice can be tricky, and that is when a buy vs rent property calculator comes in handy. There are several numbers that you would have to input in the calculator. The more accurate your numbers are, the more accurate the results will be.
The pieces of information you need to provide include the monthly rental that you prefer, the number of years that you intend to rent the property, the purchase price of the property, the mortgage rate, and the mortgage tenure. The best calculators can use these details to show you the setup costs, running costs, opportunity costs, and the total cost of renting vs buying a property. To make things even easier, the best calculators would indicate which option is better, and the amount of money that you can save.
Additional Buyer’s Stamp Duty Calculator
The Additional Buyer’s Stamp Duty is to be paid by some people when they buy properties. This fee is included in the buyer’s stamp duty. The rate that you would have to pay is determined by your nationality. An Additional Buyer’s Stamp Duty calculator can compute the ABSD rate ABSD amount that you have to pay by asking information about your citizenship, the number of properties that you currently own, and the property price.
Interest Rate Sensitivity Calculator
Interest rate sensitivity measures that extent of the fluctuation that a fixed-income asset’s price will encounter as a result of interest rate environment changes. The calculator will ask you to input the principal amount, yearly interest rate, and term of loan. The results will show you a table of values with various interest rates and principal amounts.
Investment Return Calculator
An investment return calculator will help you determine the amount of returns on your invested capital (ROIC). You will have to input the property price, down payment (%), yearly loan interest rate, annual property tax, monthly property maintenance cost, and expected monthly rental income. With these details, the calculator can determine the following:
- Amount of down payment
- Stamp duty
- Total cash outlay
- Expected yearly revenue
- Expected monthly revenue
- Rate of annual property yield
- And rate of annual returns of invested capital
Retirement Planning Calculator
Determining how much money you would have to save every month for your ideal retirement can be a challenging task. A retirement planning calculator can help make things easy for you. You would have to input the amount of money that you like to receive every month starting at the age of 65. You also need to state your date of birth.
The calculator will create a monthly savings plan and a lump sum savings plan, which are both based on your current age. The monthly savings plan will show you the amount of monthly savings that you need to make for the next ten years, as well as the estimated total return when you turn a certain age. You will also see the monthly savings required if you want to achieve the same financial goal by saving in a bank with a certain interest rate.
The lump sum savings plan will show you the amount of one-time lump sum savings you should make; the estimated total return at a certain age; and the one-time lump sum savings you have to make to reach the same goal if you were to save in a bank with a certain interest.
