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Different Ways of Using a Loan Calculator By janebertie bertie

  in Business | Published 2017-03-03 12:13:39 | 273 Reads | Unrated


Loan calculator Kenya is the best way to calculate your loan on certain amount. At Pesabazaar we provide you the best opportunity to compare the interest rate of two or more loan companies.

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Loan calculators are very common nowadays. Simply put, it can help you know how much you should borrow, how much the repayment will be, and how long should you service the loan. Most loan calculators in Kenya allow you to enter a value – the amount you wish to borrow from a banking institution and then they advise on the amount of money to be returned and the amount of installments. Of course, the second input is the loan term where you input the duration for which you would like to return the funds.  

If the bank offers different rates of interest depending on

the number of years a member has been with the bank, then you will be allowed to select that too in the loan calculator Kenya. However, that is not popular with Kenyan banks. You could also get some calculators asking you the repayment frequency in months.

Mortgage calculators are also very common in the Kenya's setting and home shoppers find it very useful. Most loan calculators will allow you to see how much amount of money you can afford to return and that which you cannot.

1. Figure out which type of loan you should apply for: Whether you are financing your home, car or business, some loan calculators in Kenya will help the borrower know the types of loans available. Remember the type of loan can affect your monthly repayment. Some loan calculators feature a drop-down on the mortgage calculator and they then display the average rate of interest and the term of loan. The issue is you can decide the type of loan to go for after accessing how much interest and duration accrue for each the type of loan.        

For instance, a mortgage borrower can choose between 30-year fixed loan, 15-year fixed and 5/1 ARM. You might need down payment for some cases.  
Kenya PAYE calculator will help you estimate how much you will be paying each month and avoid exploitation by the officials. Kenya PAYE calculator will help you detect when there is an overcharge in order to ask for a refund.  

2. Compare different interest rates: Interest rate affects mortgage payment. Some loan calculators in Kenya will reflect the average interest rate for each of the loan program selected. Changing the figure will allow you to see the impact on the interest rate. You can also use estimated personalized mortgage rates if unsure f what interest rate to enter.  

3. Check where your money will go to after each month: When repaying a mortgage, the total monthly payment does not go to covering the principal. It goes to covering several different costs. Check the “Include taxes/ins” and see where the money actually goes after paying. Some amount will go to insurance, other to taxes and still others to PMI.  

4. See the total amount of interest to be paid: A loan calculator in Kenya allows you to see the total amount of interest to be paid and the amount of interest to be paid each month.  

5. Graphs and charts: Some calculators allow you to see interactive graphs on principal and interest paid and the remaining balance for each month. You can also use the graph to see the amount of interest paid at any given point of your loan.  
Loan calculators are similar to Kenya PAYE calculators in that they allow you to plan for payment.      


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