Definitions for loan calculator

Loan calculator

is an instrument which will help you count approximate cost for using of credit and select schedule of his redemption. Ie How much money in a period of time, you will need to make a credit institution, usually the bank (credit union), to repay the loan and fees for using credit.

Fee for using of credit

is a sum of reward, which you pay the bank for giving you credit. This sum consists of once-only commission and monthly payments, which consist of interest rate and, may be, commission.

Interest rate

is a sum of reward of the bank, count in a percentage ratio to the sum of credit for certain period of time /month, quarter, year/.

One-time commission

is the fixed sum of reward of the bank, which pay once-only at the extension of credit. This sum can have both the fixed money value as a percentage ratio of the loan amount.

The monthly fee for using credit

consists of monthly interest rate and, possibly, monthly commission, which may be the fixed sum or count in a percentage ratio of the loan amount.

Annuity the chart of redemption of credit

is payment credit organization of equal sums monthly, not dependency upon a debt on the body of credit. This sum include part of redemption of credit body and percent for possessing a credit. This schedule is advantageous at the protracted crediting, as there is probability, that part of sum paid off due to inflation.

Standart chart of redemption of credit

supposes monthly redemption of credit body equal parts and extra charge of percents for possessing a credit on the remain of debt. I.e. monthly diminishing of the paid sums.