Loan Application Calculator
Applying for a loan from a lender can often be a mysterious process. The lender collects financial information and analyzes it to make a decision on the loan application. Use this calculator to look at your financial position as a lender would, assessing your ability to service your debt, and the composition of your net worth.
- All loan calculations are made on the assumption that the year is divided equally by the amount of payments made per year.
- Loan interest is constant, and is compounded on the payment dates.
- Default monthly obligations are determined as follows, unless changed by the user. Credit cards, 5% of balance, unsecured credit lines, 3% of limit, secured credit lines, 1% of limit.
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