Loan Calculator Singapore

Loan Calculator Singapore

Loan Calculator Singapore

Loan Calculator Singapore. This is the most Comprehensive Loan Calculator on the Internet. it will generate tables and Line Chart result base on the User Inputs.

Loan Details

S$ Y %

Total Interests Paid

S$

Loan Calculator

  • S$
  • Year
  • %

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Loan Calculator Singapore. Borrowing Money is a big decision, it will impact you financially if it is not being manage properly .

I created this quick loan calculator , to calculate the numbers of repayment per month  based on the user principal borrowed. You can use this to calculate any loans such as mortgage loan, personal loan , etc. This Calculator will give you a rough idea how much interest you have paid for your loan.

 

How To Calculate Manually

Formula for Amortizing Loan Payment

 

Loan Payment = Amount / Discount Factor

or

P = A / D

 

P = Periodic Loan Payment ( Normally Monthly)

A = Total Amount of Loan being borrowed.

D ( Discount Factor) = [(1 + i) ^n] – 1} / [i(1 + i)^n]

 i =  Annual rate divided by number of periodic Payment

n = Payments Per Year x Number of  Years

 

Loan Payment Calculation Example

A = Loan Borrowed  S$ 300,000

I = 6 % Interest Rate Per Year =( 6 ÷100)÷12 =0.005

n = Borrow 30 Years = 12 Monthly Payment Per Year X 30 =360

 

D = [(1 + 0.005) ^360] – 1} / [0.005(1 + 0.005)^360]

P = A / D = S$ 300,000 ÷ ([(1 + 0.005) ^360] – 1} / [0.005(1 + 0.005)^360])

P = S$1798.65 if you Calculate

 

Calculating interest

Calculate Interest Paid For First Month

Interest  Paid for first  Month =  0.005 x  S$ 300,000 (Amount Loan Borrowed) =S$ 1500

New Principal Balance Brought Forward to Second Month =  Principal Borrowed -( Monthly Repayment -Interest Repayment)

S$ 300,000 -( S$1798.65 -S$ 1500) 

S$ 299,701.35 ( if your Calculate )

 

Calculate Interest Paid For Second Month

Interest  Paid  for second  Month =  0.005 x  S$ 299,701.35 (Amount Loan Borrowed) =S$ 1498.51

New Principal Balance Brought Forward to Second Month =  Principal Borrowed -( Monthly Repayment -Interest Repayment)

S$ 299,701.35 -( S$1798.65 -S$ 1498.51) 

= S$ 299,401.21 ( if your Calculate )

 

Calculate Interest Paid For  Third Month  …………….To 12 Months X 30 =360

Repeat this process 360 times, or you can input the Formulae in an Excel Spread Sheet to automate things.

 

Calculate Total Interest Paid 

((Monthly Payment x Periodic Monthly Payment x Numbers of  Years Paying Back-1)+(Monthly Payment x 11)+Last Payment)) – ( Principal Amount Borrowed)

=( (S$1798.65  x 12 x 29)+((S$1798.65 x11)+ S$1276) – S$300,000

= S$ 347185.61 ( If you Calculate)


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