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$Other Loan Calculator
No | Other Savings Calculator | Link |
---|---|---|
1 | Car Loan Calculator Singapore | Link |
2 | Debt Repayment Calculator Singapore | Link |
3 | How Much Can I Borrow Calculator | Link |
Loan Calculator Singapore. Borrowing Money is a big decision, it will impact you financially if it is not being manage properly .
I created this quick loan calculator , to calculate the numbers of repayment per month based on the user principal borrowed. You can use this to calculate any loans such as mortgage loan, personal loan , etc. This Calculator will give you a rough idea how much interest you have paid for your loan.
How To Calculate Manually
Formula for Amortizing Loan Payment
Loan Payment = Amount / Discount Factor
or
P = A / D
P = Periodic Loan Payment ( Normally Monthly)
A = Total Amount of Loan being borrowed.
D ( Discount Factor) = [(1 + i) ^n] – 1} / [i(1 + i)^n]
i = Annual rate divided by number of periodic Payment
n = Payments Per Year x Number of Years
Loan Payment Calculation Example
A = Loan Borrowed S$ 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)
Check out Saving Calculator in Singapore Here