"Very helpful to see the breakdown of our loans, and the different monthly payments for each of the different options. "The calculator was a great tool for me to familiarize myself with the different repayment options prior to attending the counseling session. “It has helped me plan my loan repayment and has removed my need to meet with a specialist about this. What medical students and graduates are saying about the MLOC tool: Provides a better understanding of student loan debt and the cost of repayment.Shows various repayment scenarios based upon a borrower’s portfolio, household, and residency information.Provides a secure place to enter, upload, track, and store loans.
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The Loan Repayment Calculator simplifies the process of estimating monthly loan repayments, offering a user-friendly interface for individuals to plan and manage their finances effectively. Decision Making: Assists in making informed decisions before committing to a loan.Comparison Tool: Enables comparison of different loan scenarios by adjusting variables like loan term, interest rates, or extra payments.Financial Planning: Helps in budgeting by providing insights into the monthly repayment obligations.Click Calculate: After filling in the required fields, click the “Calculate” button to obtain the estimated monthly payment.Add Extra Payments (if applicable): If planning to make extra payments, enter the additional amount.Select Compounding Frequency: Choose how often the interest will compound over the loan term.Enter Loan Details: Input the loan amount, interest rate, and term of the loan.This figure includes both the regular installment and any specified additional payments. Monthly Payment: Upon clicking “Calculate,” the tool computes and displays the estimated monthly payment required to repay the loan based on the provided inputs.Calculate: Click the “Calculate” button to generate an estimated monthly payment.
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Extra Payment (Optional): Optionally, input any extra payments you plan to make each period.Choose Compounding Frequency: Select how often the interest is compounded from the available options (monthly, quarterly, semi-annually, or annually).Input Loan Details: Enter the loan amount, annual interest rate, and loan term (in years) into the designated fields.The Loan Repayment Calculator is a user-friendly tool designed to help individuals estimate their monthly loan repayments based on various factors such as loan amount, interest rate, loan term, and optional extra payments. Loan Repayment Calculator: A Simple Tool for Financial Planning Overview: