A simulation of the installment of a personal loan can become very useful if you do not know which financing offer to choose.
This is a difficult decision: very often, requesting a loan means having to face the monthly repayment of installments for a period that can last up to several years. When choosing the loan to be accepted, therefore, it is better to be well aware of how heavy the repayment will be. Fortunately, there are many online calculation tools that provide us with different simulation options, highlighting the most important aspects of financing.
The first suggestion when a personal loan must be contracted is always to compare the most interesting offers , which can vary, for the same sum received, for interest rate (fixed or variable), duration of the amortization plan and frequency of rate. These are all elements that affect the amount of the single installment. The comparison, however, can be complex if we are faced with abstract figures and interest rates, which do not give a precise and immediate idea of the weight of the loan. Better to focus on a concrete aspect: how much will each installment cost?
To obtain this result, just use one of the many online calculation tools , which allow you to highlight the weight of the installment by entering few easily available information: the amount received on loan, the interest rate, the duration of the loan, the repayment rate. Regarding the interest rate , pay attention to what is required of you: the TAN or the APR, which is slightly higher because it also counts the ancillary expenses to be faced in order to obtain a rapid financing.
Depending on the calculation tool you have chosen, you can have several options for simulating the loan installment. For example, some specialized websites offer a complete amortization plan, in which the exact composition of the single installment is also reported. In this way, not only will you know how much you will have to pay for each individual installment, but also how much each time the share of interest will be compared to the capital to be repaid. You will then be aware of how much the bank will get from your every payment.