For instance, the calculator can be used to determine whether a 15-year or 30-year mortgage makes more sense, a common decision most people have to make when purchasing a house. Fixed Loan TermĬhoose this option to enter a fixed loan term. In the calculator, there are two repayment schedules to choose from: a fixed loan term or a fixed installment. The repayments of consumer loans are usually made in periodic payments that include some principal and interest. Repayment is the act of paying back money previously borrowed from a lender, and failure to repay debt can potentially force a person to declare bankruptcy and/or severely affect credit rating. Related Mortgage Calculator | Auto Loan Calculator | Credit Card Calculator | Loan Calculator
