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|  | | Size of affordable loan
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|  | | |  This calculation uses well-known equations to find how large a loan is affordable, based on a maximum affordable monthly repayment, nominal interest rate, and payment schedule. It also finds how much is repaid in total over the whole period.
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| | |  Enter your desired monthly repayment, the nominal interest rate (fixed), and the time to completely repay the loan or mortgage. Remember that the "true interest rate" is not the same as the "nominal interest rate" (although it is very close), since it depends on the frequency that interest is compounded. This calc assumes monthly compounding. Another calc is available to find what the expected monthly repayment for a particular loan size is. | | ||||||
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© Andy & Steve Shipway 2008