How Much of a Loan can I Afford?
How much of a loan can you afford to take out? This calculator will help you answer that question.
Shopping for a car or boat or looking to take out a home equity loan? This calculator should give you a rough idea of how much loan you can afford to take based on the monthly payment you can make and the current interest rate. Once you are ready, you'll need to get professional loan advice on your actual affordability. Other factors include your credit rating, collateral and fees that you pay up front or roll into the loan.
- I can Afford Payments:
- The monthly amount you want or can afford to pay for a loan payment
- Loan Term
- How long do you want to pay back the loan in years or months? What is the term of your loan?
- Interest Rate
- The annual stated rate of your loan.
- Loan You can Afford
- This is likely the amount of the loan you can afford to take.
This loan calculator assumes compounding and payments occur monthly. Your actual loan may vary but this estimate should still give you a good idea of about how much you can afford.
You can also create a table of payments if you want to investigate various mortgage loan options.
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