Feel free to use our interactive secured loan calculator. Then enter the interest rate and press the calculate button. The results are calculated using the generic compound interest formulae and show the monthly repayment and the monthly interest charged by the lender. For comparison purposes, which some find useful, an alternative monthly repayment figure is displayed below assuming an interest rate of 5.5% is charged.
A secured loan is nothing more than a loan that is "secured" or "backed" by a borrower's collateral. The secured loan calculator is used to determine which secured loan is right for you. This article gives step by step directions on how to use a secured loan calculator.
Also understand that the secured loan calculator will help the borrower to estimate their interest and monthly cost of a loan to help the borrower make an informed decision about what is in the best interest for their personal goals. The next step is to input the terms of the desired loan. Now add the interest rate. Using a secured loan calculator is as simple as putting figures into a calculator.
