Use the loan calculator to assess how much you can borrow now or in the future. The loan calculator makes it easy for you to understand the real cost of borrowed money and how big interest payments can be.
See how different terms of borrowing affect the loan repayments. First enter the borrowed amount or the size of the instalment, and then give different values to the rest of the factors. This allows you to see how the pay-back time, the number of instalments and the size of the interest rate affect a single instalment or how big a loan you can service with a given instalment.
NB! The highest annual interest rate in the loan calculator is 25%, but many loans come with a higher interest rate. For example, the real annual interest rate of an instant credit facility can be hundreds of per cent.
The calculator is suitable for the calculation of an annuity loan, in which the instalments consisting of the interest rate and loan repayment are the same throughout the repayment period. The share of the interest rate and loan repayment out of the total sum may change. In the early part of the pay-back period, the instalment is mostly made up of the interest rate and conversely towards the end of the period of the body of the loan.
The loan calculator assumes that the interest rate remains unchanged throughout the loan period. Most Finnish bank loans are tied to variable interest rates ie the interest rate changes as and when the reference rate changes. Changes in the reference rate are generally not known in advance.
The loan calculator is designed to serve as a teaching aid and is unable to take into account all costs involved in taking out a loan. Do not make a decision to take out a loan on the basis of this calculator.