Mortgage comparison calculator is known as All-In-One Loan Comparison Calculator. It is based on excel spreadsheet and google spreadsheet templates. This is used as Home Mortgage Comparison Calculator, Home Renovation Mortgage Comparison Calculator, Car Loan Comparison Calculator, Auto Mortgage Comparison Calculator and Two-Wheeler Mortgage Comparison Calculator. You can also use this tool as Personal Mortgage Comparison Calculator, Payday Loan EMI Comparison Calculator, Line of Credit Comparison Calculator, Agriculture EMI Comparison Calculator, Mortgage Comparison Calculator Against Credit Card / FD / Savings / Gold / Stocks / Mutual Funds, Credit Card Loan Comparison Calculator, Education Loan EMI Comparison Calculator, Consumer Durable EMI Comparison Calculator, SME / Small Business Mortgage Comparison Calculator and many more.
- 1 What is a Loan?
- 2 Types of Loans
- 3 What is the use of Loan Comparison?
- 4 Who can Use Mortgage Comparison Calculator?
- 5 How to Use Loan Comparison Calculator?
- 6 Conclusion
What is a Loan?
Loan means financing money through one or more companies, entities, organizations, individual persons and so on. The receiver of loan is called as borrower. He is liable to repay their principal amount borrowed along with the interest on it. Financing is the main activitiy for different types of banking institutions and other financial service providers.
A legal document of the loan involves the reallocation of the asset(s) for a specific period of time. It is duly sign and agreed by both the parties (loan provider and borrower). In this document information like: loan borrowed, loan tenure, annual interest rate charged along with repayment method.
Types of Loans
Let us see the different types of loans products available in the today’s market. You can use the loan comparison calculator to compare different loan types from different lenders.
Vehicle / Auto Loans
Auto loans are similar to business loan or any other types of mortgage loan. Here asset is pledge as collateral against loan. This means that you can lose your car, if you fail to repay the loan. You can choose loan types from banks or auto dealers.
When you are buy some kind of real-estate assets, then mortgage loan is probably the only option for you. These types of loan usually offers lower interest rate as these are highly secure loan types. Secured loan means, when you fail to repay loan in a timely manner, the loan provider can take possession of your assets legally. Mortgage loans are often structure in the range of 10-years to 30-years terms.
Usually business loan is given by local banks for the customers who are looking to expand a business or start a business. Business loans are often secure loans. In these, you need to pledge your personal assets as security to get business loan.
This types of loan mostly used for almost any personal expenses. It is categorize under unsecured loan. Usually interest rates are much higher than any other secured financing options. Credit history is one of the factor to determine interest rate by lender. You can avail such loan for any purpose. For example: buying a new television, vacation trip, repayment of credit card bills, etc.
Lines to Credit / Home-Equity Loans
In such types of loan, property owners can easily borrow loan towards equity of their house. Usually loan amount is based on property valuation. These loan types are useful for an education expenses, medical bills, asset renovation, improvement or additions. Your home equity loan creates a lien (right to keep possession) against the borrower’s asset as well as reduces real home equity. Line of credit means extending credit facility when you are in need of funds. It is similar to home equity loans.
Loan against Insurance / Mutual Funds / FD / Savings / Gold / Stocks
This types of loan are similar to mortgage loans. Here borrower gets the loan by pledge these types of assets as collateral. Not all types of insurance policies, mutual funds or stocks are qualified for such types of loans. Loan amount is evaluated on the asset valuation. Maturity benefits are consider in case of fixed deposits and insurance policies.
Payday Loan / Cash Advances
Payday loan or Cash Advances are sort-term types of loan. When you are in need of cash quickly, cash advances can be good option for you. These types of loans usually have very high interest prices. You need to provide post-dated check or by electronic clearing service to repay the loan.
College or university students usually apply for education loan to cover the expenses of higher education. Typically, there are two sub-categories for such types of loan. There are types like: subsidized and unsubsidized loans. In subsidize loan, government provide some benefits or relaxation of interest for few years of your education loan. In unsubsidized loan, education loan is treated as any other loan types.
What is the use of Loan Comparison?
Loan comparison means comparing different types of loan data from different lenders. Different banks provide different interest rates based on your credit score and credit history. Many times loan amount differ based on asset valuation. Evaluating customer financial data is one of the crucial role of banks and financial institutions. In such times, mortgage comparison calculator is an effective tool to analyse the offer given by different lenders. You can choose the right option according to your requirement.
Who can Use Mortgage Comparison Calculator?
Here we have provided loan comparison calculator called as mortgage comparison calculator with this article. You can download excel based calculator with interactive charts and table. You can use this loan comparison calculator as below calculators.
- Home Mortgage Comparison Calculator / House EMI Comparison Calculator
- Home Renovation Loan EMI Comparison Calculator
- Vehicle Loan Comparison Calculator / Auto Loan EMI Comparison Calculator
- Two-Wheeler Loan Comparison Calculator / Bike EMI Comparison Calculator
- Personal Loan Comparison Calculator
- Payday Mortgage Comparison Calculator
- Line of Credit Comparison Calculator
- Agriculture EMI Comparison Calculator
- Credit Card EMI Comparison Calculator
- Student Loan / Education Loan EMI Comparison Calculator
- EMI Comparison Calculator Against Credit Card / FD / Savings / Stocks / Mutual Funds
- Consumer Durable Product EMI Comparison Calculator
- SME / Large / Small Business Mortgage Comparison Calculator
- Gold Loan Comparison Calculator
- And Many More Types of Loans
How to Use Loan Comparison Calculator?
It is really a simple excel based spreadsheet tool. You need to enter loan details in Loan Comparison Calculator sheet. In this sheet, you can compare up to 10 data at a time. Loan comparison data along with the charts will automatically be calculated. You can select couple of options from it.
Navigate to Loan EMI Calculator sheet in excel for in-depth analysis. In this sheet you can select the data based on bank name from the dropdown list. Your basic loan data will automatically loaded after selecting bank. Here you can modify data and play with EMI payment method, interest only payment and extra pre-payment fields. You can use this tool to compare loan pay-off date by changing data as well.
All the features available are well explained in the video. You can download the excel spreadsheet and google spreadsheet tool from the link and play with it. This tool is absolutely free to use, customize and modify it for internal use. You can customize the spreadsheets as per your requirement. This spreadsheets are not lock with password. These tool cannot be use to sell, re-sell, sell with customized features or host as free. You will need a written approval for any such listed activities. Hope you will enjoy it.
You will definitely see the advantages of All-In-One Loan Comparison Calculator in your business. You can download google spreadsheet or excel spreadsheet and get full control to edit, modify and customize it according to your requirement. Let us know your feedback, if you have like it.
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