Loan calculator – find out the actual loan costs

The loan calculator helps to you to determine the interest, costs and a suitable monthly instalment. Find out with the calculator how the loan sum and loan period affect the monthly instalment and loan costs.

The share of the costs for a loan, credit card or instalment are sometimes difficult to figure out without a loan calculator. The calculator shows what the loan or credit costs are composed of and how much of the loan they account for. We will also calculate the number of instalments for you. This way you get better control over your finances and will know how much you pay in interest expenses and loan servicing costs.

Remember too that you can control your finances better by putting your existing credit card and instalment debt into one combination loan. This way you can get your finances back on track.

The loan period affect the costs. Use the calculator to see how changing the loan period by just a few years changes the loan costs significantly.

A long loan period reduces the monthly repayment sum, but you will accrue interest over a longer period, even if the interest rate on the loan is low.

However, you should not put your finances under too much strain by paying excessive monthly instalments in the hope of lower interest costs. A suitable monthly repayment is scaled to suit your finances so that it is easy for you to pay, even if you need to spend a little extra on surprising outgoings in some months.

If you wish, you can always repay your loan in larger instalments than originally agreed – this will reduce the amount of interest you pay to the bank.

If possible, submit an application with a co-applicant. The co-applicant could be your spouse or cohabitant partner, for example.

From the bank’s perspective, it is safer to grant consumer credit to two applicants, because the loan will be paid back by two persons. Applications submitted by co-applicants will often receive consumer and general-purpose credit at better loan terms. 

The loan interest is not the only cost you should look out for. Other costs may be opening fees, handling fees, monthly fees, account management fees and invoicing fees.

Low interest rate does not always mean the cheapest loan, because various expenses are embedded in loan costs. These other costs may increase your loan costs considerably, so what appeared to be a cheap loan actually isn’t. This is why comparing loans solely on the basis of interest rate can be misleading.

When comparing loan offers, it is important to compare their overall costs. To do this, you should look at the annual percentage rate, which is always included by Sortter in its loan comparisons.

It is always a good idea to compare the interest rates on unsecured forms of credit before you take out a new loan. It does not take much effort to compare the interest charged for credit, and you can avoid paying unnecessary credit fees and find loan conditions that suit you.

It is also wise to obtain regular competitive offers for the interest on your existing debts, part-payment agreements or credit cards. Old credit agreements can be paid off with a more affordable loan, leading to lower credit costs and more money in your pocket.

The loan with the lowest interest rate may not necessarily be the best value overall. For this reason, it is worth comparing the annual percentage rates of interest, which indicate the total costs of each loan. At Sortter, we always compare loans according to the annual percentage rate.

We are a fully Finnish banking and finance comparison platform. We are always on the side of consumers – comparing prices, but we do not actually grant any loans. You can submit a loan application through us, after which banks and financial institutions will make loan offers to you.

We can help you identify the most competitive consumer credit offered by banks and financial institutions free of charge.

• Apply for consumer credit, we will compare offers for you for free
• You can reach dozens of banks and financial institutions with a single application
• You can apply for consumer credit without collateral or guarantors

You can apply for a long between 1,000 and 60,000 euros for a variety of uses and life situations. The most common loans are renovation loan, car loan, wedding loan and combination loan.

Taking a loan can be a less expensive way of financing a car than a financing agreement with a car dealership or your own bank. With a can loan, you are considered a cash buyer, meaning that you do not have to worry about the last, higher instalment, called residual payment.

Renovations make for a more comfortable home and boost the value of your home. Take out a renovation loan when you hire someone to do the renovation for you.

Consumer credit or flexible credit is good for financing a variety of purchases and needs. The loan period is flexible: 1 to 15 years.

The loan calculator helps you to see expenses of an existing loan, but also to check the costs of a new loan very accurately. The calculator can also perform a loan stress test.

Applying for a loan and getting competitive tenders from banks is safe and easy through Sortter – and it’s always free for consumers. 

The loan comparison works as follows

1. Submit a loan application on the Sortter website
2. Compare the loan offers
3. Select the loan that suits you best
4. Submit the attachments requested by the loan provider (such as income certificate)
5. Sign the loan agreement with the loan provider using your banking credentials or mobile certificate
6. The money will be paid into your account very quickly – sometimes even on the same day