(PRWEB) January 14, 2014
aCalculator.com, a website that offers online financial help through various free to use tools and resources, has recently added new financial calculators to its extensive database. The financial experts who have helped create the website, and are also maintaining it through constant updates, have recently shared their insight into the newly added balloon loan calculator. The calculator is a part of several new loan related calculators added recently to the list.
According to the spokesperson for the website, balloon loan is becoming a commonly preferred option but people are still required to be properly educated regarding its pros and cons. Filling the void for such information, the spokesperson said, “Borrowers are becoming smarter than they were a few years ago. Instead of high-interest long term loans, they are choosing short term low interest loans. Therefore, we see a rise in balloon loans. Yet, as experts, we think that there is still a majority which can benefit from this option, but is not aware of it.”
Highlighting some of the benefits of balloon loans, the spokesperson explained that these loans carry a very low interest rate. However, the major difference he pointed out between a regular loan and a balloon loan is that the term duration is fixed and the borrower has to pay the remaining principle in full after the term has ended.
The spokesperson further stated that financial experts who work for aCalculator.com stress the importance of using a calculator before choosing such options. “There are some risks involved in such low interest rate options. First of all, if the lump sum amount is not available for payment at the end of the term, the borrower has to look for refinancing options but with another loan program. The calculator can give you an idea of whether the odds will be in your favor or not,” he added.
The calculator is simple to use as it requires very few input values such as monthly payments, interest rate and amortization period etc. It gives an estimate of how much the balloon payment will be at the end of the term. Users can view the balances in the form of a graph, and also take a look at the payment schedule.
All the tools on the website are properly categorized and the balloon loan calculator is a part of the loan calculator list. It is a completely free to use tool. However, information on purchasing the White Label service for a customized version can be found on http://www.acalculator.com.
aCalculator.com is a leading financial help website that offers budgeting and financial calculation tools for free. The website currently features 300 different calculators ranging from mortgage calculator to long term care calculator. The website caters to users from USA, Canada, and Australia by providing them essential tools to help them plan their financial future. To contact them, please use the following details:
Contact Number: (800) 333-0888