New York, NY -- (SBWIRE) -- 07/22/2013 -- Taking out a loan can be a nerve wracking financial arrangement. No one likes to be in debt, but sometimes it’s necessary. Much worse than being in debt, however, is being in debt that is unaffordable. That’s why it’s vital to carefully consider any loan, and to fully understand all of the financial responsibilities that will be taken on as a result of the arrangement.

One piece of software that is helping people make sense of loans is Free Loan Payment Calculator, a new software application designed to crunch the numbers related to a loan. It’s already getting a reputation as a vital software tool for anyone considering borrowing money.

The loan calculator is designed to help calculate repayments for a fixed term loan. The user simply enters the amount the loan is for, the length of the loan term, the interest rate, and any down payment or deposit that may be involved. The software then tells the user exactly how much their monthly repayment will be, as well as useful extra information like how much money they will have to pay in total, and how much of that will be interest and how much will be repaying the principal. Users can even opt to print out a payment schedule.

A spokesperson for the company said: “A loan is a big financial responsibility, and many people have found themselves in serious financial trouble by taking out loans that they can’t afford. People generally enter into these arrangements because they don’t fully understand the implications. They are uncertain about exactly how much they will have to pay every month, or for how long. Our loan payment calculator is designed to help people avoid this type of situation. The user just needs to enter information about the loan they are considering taking out, and the software will let them know all of the pertinent details. This is incredibly useful for anyone who is considering borrowing money, and best of all we’ve made it available absolutely free.”

About Free Payment Calculators
Free Payment Calculators is a software house that creates payment calculators that demystify the world of finance for consumers. They help people fully understand the financial arrangements that they enter into, whether it’s a loan, a mortgage, or a car loan.

For more information please visit: http://Download.Cnet.com/Free-Loan-Payment-Calculator/3000-2057_4-75937893.html