When it comes to understanding loans and repayments, things can get a little complicated. This is why WPForms has created the Loan Calculator Form Template that helps your website visitors in various aspects related to financial planning.
How Does the Loan Calculator Form Template Work?
The Loan Calculator Form Template requires the WPForms Pro license, since it uses the Calculations Addon to automatically calculate different aspects of a loan and break it down into easy-to-understand information. Fields include:
- Name: This field captures the identity of the user, making the calculator feel more tailored and engaging.
- Email: If users wish to receive their loan calculation details for future reference, they can provide their email address.
- Loan Amount: Users can enter the total amount they wish to borrow, determining the basis for the subsequent computations.
- Loan Terms (Years): With an interactive slider, this field allows users to select the duration of the loan, catering to a variety of loan durations.
- Interest Rate: The interest rate can be adjusted using a slider. This feature makes it easy for users to see how varying interest rates affect their loan repayment.
- Monthly Payment: The outcome of the inputted data; this field automatically calculates the monthly payment amount. It gives users a clear idea of their monthly financial commitment.
- Total Interest Paid: This auto-calculated field informs the user about the total interest that will be paid over the life of the loan.
- Total Loan Payment: This auto-calculated field provides the total amount that will be paid by the end of the loan term, including both principal and interest.
Sign up with WPForms today and access the Loan Calculator Form Template. It is the perfect tool for financial websites, banking portals, and any business that deals with lending to enhance user interaction on their sites significantly.