Before you take out any loan, do the payment shock test.

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Before you take out any loan, do the payment shock test. The Loan Calculator on BulkCreator dot com shows you the exact monthly payment for any loan amount, rate, and term. But here's the real test. Take that payment amount and transfer it to savings for three months. If you live comfortably without that money, you can afford the loan. If those months are tight, the loan is too big.

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