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Loan Calculator
Enter the three (3) known fields,
then press the button under the field you wish to calculate.
Principal
Amount		 # of
Months		 Interest
Rate
(Decimal)
Canadian
 Monthly
Payment
(Principal & Interest)
$ % $
You'll pay a total of $ over the life of this loan.

Copyright© 1997- MyCalculators.com

First Payment Due in , of the year
View simple Amortization Schedule
View Amortization Schedule with Date and Annual Interest Paid
View schedule with year-end annual totals only!


You must solve for one of the values in the calculator before you run the amortization schedule.
  • Canadian Mortgages
    If you have a Canadian mortgage, check the "Canadian" box under the Interest Rate field.  Canadian mortgages compound interest twice annually instead of monthly.
    Note:
  1. Due to rounding, the calculations may differ by a few cents from those of your lending institution. This calculator is intended to be used only as a guide.
  2. The interest rate is compounded monthly - as is the case for most U.S. loans.  If Canadian is checked, interest is compounded twice annually.

Click here or scroll down to see many more loan calculators!


EXAMPLE CALCULATIONS:

  1. If you want to calculate how much a mortgage payment will be on a $200,000 mortgage at 7.25% interest for 360 months, you would enter:
        • 200,000 for Principal Value
        • 360 for Months
        • 7.25 for Interest Rate
        • Press the Payment button, and you'll see that your payment would be $1,364.35.

      Note: If you look down the amortization schedule, you'll see the final payment is $1,368.15.  Some lenders don't like the final payment to be greater than the regular payment so they'll add a penny to the regular payment.  You can do this on this calculator simply by adding a penny to the payment and solving for "Months".  The # of months won't change much, if at all.  Now you can view the schedule again to see the difference it makes.  In this case, you'll make 359 full payments of $1,364.36 and a final payment of $1,354.67.

  2. Now, using the example above, let's say you can make extra monthly principal payments and you would like to round your payment up to $1,500/month. How long will it take to pay off your mortgage?
        • Leave everything the same, just enter 1500 for Payment and press Months.
        • It will take only 272 months to pay off your mortgage! (271 full payments of $1,500 and a final partial payment of $1,306.08.)
        • So, paying that extra $135.65/month will save you almost 7.5 years of payments, and about $83,363 in interest!

  3. Suppose you want to buy a car, but you don't want to spend more than $250/month for payments. You can get a 4 year car loan at 9%. How much of a car can you buy? You would enter:
        • 48 for Months
        • 9 for Interest Rate
        • 250 for Monthly Payment
        • Press the Principal button, and you will see that you could buy a $10,046.20 car with no down payment (or put more money down on a more expensive car).



Miscellaneous Loan Calculators

These calculators deal with many different loan situations.  You'll probably never need any of them, but in case you're looking for something specific, and possibly uncommon, I've included these. 
(Some were created years ago, so the schedule may be different.)


3/1 ARM Calculator - The rate is fixed for a period of 3 years after which it becomes adjustable.
I've never been a big ARM (Adjustable Rate Mortgage) fan.  However, I do appreciate their use - especially for those who are planning to move, refinance, or payoff their loan in a few years.  This calculator can help you see the impact of an adjustable rate mortgage over the years.  It's more of a planning calculator.  Obviously, you don't know where rates are going to be in the future.  My suggestion is to input the worst case scenario for your ARM.

5/1 ARM Calculator - The rate is fixed for a period of 5 years after which it becomes adjustable.
See explanation for 3/1 ARM above...

Balloon Payment Calculator
With this balloon payment calculator you can get the monthly and balloon payment or just the balloon payment itself.  It's also useful as a payoff calculator.

Loan Calculator with Extra Payment Options
This is very similar to my regular loan calculator.  However, instead of just being able to input extra monthly payments, you have the option to input extra quarterly, semiannual, annual or one time only payments -- and print out an amortization schedule.

Loan Calculator with Weekly Payments
...Pretty self explanatory...

Loan Calculator with Fixed Principal Payment
This Loan Calculator deals with a fixed principal payment and varying interest payment.  Therefore, the payment is different (and decreases) each month.  You can input 0 for the payment and fill in the rest of the fields and get a schedule of interest only payments.

Loan Calculator with Annual Payment
...Pretty self explanatory...






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Copyright© 1997- MyCalculators.com