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Mortgage & Loan Calculator

Enter the three (3) known fields,
then press the button next to the field to calculate.
Loan Amount$
# of Months 
Interest RateCompounded:   %
Monthly Payment
(Principal & Interest)
You'll pay a total of $ over the life of this loan.
First Payment Due
View simple schedule.
View detailed schedule.
View schedule with year-end annual totals only.

To view the schedule, all input fields must contain a value.

  • Most loans (mortgage and other) in the United States compound interest monthly.
  • Mortgage loans in Canada compound interest semi-annually.
  • 30 years = 360 months
  • 25 years = 300 months
  • 20 years = 240 months
  • 15 years = 180 months
  • 10 years = 120 months
  •   5 years =   60 months
  •   3 years =   36 months

  1. If you want to calculate how much a mortgage payment will be on a $200,000 mortgage at 5.00% interest for 360 months, you would enter:
    • 200,000 for the Loan Amount
    • 360 for Months
    • 5 for Interest Rate (Compounded Monthly)
    • Press the Payment button, and you'll see that your payment would be $1,073.64.

    Note: If you look down the amortization schedule, you'll see the final payment is $ 1,076.47. 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 that 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 $1,073.65 and a final payment of $ 1,068.30.

  2. Using the example above, let's say you can make a higher monthly payment. You would like to round your payment up to $1,200/month. How long will it take to pay off your mortgage?
    • Leave everything the same, just enter 1200 for Payment and press Months.
    • It will take only 286 months to pay off your mortgage! (285 full payments of $1,200 and a final partial payment vof $170.76.
    • So, paying that extra $126.36/month will save you a little more than 6 years of payments, and about $44,342 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 3.9%. How much of a car can you buy? You would enter:
    • 48 for Months
    • 3.9 for Interest Rate (compounded Monthly)
    • 250 for Monthly Payment
    • Press the Principal button, and you will see that you could buy a $11,094.18 car with no down payment -or put more money down on a more expensive car.

  4. Miscellaneous Loan Calculators

    These calculators deal with many different loan situations. You'll probably never need any of them, but they're here in case you do.
    (Some were created years ago, so the schedule may be different.)

    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.

    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 pay off calculator.

    ...Pretty self explanatory...

    ...Pretty self explanatory...

    ...Pretty self explanatory...

    ...Pretty self explanatory...

    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.

    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.

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

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