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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)
First Payment Due
View simple schedule.
View detailed schedule.
View schedule with year-end annual totals only.

You'll pay a total of $ (P&I) over the life of this loan.

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.

  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:
    • 200000 (or 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 of $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.

I've seen several loan calculators that include other fees (taxes, insurance, PMI, HOA, etc...) in the calculation. I have intentionally left them out because they are subject to change frequently and mess up the schedule. If necessary, adjust your payment accordingly.

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