My Loan Calculator
My Loan Calculator is a powerful calculator for evaluating mortgage loans, car and auto loans, and other types of fixed-rate consumer and student loans, as well as credit card debt. The loan calculator tells you the overall interest you'll end up paying over time, as well as the interest saved by making extra payments.
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Common Loan Questions
My Loan Calculator can help you answer some of these common questions:
- What will my monthly mortgage or auto payment be?
- How long will it take to pay off my credit card?
- How much could I save by paying off my high interest loan early?
- How fast could I pay off my house if I made extra payments?
- For a given monthly payment and rate, how high of a loan could I afford?
- How much interest will I pay on my mortgage the first year? the second year?
- What are the differences between two or three different bank loan options?
Main Features
- Solve for the Loan Amount, Rate, Length (Term), or Payment : This is one of the things that makes this calculate so powerful! You can answer many types of questions by solving for these different values.
- Save Up to 3 Loans : The calculator stores the loan information for up to 3 different loans. Switch between the loans easily, with just a single button.
- Payment Frequency Options : Choose from annual, semi-annual, quarterly, bi-monthly, monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly, or accelerated weekly payments.
- Amortization Schedule : The Schedule tab creates a loan summary and amortization table that you can view and email to yourself or a client. It shows the total interest and principal paid each year.
- Loan Comparison : Compare up to 3 loans side-by-side and email the results.
- Extra Payments : Use the slider to quickly see how making extra payments could lower your overall interest, or manually enter the extra payment amount. The maximum value setting for the extra payment slider can be changed in the Settings tab.
- Accelerated Payments : The accelerated bi-weekly and weekly options automatically calculate the extra payment such that the total payment comes to 1/2 or 1/4 of a normal monthly payment.
- Compounding Options : US Mortgages are compounded Monthly, Canadian Mortgages are compounded Semi-Annually, and other types of loans may set the compounding to be the same period as the payment frequency. All 3 of these choices are available in the Settings.
- Help : Mortgages and financial terms can be confusing sometimes, so we've included a built-in help tab that doesn't require you to connect to a web page. You can see the preview of the help content here: My Loan Calculator Help.
- Save Up to 3 Loans : The calculator stores the loan information for up to 3 different loans. Switch between the loans easily, with just a single button.
- Payment Frequency Options : Choose from annual, semi-annual, quarterly, bi-monthly, monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly, or accelerated weekly payments.
- Amortization Schedule : The Schedule tab creates a loan summary and amortization table that you can view and email to yourself or a client. It shows the total interest and principal paid each year.
- Loan Comparison : Compare up to 3 loans side-by-side and email the results.
- Extra Payments : Use the slider to quickly see how making extra payments could lower your overall interest, or manually enter the extra payment amount. The maximum value setting for the extra payment slider can be changed in the Settings tab.
- Accelerated Payments : The accelerated bi-weekly and weekly options automatically calculate the extra payment such that the total payment comes to 1/2 or 1/4 of a normal monthly payment.
- Compounding Options : US Mortgages are compounded Monthly, Canadian Mortgages are compounded Semi-Annually, and other types of loans may set the compounding to be the same period as the payment frequency. All 3 of these choices are available in the Settings.
- Help : Mortgages and financial terms can be confusing sometimes, so we've included a built-in help tab that doesn't require you to connect to a web page. You can see the preview of the help content here: My Loan Calculator Help.
Other Features
- Remembers your settings and loan information when you leave the app.
- Email the amortization schedule or loan comparison.
- Easily reset (clear) one or all of the loans.
- Copy a loan to a different 'slot' to reduce taps.
- Email the amortization schedule or loan comparison.
- Easily reset (clear) one or all of the loans.
- Copy a loan to a different 'slot' to reduce taps.
Support
If you have questions or comments, please view the Online Help or email us.