This simple loan calculator lets you solve for the Principal, Rate, Term, or Payment for a fixed-rate
loan or mortgage. The calculator estimates the Total Interest
paid over the course of the loan.
The payment includes Principal+Interest, but not Insurance and Property taxes. It does not take into account rounding, so the estimate may be off be a few dollars. Note also that the "bi-weekly" payment option is not the same as "accelerated bi-weekly" payments, in which an extra payment is made.
Solving for the Rate requires iteration, and there may be zero or more solutions. When the solver fails to converge, you'll get an error such as "Could not solve for Rate". The rate is rounded to the 6th decimal place.
Extra Payments: To estimate the effect of making extra payments, follow these 2 steps ...
Step 1: Calculate the normal payment. For example, a 150,000 loan at 5% for 30 yrs = $805.23 per month. Write down the total interest, which is about $139,884
Step 2: Clear the Term field and add $100 to the monthly payment so that the Payment field is $905.23. Press Calc and you'll see that the loan is paid off after 23.5 years (the calculated Term) and the total interest is about $105,279, saving you about $34,600 in interest. In this calculator, we have defined the "Term" as the number of years to pay off the loan.