Loan calculators

Start with the general loan calculator

If you just want a payment figure and a full schedule for a fixed-rate loan, the general loan calculator does that in one screen. The six calculators above add the parts that differ by product — tax treatment, trade-ins, origination fees and the like.

Then read the guide that goes with it

A calculator answers “how much”. These answer “should I” — each one works through real figures rather than rules of thumb.

• How loan amortization works — The formula term by term, a worked month-by-month example, when principal finally overtakes interest, and why extra early payments save so much.
• How to compare loan offers — Why the headline rate is not the comparison, the three numbers that are, and how to work out whether discount points are worth paying.
• APR vs interest rate — What each number actually measures, what APR leaves out, and the cases where comparing APR will lead you to the wrong lender.
• Biweekly payments: what they really save — How paying half your mortgage every two weeks works, the exact saving on a worked loan, and the fees and pitfalls to avoid first.
• Refinance break-even point — How to work out the month a refinance pays for itself, why a shorter term can raise your payment and still save six figures, and when not to refinance.
• 15-year vs 30-year mortgage — The same loan on both terms, side by side: what the shorter term saves, what it costs each month, and the affordability test that decides it.
• How much house can I afford? — Why the price a lender approves is not the price you should pay, how the debt-to-income rules work, and what the monthly figure has to cover beyond principal and interest.
• How to remove PMI from your mortgage — Why mortgage insurance ends when the balance crosses a threshold rather than after a fixed number of years, what it costs on a worked loan, and how a larger down payment or extra payments bring the date forward.
• Debt-to-income ratio — How front-end and back-end ratios are built, what counts towards them, where the commonly quoted ceilings come from, and what each ceiling buys in house price.
• Closing costs explained — The three groups on a closing bill, what can be negotiated and what cannot, and the arithmetic of discount points — including why buying twice as many points barely changes the break-even month.
• How to pay off a loan early — Why the same extra payment saves several times more interest early in the loan than late, worked through a mortgage and a car loan, and the cases where paying ahead is the wrong choice.
• How to refinance a mortgage — Why a lower rate can still cost you more: a 6.50% to 6.00% refinance cuts the payment by $371.38 and adds $93,849 of interest, while the same rate on a 20-year term saves $17,788.
• FHA vs conventional loan — The same 6.50% rate on both products, so only the structure differs: FHA's 3.5% down payment saves $5,250 at closing and costs $72.95 a month, and the down payment advantage is exhausted after 71.97 months.
• Rent vs buy: the break-even year — Buying is $38,538 more expensive than renting in year one and does not catch up until year 11. The full model, and how the answer moves when appreciation changes.
• HELOC vs home equity loan — The same $60,000 at the same 8.00% costs either $27,356 or $108,447 in interest. What the two products share, where they diverge, and why the draw period drives the whole bill.
• How much down payment do I need? — What 3.5%, 10% and 20% down really cost: 20% down saves $105,249 over the life of the loan, while the $40,000 you keep back is worth an implied 10.72% a year over seven.
• What is an escrow account? — What actually flows through it, how the cushion is set, and why a 10% tax rise costs $40 a month once the account settles but $80 a month in the first year.
• Cash-out refinance vs HELOC — A cash-out refinance looks cheaper but reprices the loan you already had: $110,405 more interest in total, with a monthly payment $257.47 lower than the HELOC route.
• Fixed vs adjustable rate mortgage — An ARM saves $104.06 a month for five years and hands it back in 35 months if the rate resets to 7.50%. The whole sensitivity table, from 6.00% to 8.00%.
• Mortgage preapproval vs prequalification — The same DTI rules, two different meanings of the word income: a $39,600 bonus only half recognised costs $60,361 of buying power, and a 0.75-point rate rise costs another $20,652.
• What if the appraisal comes in low? — A $405,000 appraisal on a $420,000 contract leaves a $13,500 cash gap — and the gap is LTV × the shortfall, so a smaller down payment means a bigger bill. All three ways out, priced.
• How much home equity do I have? — $180,000 of equity is only $80,000 you can borrow, and a 10% price fall halves it. The three different answers to one question, with a full price-shock table.
• Debt consolidation vs a home equity loan — The 8.00% loan costs $3,208 more than the 11.50% one, because ten years beats five. Why the lower rate loses, and what the house is actually being put up against.

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