Free Loan Calculator

With the standard formula for a fixed-rate loan: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount, r the rate per payment and n the number of payments. Each payment covers that period's interest first and the rest reduces the balance.

The rate per payment is the yearly rate divided by the number of payments a year (26 or 52), and the term has that many more payments. Paying every two weeks means 26 half-size payments a year, which pays the loan off a little faster than 12 monthly ones.

Every extra amount goes straight to the principal. Less principal means less interest at every later payment, so the loan ends sooner. The calculator shows the interest you save and how much sooner you finish.

The home price, down payment, interest rate and term, plus property tax and home insurance, which are added to each payment. Mortgage insurance (PMI) and HOA fees are not included; add them to the insurance amount if you pay them every month.

Yes. Choose from 35 currencies. Amounts are rounded to the currency's smallest unit, so yen have no decimals.

Lenders may count interest by the day, round differently or add fees. This calculator rounds each payment's interest to the cent and adjusts the last payment, which is what most amortization schedules do.

Yes. It is free with no sign-up, it calculates in your browser, and your numbers are only saved in your own browser for next time.