Loan Calculator Guide
Our loan calculator helps you make informed decisions about your loans. This guide explains how to use each feature effectively and understand the results.
Loan Types
Choose from four main loan types:
Home Loan
For mortgages and home refinancing. Includes property tax and insurance calculations.
Auto Loan
For vehicle purchases. Includes car insurance in total cost calculations.
Personal Loan
For general purposes like debt consolidation or major purchases.
Student Loan
For education financing. Includes federal and private loan options.
Basic Inputs
Essential information needed for calculations:
- Loan Amount: The total amount you plan to borrow
- Interest Rate: Annual interest rate as a percentage
- Loan Term: Duration of the loan in years
- Payment Frequency: Monthly, bi-weekly, or weekly payments
Pro Tip: Use the sliders for quick adjustments or type exact values for precision.
Additional Costs
Optional costs that affect total payment:
- Down Payment: Initial payment reducing the loan amount
- Property Tax: Annual property tax for home loans
- Insurance: Home or auto insurance costs
- PMI: Private Mortgage Insurance for home loans with less than 20% down
- Extra Payment: Additional monthly payment to reduce loan term
Understanding Results
Key calculations explained:
- Monthly Payment: Regular payment amount including principal and interest
- Total Payment: Sum of all payments over the loan term
- Total Interest: Total interest paid over the loan term
- Total with Taxes & Insurance: Including additional monthly costs
- Years Saved: Time saved by making extra payments
Note: Export results to PDF for detailed payment schedules and summaries.
Tips for Best Results
- Use accurate interest rates from your lender
- Include all known fees and insurance costs
- Consider different down payment amounts
- Try various loan terms to find the best fit
- Calculate the impact of extra payments