Loan Calculator

About Our Comprehensive Loan Calculator

This advanced loan calculator helps you estimate payments, total interest costs, and view amortization schedules for virtually any loan type. It also includes powerful early payoff calculation features to help you save money by paying off your loans faster.

Supported Loan Types

• Auto/Car Loans - For vehicle purchases, typically with lower rates due to vehicle collateral
• Mortgage Loans - For home purchases, typically offering the lowest interest rates and longest terms
• Construction Loans - Short-term financing for building projects, often converting to permanent mortgages
• Land Loans - For purchasing undeveloped land, typically with higher rates than mortgages
• DSCR Loans - Debt Service Coverage Ratio loans for investment properties based on property income
• Pool Loans - For swimming pool installation or renovation, often as home improvement loans
• Hard Money Loans - Short-term, high-interest loans from private lenders based on property value
• Mobile/Manufactured Home Loans - Specialized financing for factory-built homes
• Aircraft/Airplane Loans - Specialized financing for private aircraft purchases
• Bridge Loans - Short-term financing when buying a new home before selling your current one
• Farm/Farm Credit Loans - Agricultural financing for land, equipment, or operations
• ATV Loans - For all-terrain vehicle purchases, typically through dealerships or personal loans
• Personal Loans - General-purpose unsecured loans for various needs
• Student Loans - Educational financing with special terms and repayment options
• Business Loans - For commercial ventures and business expenses

How to Use This Calculator

1. Select your Loan Type from the comprehensive list of options
2. Enter the Loan Amount you plan to borrow
3. Choose your preferred Currency for display purposes
4. Select the Interest Type (fixed or variable)
5. Enter the Interest Rate as an annual percentage (defaults provided based on loan type)
6. Specify the Loan Term in years or months
7. Choose your Payment Frequency (monthly, bi-weekly, weekly, etc.)
8. Set the Start Date when payments will begin
9. Optionally enable Early Payoff Calculations to see how you can save money
10. Optionally include an Origination Fee if applicable
11. Click the Calculate button to see your results

Early Payoff Calculator Features

Our loan calculator includes powerful early payoff options to help you save money on interest:

• Monthly Extra Payment - Calculate how making regular extra payments shortens your loan
• One-Time Extra Payment - See the impact of making a single lump-sum payment
• Target Payoff Date - Calculate how much you need to pay monthly to pay off by a specific date

The early payoff calculator shows you:

• New payoff date with your extra payments
• Time saved compared to the original loan term
• Interest saved by paying off early
• New payment amount including your extra payment

Understanding the Results

• Payment Amount: The amount due for each payment period
• Total Principal: The original loan amount
• Total Interest: The total interest you'll pay over the life of the loan
• Origination Fee: Any upfront fee charged by the lender for processing the loan
• Total Cost: Principal plus interest plus any fees (the full cost of the loan)
• APR: Annual Percentage Rate, which reflects the true cost of borrowing including fees
• Payment Breakdown: Visual representation of how much of your cost goes to principal, interest, and fees
• Amortization Schedule: A detailed payment schedule showing how each payment is applied to principal and interest

Loan Tips to Save Money

• Choose shorter terms when possible - They typically have higher monthly payments but lower total interest costs
• Make bi-weekly payments instead of monthly - This results in making an extra payment each year
• Round up your payments - Even small extra amounts toward principal can add up significantly
• Make one extra payment per year - Apply your tax refund or bonus directly to principal
• Refinance when rates drop - But calculate closing costs to ensure the savings outweigh the fees
• Avoid extending your term when refinancing - This can cost more in the long run despite lower payments
• Compare loan offers by APR - This includes fees and gives a more accurate comparison
• Check for prepayment penalties - Some loans penalize early payoff, especially in the first few years

FICO Score Impact on Loan Savings

Your FICO credit score significantly impacts the interest rate you'll receive on loans. A higher score can save you thousands over the life of your loan. For example:

• On a 30-year $300,000 mortgage, the difference between a 650 and 750 credit score could save you over $30,000 in interest
• For auto loans, improving your score by 100 points could reduce your rate by 2-4%
• Personal loan rates can vary by 5-10% based on credit score ranges