Free Financial Calculators - Loan, Mortgage, Interest

What is a Financial Calculator Hub?

This page puts four everyday money calculators in one place, as tabs, so that you can move from one question to the next without leaving the page. You can see what a home or a car will cost per month, how far savings can grow over time, and what monthly saving it takes to reach a target.

The examples on this page use US dollars and common US terms. The math is the same in any currency, but taxes, insurance and loan rules differ between countries.

The Four Calculators at a Glance

Tab	You enter	You get	Good for
Loan and Mortgage	Property price, down payment, interest rate, loan term	Monthly payment, total interest and an amortization chart	Buying a home, or any loan where you pay part of the price yourself
Auto Loan	Car price, down payment, interest rate, loan term	Monthly payment, total interest and total cost	Comparing car loans and loan terms
Compound Interest	Starting amount, interest rate, time, compounding frequency	The final amount and a growth graph	Seeing how savings or investments can grow
Savings Goal	Goal amount, time and an expected interest rate	The amount to save each month	Planning for a trip, an emergency fund or a down payment

How to Use the Calculators

1. Click the tab of the calculator that you need.
2. Enter your numbers. Type the interest rate as a yearly percentage.
3. Read the result in large type, and look at the chart where there is one.
4. Change one number at a time to compare options, such as a different down payment, term or rate.
5. Click Copy Result to copy the result, or Reset to clear the numbers and start again.

What You See on the Page

Item	Meaning
Tabs	Switch between the four calculators
Input boxes	Where you type amounts, rates and times
Large result	The main answer of the calculator you are using
Amortization chart	In the loan tab, shows how your payments are split between principal and interest over the life of the loan
Growth graph	In the compound interest tab, shows how the balance grows over the years
Reset	Clears the numbers in the current calculator
Copy Result	Copies the result of the current calculator

1. Loan and Mortgage Calculator

Enter the property price, your down payment, the yearly interest rate and the loan term. The loan amount is the property price minus the down payment. The calculator then shows your monthly payment, the total interest that you would pay over the term and a chart of how the payments are split.

The payment formula

M = P x [ r (1 + r)^n ] / [ (1 + r)^n - 1 ]

M = monthly payment (principal and interest)
P = loan amount (property price minus down payment)
r = monthly interest rate (yearly rate / 12 / 100)
n = number of monthly payments (years x 12)

If the interest rate is 0 percent, the monthly payment is the loan amount divided by the number of months.

Example

The rate in this example is made up and is not a current market rate.

Item	Value
Property price	$400,000
Down payment	$80,000 (20%)
Loan amount	$320,000
Interest rate and term	6.5% for 30 years (360 payments)
Monthly payment (principal and interest)	$2,022.62
All 360 payments added together	about $728,100
Total interest	about $408,100

In month 1, the interest is $320,000 x 6.5% / 12 = $1,733.33, so only $289.29 of the $2,022.62 payment reduces the loan, and the balance falls to $319,710.71. Month after month, the interest part gets a little smaller and the principal part a little bigger.

Reading the amortization chart

• Early payments are mostly interest. The balance is highest at the start, so the interest on it is highest too.
• Later payments are mostly principal. As the balance falls, less of each payment goes to interest.
• The payment itself stays the same every month, because the loan is a fixed-rate loan.

How the down payment changes the payment

Same $400,000 price, 6.5% and 30 years:

Down payment	Loan amount	Monthly payment (principal and interest)
$40,000 (10%)	$360,000	$2,275.44
$80,000 (20%)	$320,000	$2,022.62
$120,000 (30%)	$280,000	$1,769.79

A down payment below 20 percent often means that a lender asks for private mortgage insurance on a conventional loan. That is an extra monthly cost, and it is not in these numbers.

How the term changes the cost

Same $320,000 loan at 6.5%:

Term	Monthly payment	All payments added together	Total interest
30 years	about $2,023	about $728,100	about $408,100
15 years	about $2,788	about $501,800	about $181,800

The 15-year loan has a payment of about $765 more each month, and about $226,000 less interest in total. A longer term is easier on the monthly budget and costs much more in the end.

What the mortgage result does not include

• Property tax and homeowners insurance, which are usually part of the real monthly cost of owning a home.
• Private mortgage insurance, when a lender asks for it.
• Homeowners association fees and other regular charges.
• Closing costs and moving costs, which are paid when you buy.
• Maintenance and repairs.
• Rate changes. The calculator uses one rate for the whole term. An adjustable-rate loan can change.

2. Auto Loan Calculator

Enter the price of the car, your down payment, the yearly interest rate and the loan term. The calculator uses the same loan formula as above and shows your monthly payment, the total interest and the total cost, which is all the loan payments added together plus your down payment.

Example

The rate in this example is made up and is not a current market rate.

Item	Value
Car price	$30,000
Down payment	$5,000
Loan amount	$25,000
Interest rate and term	7% for 60 months
Monthly payment	$495.03
All 60 payments added together	about $29,700
Total interest	about $4,700
Total cost (payments plus down payment)	about $34,700

How the loan term changes the cost

Same $25,000 loan at 7%, with a $5,000 down payment:

Term	Monthly payment	Total interest	Total cost with the down payment
48 months	about $599	about $3,700	about $33,700
60 months	about $495	about $4,700	about $34,700
72 months	about $426	about $5,700	about $35,700

A longer term lowers the payment and raises the total cost. A car also loses value as it gets older, so on a long loan you can owe more than the car is worth for longer.

What the auto loan result does not include

• Sales tax, title and registration fees, which depend on your state.
• Dealer fees and any extras that are added to the loan.
• Insurance, fuel, maintenance and parking, which are part of the real cost of owning a car.
• Fees in the APR. The APR that a lender shows can include certain fees, so it can be higher than the plain interest rate. Enter the interest rate from your offer.

If the car price in your offer is before tax, you can estimate the tax with the Sales Tax Calculator and add it to the price.

3. Compound Interest Calculator

Enter a starting amount, a yearly interest rate, the time in years and how often the interest is added (the compounding frequency). The calculator shows the final amount and a graph of how the balance grows. The starting amount is a one-time deposit. The calculator does not add regular deposits. For regular saving, use the Savings Goal tab.

The formula

A = P x (1 + r/n)^(n x t)

A = final amount
P = starting amount
r = yearly interest rate as a decimal (5% = 0.05)
n = times the interest is added each year (1 = yearly, 4 = quarterly, 12 = monthly, 365 = daily)
t = time in years

Example

$10,000 at 5% for 10 years, compounded monthly (r = 0.05, n = 12, t = 10): the final amount is about $16,470, so about $6,470 of it is interest. This rate is made up and is not a promise of any real account.

Does the compounding frequency matter?

$10,000 at 5% for 10 years:

Compounded	Final amount
Yearly	about $16,289
Twice a year	about $16,386
Quarterly	about $16,436
Monthly	about $16,470
Daily	about $16,487

More frequent compounding gives a little more, but the difference is small next to the effect of the rate and the time.

Interest rate and APY

The rate that you type is a yearly rate. When interest is added several times a year, the real growth over one year is a little higher. That real yearly growth is the APY (annual percentage yield). For a 5 percent rate:

Compounded	APY
Yearly	5.00%
Twice a year	5.06%
Quarterly	5.09%
Monthly	5.12%
Daily	5.13%

Banks and lenders show rates in different ways and include different fees, so read the terms of your own account or loan.

Time is the biggest lever

$10,000 at 5% compounded monthly, with no deposits added:

Time	Final amount	Of which interest
5 years	about $12,834	about $2,834
10 years	about $16,470	about $6,470
20 years	about $27,126	about $17,126
30 years	about $44,677	about $34,677

The longer the time, the more of the growth comes from interest that earns interest. In real life, returns on investments are not fixed and can be negative, so the table shows how the math works and not what you will earn.

The rule of 72

A quick way to estimate how long it takes for money to double at a fixed rate is to divide 72 by the yearly rate.

Yearly rate	Rule of 72 estimate	Exact time (yearly compounding)
4%	18 years	about 17.7 years
6%	12 years	about 11.9 years
8%	9 years	about 9.0 years
10%	7.2 years	about 7.3 years

4. Savings Goal Calculator

Enter the amount that you want to reach and the time that you have. If you expect your savings to earn interest, enter a yearly rate, or use 0 if you do not want to count any interest. The calculator shows how much to save each month.

How it is worked out

monthly saving = goal x r / ((1 + r)^n - 1)

r = yearly rate / 12 as a decimal
n = number of months
If the rate is 0: monthly saving = goal / n

It assumes that you save the same amount at the end of every month, that interest is added once a month and that the rate does not change.

Examples

In these examples, you start with nothing saved. The 4% rate is made up and is not a promise of any real account.

Goal	Time	Monthly saving at 0%	Monthly saving at 4%
$20,000	5 years	$333.33	about $302
$20,000	10 years	$166.67	about $136
$10,000	2 years	$416.67	about $401

For the first row at 4%, you put in about $18,100 yourself, and about $1,900 of the $20,000 comes from interest. A longer time lowers the monthly amount a lot, because each deposit has longer to earn interest and because the total is spread over more months.

Tips

• Be realistic about the rate. Use a low rate or 0 if you are not sure, so that you do not plan on growth that does not come.
• Interest rates can change. The calculator assumes one fixed rate.
• Inflation matters for long goals. The same amount buys less in the future. Check the Inflation Calculator for goals that are many years away.
• Taxes and fees are not included. They can reduce what you end up with.
• Start early if you can. The table shows that more time lowers the monthly amount.

Which Calculator Should You Use?

Your question	Tab
"What will my monthly payment be on this home or loan?"	Loan and Mortgage
"How much interest will I pay over the whole loan?"	Loan and Mortgage, or Auto Loan
"What does this car really cost me in total?"	Auto Loan
"How much will my savings be worth in 10 or 20 years?"	Compound Interest
"How much do I need to save each month for this goal?"	Savings Goal
"How long does it take for my money to double?"	Compound Interest, with the rule of 72 above as a quick check

Common Mistakes

• Treating the mortgage payment as the full housing cost: Property tax, insurance and other costs come on top.
• Looking only at the monthly payment: Compare the total interest and the total cost as well.
• Typing the monthly rate instead of the yearly rate: A 0.5 percent monthly rate is 6 percent a year.
• Mixing up months and years: Check the unit of the term. 5 years is 60 months.
• Counting on a fixed return from investments: The compound interest result shows the math of a fixed rate, and real returns vary.
• Forgetting inflation and taxes: They reduce what your money can buy in the future.
• Expecting the calculator to match a lender's offer exactly: Lenders add fees and can calculate interest in a different way.
• Using a very optimistic rate for a savings plan: Use a cautious one.

Good to Know

• The loan calculators assume one fixed interest rate for the whole term and equal monthly payments made on time.
• Extra payments, late fees and payment breaks are not included.
• Results are rounded, so they can differ from a lender's figures by a small amount.
• Interest rates that are shown in examples on this page are made up. They are not current market rates, and they are not an offer.
• The calculators do not look at your credit, your income or your eligibility for any loan.

Privacy and Accuracy

• The calculations are done in your browser, and the numbers you enter are not sent to our server.
• We do not save your numbers or your results. They disappear when you close or reload the page.
• The results are estimates based on standard formulas. A real lender, bank or dealer may produce different figures.
• This is not financial advice. WebToolsKit is not a lender, a broker or a financial adviser. Check exact figures with your lender or bank, and speak to a qualified adviser about decisions that involve your own money.

Frequently Asked Questions

What financial calculators are on this page?

There are four calculators in tabs: a Loan and Mortgage Calculator, an Auto Loan Calculator, a Compound Interest Calculator and a Savings Goal Calculator. Click a tab, enter your numbers and read the result, which is shown in large type.

How is the monthly mortgage or loan payment calculated?

The calculator uses the standard formula for a loan that is repaid in equal monthly payments. It takes the loan amount, which is the property price minus the down payment, the interest rate and the number of monthly payments, and works out the payment that pays off the loan exactly at the end of the term. For example, a $320,000 loan at 6.5 percent over 30 years has a monthly principal and interest payment of about $2,022.62.

What is not included in the mortgage payment?

The result covers principal and interest only. A real monthly housing cost usually also includes property tax and homeowners insurance, and it can include private mortgage insurance, homeowners association fees and other costs. Closing costs are paid once when you buy. None of these are included, so your real monthly cost will be higher than the result.

How does the down payment change the result?

A larger down payment means a smaller loan, which lowers the monthly payment and the total interest. For example, on a $400,000 price at 6.5 percent over 30 years, a $40,000 down payment gives a payment of about $2,275, an $80,000 down payment about $2,023 and a $120,000 down payment about $1,770. A down payment below 20 percent often means that a lender asks for private mortgage insurance on a conventional loan, which adds a monthly cost that this calculator does not include.

How does the loan term change the cost?

A longer term gives a lower monthly payment but much more total interest, and a shorter term does the opposite. For a $320,000 loan at 6.5 percent, a 30-year term gives a payment of about $2,023 and about $408,100 of interest, while a 15-year term gives a payment of about $2,788 and about $181,800 of interest.

What does the Auto Loan Calculator include?

It works out the monthly payment, the total interest and the total cost of a car loan from the price of the car, your down payment, the interest rate and the loan term. The total cost is all the loan payments added together plus your down payment. Sales tax, title and registration fees, dealer fees, insurance and the cost of running the car are not included, so the real cost is higher.

Why does a longer car loan cost more?

A longer term lowers the monthly payment, but you pay interest for more months, so the total interest is higher. For a $25,000 loan at 7 percent, 48 months costs about $3,700 in interest, 60 months about $4,700 and 72 months about $5,700. A car also loses value as it gets older, so on a long loan you can owe more than the car is worth for longer. Check the terms of your own loan.

How does compound interest work?

Compound interest is interest that is earned on your starting amount and also on the interest that was added before. The formula is A = P x (1 + r/n)^(n x t), where P is the starting amount, r is the yearly rate as a decimal, n is how many times a year interest is added and t is the number of years. For example, $10,000 at 5 percent compounded monthly for 10 years grows to about $16,470.

What difference does the compounding frequency make?

More frequent compounding gives slightly more, but the difference is small compared with the effect of the rate and the time. For $10,000 at 5 percent for 10 years, yearly compounding gives about $16,289, monthly about $16,470 and daily about $16,487.

What is the difference between the interest rate and the APY?

The rate that you type is a yearly rate. When interest is added several times a year, the real growth over one year is a little higher than the rate, and that real yearly growth is called the APY. For example, a 5 percent rate compounded monthly equals an APY of about 5.12 percent. For loans, the APR shown by a lender can also include certain fees, so it can be higher than the plain interest rate. Terms differ between lenders and banks, so read your own offer or account terms.

How does the Savings Goal Calculator work?

You enter the amount that you want to reach and the time that you have, and the calculator works out how much to save each month. It assumes that you save the same amount at the end of each month, that interest is added monthly and that the rate does not change. For example, to reach $20,000 in 5 years starting from nothing, you need about $333 a month with no interest, or about $302 a month at 4 percent.

Do the results include taxes, fees or inflation?

No. The calculators do not include taxes on interest or gains, fees or inflation. Prices rise over time, so the same amount of money buys less in the future. The Inflation Calculator on this website can show the effect over the years.

How accurate are the results, and is this financial advice?

The results are estimates from standard formulas with one fixed interest rate. A lender, a bank or a dealer may calculate interest in a different way, add fees or change the rate over time, so real figures can differ. This tool is not financial advice, and WebToolsKit is not a lender, a broker or a financial adviser. Check exact figures with your lender or bank, and speak to a qualified adviser about decisions that involve your own money.

What do Reset and Copy Result do?

Reset clears the numbers in the calculator that you are using so that you can start again. Copy Result copies the result of that calculator so that you can paste it into a message, a note or a spreadsheet.

Is my information sent to a server?

No. The calculations are done in your browser using JavaScript, and the numbers you enter are not sent to our server.

Are the financial calculators free, and do they work on mobile?

Yes. The calculators are free and need no signup. They are designed for phone screens as well as desktop.