Loan & mortgage calculator

With the standard formula for a fixed-rate loan: every payment is the same, and each one first covers the interest on the remaining balance, with the rest paying down the loan. Early payments are mostly interest, later ones mostly principal. Interest is rounded to the cent each payment, the way lenders do it, so the last payment may differ by a few cents.

The interest rate. APR also folds in fees and other costs, so it would make the payment come out slightly too high. This calculator assumes a fixed rate; for an adjustable-rate loan it shows what you would pay if today's rate never changed.

Biweekly means 26 payments a year, sized to clear the loan over the term you entered. Some lenders offer "accelerated" biweekly plans instead, taking half your monthly payment every two weeks, which adds up to one extra monthly payment a year. To model that, stay on monthly and add one twelfth of your monthly payment as an extra with every payment.

PMI usually applies to conventional loans with less than 20% down. Here it is charged until your balance falls to 78% of the home price. In the US, lenders must cancel it automatically when the original schedule reaches that point, and you can ask to drop it earlier, once you reach 80%. Extra payments get you there sooner, but you may need to ask your lender to cancel it.

No. This tool runs entirely in your browser, and Rounder never sends what you type or drop in to a server, ours or anyone else's. Once the page has loaded, along with any AI model the tool uses, it even works offline.