Loan Calc

Loan Calc is one clear calculator for every loan decision: what a home costs each month, what any loan costs in total, how much you save by paying early, and whether a refinance is worth it. It works offline and needs no account.

1. 

   1

   Know what a home costs each month

   Enter the price, down payment, rate and term, then add property tax, home insurance, HOA and PMI. The full monthly payment is split into each part with a simple bar. In the example it drops to $2,993.27 once PMI stops.

2. 

   2

   Price any car or personal loan

   Enter the amount, interest rate and term in years or months, and choose monthly, biweekly or weekly payments. You see the payment, total interest and total paid. In the example, $32,500 over 5 years costs $657.43 a month.

3. 

   3

   See every payment, year by year

   The schedule shows how much principal and interest you pay each year and the balance left. Tap a year to see each payment. The last payment is adjusted by a few cents so the balance ends at exactly zero.

4. 

   4

   See what paying early saves you

   Pay extra each month, add a one time lump sum, round your payment up, or mix all three. You see the months and interest saved and the new payoff date. In the example, the loan ends 8 years sooner.

5. 

   5

   Find out if a refinance pays off

   Enter your current loan and the new one with its rate, fees and points. You see the monthly saving, the break even month and the total cost over the years you expect to keep it. In the example, break even comes in month 19.

6. 

   6

   Compare two loan offers side by side

   Put two offers next to each other with their rates, fees and points, and set how many years you expect to keep the loan. The app shows which one costs less over that time and when the pricier upfront offer pays for itself.