Loan Calculator

A mortgage calculator helps estimate your monthly housing payment (PITI). A 20% down payment avoids PMI, saving 0.5–1% annually.

Current 30-year fixed rates range from 6–7.5%. A 15-year mortgage costs roughly half the total interest of a 30-year loan.

The average auto loan rate is 5–8% for good credit (660+) and 10–15% for subprime borrowers.

60-month terms are most common. Longer terms (72–84 months) lower payments but increase risk of going underwater.

Refinancing makes sense when the new rate is at least 1% lower. The break-even point shows how many months until savings exceed closing costs.

Closing costs typically run 2–5% of the loan amount. Compare total cost over your expected time in the home.

DTI (Debt-to-Income ratio) is the percentage of your gross monthly income that goes toward debt payments. It is one of the most important factors lenders use to evaluate loan applications. A DTI below 36% is considered excellent, while above 50% makes approval unlikely.

Compound interest is interest calculated on both the initial principal and the accumulated interest. Einstein reportedly called it the eighth wonder of the world. Starting early is the most powerful factor.