Loan Repayment Calculator: Compare Monthly Payments & Interest Costs

Simple Loan Payment Schedule Calculator

Calculate your loan repayment schedule with this comprehensive calculator. Input loan amount, interest rate, and term length to instantly see monthly payments, total interest costs, and amortization schedule. Compare different loan scenarios, track principal vs. interest payments, and visualize your loan payoff timeline. Features include early payment impact analysis, bi-weekly vs. monthly payment comparisons, and extra payment calculations to help you make informed borrowing decisions and optimize your debt repayment strategy. The affordability calculator evaluates the income the potential buyer has to work with; with the debts and financial profile of the potential buyer, a maximum price of the house is determined. Essentially, this calculator describes the three ways of calculation: income-based (i.e., considering 28% of gross income for housing payments), the payment-based method (36% of gross income for debt service), and a detailed approach. The vital input parameters are the annual income, down payment(=$), interest=%, property tax=@%, insurance=${}, and regular debt payments of $XXX, whereby estimates of maximum buying power will appear. It encompasses all items of expenditure that might be related to housing, i.e., mortgage payment, property tax, home insurance expenses, and HOA fees, while also factoring in all debt ratios to ensure the buyers do not exceed the preferable limits in relation to housing all combined, making it important for decisions involved in buying a house and understanding monthly payment commitments before entering the house search decision.