Loan · Mortgage · Savings — works offline
FinCalc uses the same standard finance formulas that banks and spreadsheets use, so the numbers match what a lender would quote. Every result is an estimate for planning — confirm exact figures with your lender before you sign.
For a fixed-rate amortizing loan the monthly payment is P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the APR divided by 12, and n is the number of monthly payments. Early payments are mostly interest; later ones are mostly principal, which the amortization schedule shows month by month.
The Mortgage tab computes principal and interest on the loan amount (home price minus down payment) with the same amortization formula, then adds one-twelfth of the annual property tax. That sum is the monthly PITI estimate. Homeowner’s insurance, PMI, and HOA dues vary by property, so they are left out of the estimate.
Starting from your initial balance, each month is multiplied by (1 + APY ÷ 12) and your monthly deposit is added at month end. Compounding on prior interest is why a small monthly deposit becomes a large balance over many years. Returns are not guaranteed and are for planning only.
The Payoff tab simulates a credit-card balance month by month: interest accrues on the balance, your payment is subtracted, and it repeats until the balance clears — or flags the payment as too low to ever clear it. Refinance compares your current payment to a new-rate payment over the remaining term and divides closing costs by the monthly saving to find the break-even month.