Generic Mortgage Loan Calculator



This calculator will create a loan schedule if you give it any loan amount, any rate, any term, any compounding frequency. To match the math that banks use, I am always going UP with partial pennies on calculated interest so that $99.002 becomes $99.01, not $99.00 like I used to calculate when I rounded to the nearest penny. Those extra pennies add up! Here is a prettier PHP version and here is one that writes the output to a PDF file for saving/printing.

Loan Amount

Annual Interest Rate

Payment Each Period ( to let calculate*)

Periods per Year (12 for monthly, 26 for bi-weekly, 52 for weekly, etc.)

Total Number of Payments OR Total Number of Years


Your interest rate per period is 0.5833 % for 12 total periods ( 1.0000 years)

PeriodYearsBalanceInterestPrincipal
1 0.083 1000.00 5.84 -5.84
2 0.167 1005.84 5.87 -5.87
3 0.250 1011.71 5.91 -5.91
4 0.333 1017.62 5.94 -5.94
5 0.417 1023.56 5.98 -5.98
6 0.500 1029.54 6.01 -6.01
7 0.583 1035.55 6.05 -6.05
8 0.667 1041.60 6.08 -6.08
9 0.750 1047.68 6.12 -6.12
10 0.833 1053.80 6.15 -6.15
11 0.917 1059.95 6.19 -6.19
12 1.000 1066.14 6.22 -6.22
13 1.083 1072.36 6.26 -6.26

Total Payments: $ 0.00
Total Interest $ 78.62


DISCLAIMER: This information is for illustrative purposes only. Numbers may be off by $0.01 per month due to differing methods of rounding so the results are not exact. Also note that the schedule generated here applies only to a loan where all payments are made in full in a timely manner. It does not include any late fees or additional accrued interest due to late payments.

Hugh  -  To Calculators