Use this simple loan calculator to help you determine your monthly payments for home, auto, personal, business, student and any other fixed loan type. Simply enter your loan amount, term, interest rate and date of first payment and click calculate.
1. Home Loan (Mortgage):
A home loan, commonly known as a mortgage, is a financial product designed to help individuals purchase or refinance residential properties. When using a loan calculator for a home loan, users typically need to input the following information:
Loan Amount: This is the total amount borrowed to purchase a home or refinance an existing mortgage.
Interest Rate: The interest rate determines the cost of borrowing the money. It's crucial to consider whether the interest rate is fixed or variable.
Loan Term: Home loans come with various loan term options, such as 15 years, 30 years, or even more extended terms. The loan term affects the monthly payments and the total interest paid over the life of the loan.
Down Payment: The down payment is the upfront amount paid by the borrower when purchasing a home. It influences the loan-to-value ratio and can impact the interest rate and private mortgage insurance (PMI) requirements.
Property Taxes and Homeowner's Insurance: These costs are typically included in the monthly mortgage payment, so users should account for them in the calculator.
2. Auto Loan:
An auto loan is a type of loan specifically designed to help individuals purchase a vehicle, whether it's a new car, used car, or even a motorcycle. When calculating auto loan payments, users should consider the following factors:
Loan Amount: The loan amount is the total cost of the vehicle, including taxes and fees, minus any down payment.
Interest Rate: Similar to home loans, the interest rate on an auto loan can be fixed or variable, depending on the lender and the borrower's creditworthiness.
Loan Term: Auto loans typically have shorter loan terms than home loans, ranging from 36 to 72 months. Shorter terms result in higher monthly payments but lower overall interest costs.
Down Payment: A down payment reduces the loan amount and, subsequently, the monthly payments.
Sales Tax: Depending on the jurisdiction, sales tax may need to be considered when calculating the total loan amount.
3. Personal Loan:
A personal loan is a versatile financial tool that allows individuals to borrow money for various purposes, such as debt consolidation, home improvement, or unexpected expenses. Here are key considerations for a personal loan calculator:
Loan Amount: Users should input the total amount they wish to borrow.
Interest Rate: The interest rate on personal loans can vary widely based on the borrower's credit score, loan term, and the lender's policies.
Loan Term: Personal loans typically have shorter terms compared to home loans, ranging from 12 to 60 months.
Origination Fees: Some lenders charge origination fees, which are upfront costs that should be accounted for in the calculator.
4. Business Loan:
Business loans are essential for entrepreneurs and business owners looking to fund various aspects of their companies, from startup costs to expansion initiatives. When designing a business loan calculator, consider the following elements:
Loan Amount: Users should specify the amount needed to fund their business operations or projects.
Interest Rate: Business loan interest rates can vary significantly, depending on factors like creditworthiness, the type of loan (e.g., SBA loan, term loan), and the lender.
Loan Term: The loan term can vary from a few months for short-term loans to several years for long-term financing.
Collateral: Depending on the type of loan and the lender's requirements, users might need to provide collateral, such as real estate or equipment.
Business Financial Information: Lenders typically require information about the business's financial health, including revenue, expenses, and profitability.
5. Student Loan:
Student loans are designed to assist students and their families in financing higher education expenses. A student loan calculator should include the following factors:
Loan Amount: Users should specify the total amount needed to cover tuition, books, and living expenses.
Interest Rate: Student loan interest rates can vary, and some loans may offer fixed or variable rates. It's essential to understand the interest rate type.
Loan Term: Student loans often come with standard repayment plans spanning 10 years, but there are various repayment options to consider.
Deferment or Repayment Options: Depending on the type of student loan, borrowers may have options for deferment, income-driven repayment plans, or loan forgiveness programs. These factors can significantly impact the total loan cost.
In conclusion, loan calculators are valuable tools for individuals and businesses looking to make informed financial decisions. By providing accurate and user-friendly calculators for different types of loans, you empower users to better understand their financial commitments and make sound financial choices.
This page is for informational purposes only and not legal or financial advice.
TaxAct Costs Less: “File for less” and percentage savings claims based on comparison with TurboTax federal pricing for paid consumer online 1040 filing products on 10/10/2023.
Maximum Refund Guarantee: If an error in our software causes you to receive a smaller refund or larger tax liability than you receive using the same data with another tax preparation product, we will pay you the difference in the refund or liability up to $100,000 and refund the applicable software fees you paid us. Read more about our Maximum Refund Guarantee.
$100k Accuracy Guarantee: If you pay an IRS or state penalty or interest because of a TaxAct calculation error, we'll pay you the difference in the refund or liability up to $100,000. This guarantee applies only to errors contained in our consumer prepared tax return software; it doesn't apply to errors the customer makes. Read more about our $100k Accuracy Guarantee.
Satisfaction Guarantee: If you are not 100% satisfied with any TaxAct product, you may stop using the product prior to printing or filing your return. We are unable to refund fees after you print or e-file your return.
TaxAct Xpert Assist: TaxAct® Xpert Assist t is available as an added service to users of TaxAct’s online consumer 1040 product. Additional fees apply. Unlimited access refers to an unlimited quantity of expert contacts available to each customer. Service hours limited to designated scheduling times and by expert availability. Some tax topics or situations may not be included as part of this service. Review of customer return is broad, does not extend to source documents and is not intended to be comprehensive; expert is available to address specific questions raised by customer. View full TaxAct Xpert Assist Terms and Conditions.
Start Free and File Free: The TaxAct Online Free Edition makes free federal filing available for those who qualify based on income and deductions. See if you qualify for free federal filing and about what this year’s Free Edition includes here. For all other online products, you can start free and pay only when you file. This means you will not be charged if you decide to stop using any product prior to printing or e-filing.
Edition Pricing: Actual prices are determined at the time of payment, print, or e-file and are subject to change without notice. Add sales tax for applicable orders. Offers may end at any time and promotional offers may not be combined.
Deduction Maximizer: TaxAct's Deduction Maximizer guides you step by step through the process of completing your return in a way that helps you uncover additional tax advantages and helps you maximize your deductions by checking dozens of additional deductions we know from experience folks don't think to look for. Each deduction you claim may reduce the amount of tax you owe, resulting in a lower IRS bill overall.
All-Inclusive Bundle: All-inclusive is a collection of select products and services that may be used to enhance your DIY 1040 tax preparation and filing experience. The offer does not include additional state(s) returns. If you choose to pay for your bundle using Refund Transfer, then the Refund Transfer is no additional cost to you and will be included in the bundle price. Percent savings based on a la carte pricing. Final price, including added sales taxes, is determined at the time of filing and subject to change without notice.
Audit Defense: See Audit Defense provided by Tax Protection Plus (PDF) for further details of services and requirements. May not apply to certain forms and credits. Certain customers may not qualify for services based on past tax audit history, residency, or other factors. Audit Defense is not insurance. Audit Defense is subject to terms and conditions (PDF) located on Tax Protection Plus's website.
Paid Advertising: TaxAct, Inc. gets fees from some third parties that provide offers to its customers. This compensation may affect what and how we communicate their services to you. TaxAct is not a party to any transactions you may choose to enter into with these third parties.
Refund Transfer: Refund Transfers are fee- based products offered by Republic Bank & Trust Company, Member FDIC. A Refund Transfer Fee and all other authorized amounts will be deducted from the taxpayer’s tax refund.
Refer-A-Friend: Offer valid through October 31, 2024. For each friend you refer to TaxAct who did not prepare and file using us last year, you get a $20 Amazon.com Gift Card after they file their taxes using TaxAct’s 2023 Deluxe, Premier or Self-Employed product. Even better, they get 20% off our federal tax filing products by using the share link you provide! It’s not every day you get to be somebody’s hero and make money doing it.
Amazon.com is not a sponsor of this promotion. Except as required by law, Amazon.com Gift Cards ("GCs") cannot be transferred for value or redeemed for cash. GCs may be used only for purchases of eligible goods at Amazon.com or certain of its affiliated websites. For complete terms and conditions, see www.amazon.com/gc-legal. GCs are issued by ACI Gift Cards, Inc., a Washington corporation. All Amazon ®, TM & © are IP of Amazon.com, Inc. or its affiliates. No expiration date or service fees.
This offer is for TaxAct’s consumer federal, online 1040 returns and is subject to specific terms and conditions. See terms and conditions for more information. Offer is subject to change. The value of your gift card is dependent on the offer available at the time you make the referral.
My TaxPlan™: Your customized My TaxPlan features potential refund-growing opportunities and easy-to-follow instructions based on information you provide for your current tax return.
TaxAct E-File Concierge™ service provides phone calls and related support regarding federal e-file status changes using the phone number provided in My Account. Service is subject to availability and limited to federal e-filed tax returns.
Most Popular: TaxAct Deluxe is our most popular product among our online customers with more complex tax situations.
Over 94 Million Returns Filed: Based on e-filed federal returns through TaxAct Consumer and TaxAct Professional software since 2000.
Refund Amounts Shown: Actual refund amounts vary based on your tax situation. Number shown in illustrations are based on IRS published data stating that average 2023 tax refunds were more than $2812. See IRS article for more information.
Trademarks: All trademarks not owned by TaxAct, Inc. that appear on this website are the property of their respective owners, who are not affiliated with, connected to, or sponsored by or of TaxAct, Inc. TurboTax is a registered trademark of Intuit, Inc. H&R Block is a registered trademark of HRB Innovations, Inc.