Purpose: This handy calculator offers a quick-and-dirty basic calculation of a mortgage or other loan payment so you can get a rough idea of the payment obligations involved in specific loans you may be considering. Just plug in the loan amount, the interest rate and the length of the loan and see what your payment would be.
Tips & Insight: This is a great, simple calculator to play around with. For instance, you can use this calculator to quickly figure out how your monthly payment would change if you borrowed a little less or paid the loan off a little faster. Remember: Paying off a loan that carries interest frees up cash you can invest in savings or other accounts that pay YOU interest. And, you’ll save money in interest too.