Without getting into the mechanics of interest calculators you can plug in your loan amount, proposed interest rate and the length of the loan and get back the amount of the monthly payments. Our mortgage calculator also gives you what is called an amortization table. These tables show how much interest you will pay each month, and also how much you pay each year so you know what you can expect to use as a tax deduction. You will notice that with any loan the amount of this deduction goes down every year as you pay off more of your loan.

Interest calculators are simply spiced up calculators that take the tedium out of compound interest calculations. If you are thinking of getting a mortgage but you want to have an idea of what the monthly payments might look like, give one of our free calculators a spin.

An interest calculator can show you how much interest you will be paying over the life of the loan. Taking an opposite take on the picture however, you can also estimate what the money could do for you if invested in something that gains interest value such as an investment in stocks. If you are curious about doing this calculation yourself, the following formula is simple and easy to remember for answering investment questions: Future Value = Principal *(1 + Rate)^ Periods Plug in the numbers and you get out what your money will be worth after interest is accrued for however many periods you specify.

Interest calculations are done for you with the help of a mortgage calculator that generates an amortization table. If you look closely at the mortgage calculator input offered on this site you will see that there is the option of including extra monthly payments. If you do this you can see a dramatic impact on the amount of interest you pay over the life of your loan. Even one extra payment per year can save you thousands in interest over the life of a thirty-year loan.