Calculation Methodology

CalcLoom calculators use standard loan amortization formulas and explicit user inputs to estimate payments, payoff schedules, and accrued interest.

Core assumptions

• Loan payments are modeled using standard amortization formulas unless the calculator explicitly compares alternative schedules.
• Taxes, insurance, PMI, and HOA are treated as separate payment components where relevant.
• Extra payments are applied against principal unless otherwise stated.
• Daily interest calculations can use either simple accrual or compounding, depending on the selected mode.

Important limitations

Real lenders may apply payments differently, use slightly different timing conventions, or include fees not represented by a simplified web calculator. Results are intended for planning and comparison, not for legal or contractual reliance.

Why this matters

A trustworthy calculator should not only return a number. It should make clear what assumptions were used, what is included, and where the estimate may differ from a lender statement or billing system.