Free US Calculators: Mortgage, Tax & Tips

Frequently asked questions

How is my monthly mortgage payment calculated?

A standard mortgage payment is calculated from three inputs: the loan amount (principal), the annual interest rate, and the loan term in years. The classic US choice is the 30 year fixed rate mortgage, which spreads payments evenly over 360 months using an amortization formula, early payments go mostly toward interest, while later ones pay down principal faster. Our calculator shows the monthly principal and interest amount instantly; remember that property taxes, homeowners insurance, and PMI (if your down payment is under 20%) sit on top of that number.

Does sales tax differ by state in the US?

Yes, sales tax varies enormously by state and even by city or county. Five states (Alaska, Delaware, Montana, New Hampshire, and Oregon) charge no statewide sales tax at all, while others combine state and local rates that can exceed 10% on a single purchase. Because there is no single national rate, always use the rate for the place where you are buying, and double check online purchases against your delivery address, since many states now collect tax on remote sales.

What is a good tip percentage in the US?

For restaurants, 15 to 20% of the pre tax bill is the standard: 15% for adequate service, 18% for good service, and 20% or more for excellent service. Bars typically get $1 to 2 per drink or 15 to 20% of the tab, and food delivery drivers usually receive 15 to 20% as well. For counter service coffee shops or takeout, tipping is optional, many people leave a dollar or two, or nothing at all.

Should I choose a 30 year or 15 year mortgage?

It depends on your budget and goals. A 30 year fixed mortgage gives you the lowest monthly payment and the most flexibility, but you pay far more interest over the life of the loan. A 15 year mortgage has higher monthly payments but typically a lower interest rate and dramatically less total interest, often tens of thousands of dollars less on a typical home. Use a mortgage calculator to compare both side by side, and choose the 15 year only if the payment still leaves room in your budget for emergencies and savings.

How do I convert my hourly wage to a yearly salary?

Multiply your hourly rate by the number of hours you work per week, then multiply by 52 weeks. For a full time 40 hour week, that is simply your hourly wage × 2,080, so $25/hour equals $52,000 per year before taxes. Keep in mind this is gross pay; your take home will be lower after federal and state income taxes, Social Security, Medicare, and any deductions for health insurance or retirement contributions.

What information do I need to use a loan calculator?

You need three numbers: the loan amount you want to borrow, the annual interest rate (APR), and the repayment term in years or months. With those, the calculator estimates your monthly payment, total interest paid, and total cost of the loan. For the most accurate picture, use the APR rather than the base interest rate, since APR includes most lender fees, and compare multiple terms, because a shorter term usually means a higher payment but much less interest overall.