Payment Calculator

Calculate loan payments, amounts, and terms

I want to calculate:
Loan Term
Years
Months

About Payment Calculator

Solve for monthly payment, loan amount, or loan term for any fixed-rate loan.

Tips

• Shorter terms = less total interest

• Compare rates before borrowing

• Keep debt payments under 36% of income

About the Payment Calculator

The payment calculator helps you determine the true cost of a fixed-rate loan by solving for any one unknown — monthly payment, loan amount, or loan term — given the other two and an interest rate. Whether you're planning a car purchase, budgeting for a mortgage, or figuring out how much you can borrow with a target payment, this tool gives you an instant answer with a full amortization breakdown.

  • Calculate monthly payment for any loan amount, rate, and term
  • Find out how much you can borrow given a fixed monthly budget
  • Determine how long it will take to pay off a loan at a set payment
  • View the complete amortization schedule showing principal and interest per month
  • See the principal-to-interest ratio at a glance with the visual breakdown bar
  • Works for auto loans, mortgages, personal loans, student loans, and more

How to Use the Payment Calculator

  1. 1

    Choose what to calculate

    Select "Monthly Payment", "Loan Amount", or "Loan Term" depending on which value you need. The input fields will adjust accordingly.

  2. 2

    Enter the known values

    Fill in the loan amount, annual interest rate, and loan term (or monthly payment, depending on your selected mode). Use the quick-select preset buttons for common loan terms.

  3. 3

    Click "Calculate"

    The results panel shows your monthly payment, total interest paid, and total loan cost immediately.

  4. 4

    Review the loan summary and ratio bar

    The summary table lists every key figure and the color bar shows how much of your total payment goes to principal vs. interest.

  5. 5

    Open the amortization schedule (optional)

    Click "Amortization Schedule" to expand a month-by-month table showing each payment, how much goes to principal, how much to interest, and the remaining balance.

Tip: Switch between modes to explore different scenarios — for example, first calculate your payment for a $20,000 loan, then switch to "Loan Amount" to see how much more you could borrow for the same monthly budget.

Common Use Cases

Auto Loan Planning

  • • Estimate monthly car payment before visiting a dealership
  • • Compare 36-month vs. 60-month financing
  • • Find the max vehicle price for your budget

Mortgage Budgeting

  • • Estimate mortgage payment on a target home price
  • • See total interest cost over 15 vs. 30 years
  • • Determine how much home you can afford monthly

Personal Loan Payoff

  • • Calculate monthly payment on a debt consolidation loan
  • • Find out when a personal loan will be paid off
  • • Compare shorter vs. longer repayment periods

Student Loan Management

  • • Project monthly payment after graduation
  • • Calculate how long repayment will take at a set payment
  • • Understand total interest cost before borrowing

Business Financing

  • • Evaluate equipment loan or line-of-credit payments
  • • Determine maximum borrowing capacity within cash flow
  • • Compare short-term vs. long-term business loans

Debt Payoff Strategy

  • • See how increasing monthly payment shortens the loan term
  • • Compare paying off in 2 years vs. 5 years
  • • Calculate interest saved by paying faster

Frequently Asked Questions

How is the monthly payment calculated?

The calculator uses the standard amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. Each payment covers that month's interest first, with the remainder reducing the principal.

What is the difference between total interest and total payment?

Total payment is the sum of all monthly payments over the life of the loan. Total interest is the portion of total payment that exceeds the original loan amount — the cost of borrowing. Total payment = loan amount + total interest.

Can I calculate how much I can borrow for a given monthly payment?

Yes. Select "Loan Amount" mode, then enter your desired monthly payment, annual interest rate, and loan term. The calculator will solve for the maximum loan principal you can afford.

How do I find out how long it will take to pay off a loan?

Select "Loan Term" mode and enter the loan amount, annual interest rate, and your planned monthly payment. The result shows the number of months (and equivalent years) needed to fully pay off the loan.

Does a shorter loan term always save money?

Yes, shorter loan terms almost always reduce total interest paid because the principal is paid down faster. However, shorter terms also mean higher monthly payments, so the right choice depends on your monthly cash flow and financial goals.

What interest rate should I enter?

Enter the Annual Percentage Rate (APR) provided by your lender. For comparison purposes, current average rates (as of early 2026) are roughly 6–8% for mortgages, 5–10% for auto loans, and 9–20% for personal loans, depending on creditworthiness.

Is my data safe? Does this tool send data to a server?

No data leaves your browser. All calculations happen entirely client-side using JavaScript. Your loan figures are never uploaded, stored, or shared.

Does this calculator account for taxes, insurance, or fees?

No. This calculator computes the principal and interest payment only. For mortgages, your actual monthly payment will be higher once property taxes, homeowner's insurance, and PMI (if applicable) are included. Ask your lender for a full payment estimate.