Payment Calculator

Calculate monthly loan payments, total interest, and payoff schedule for any fixed-rate loan.

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Features

Instant Payment Estimates

Get immediate calculations for your monthly payments based on various loan scenarios.

Cost Breakdown

Visualize the split between your principal and interest payments with an easy-to-read chart.

Flexible Terms

Input loan terms in years or months to match your specific agreement.

Total Interest Analysis

See exactly how much interest you will pay over the full life of the loan.

About Payment Calculator

Simplify your financial planning with our Payment Calculator. Whether it is a personal loan, equipment financing, or any other installment-based debt, this tool gives you a clear picture of your monthly obligations. Just enter the loan amount, interest rate, and term to instantly see your required payment. How It Works This calculator uses the standard amortization formula to determine the fixed monthly payment required to pay off the loan in full. It accounts for both the principal amount and the interest charged, providing a complete picture of your borrowing costs. Formula Used: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] Where: - M = Total monthly payment - P = The total amount of your loan (Principal) - i = Your interest rate, as a monthly percentage (Annual Rate / 12) - n = The total amount of months in your timeline for paying off your loan

How to Use Payment Calculator

  • 1
    Enter Loan Amount

    Input the total principal amount you intend to borrow.

  • 2
    Set Annual Interest Rate

    Enter the annual interest rate (APR) as a percentage.

  • 3
    Specify Loan Duration

    Enter the number of years or months you have to repay the loan.

  • 4
    Calculate Payment

    The tool will automatically process the numbers as you type.

  • 5
    Review the Breakdown

    Check the visual graph to see how much of your payment goes to interest vs. principal.

  • 6
    Plan Your Budget

    Use the estimated monthly payment to ensure it fits comfortably within your financial plan.

Frequently Asked Questions

Yes, this calculator works for any fixed-rate installment loan, such as personal loans, student loans, or equipment financing.
A higher interest rate increases both your monthly payment and the total cost of the loan. Even a small difference in rate can save you significant money over time.
Yes, this calculator assumes the interest rate remains constant throughout the life of the loan.
Principal is the original amount of money you borrowed or still owe on a loan, excluding interest.
You can reduce your monthly payment by borrowing less (larger down payment), securing a lower interest rate, or extending the loan term (though this increases total interest paid).