Payment Calculator

Modify the values and click the Calculate button to use

Enter a loan term to estimate the monthly payment.

Monthly Payment: $1,687.71

You will need to pay $1,687.71 every month for 15 years to payoff the debt.

Total of 180 Payments: $303,788.46
Total Interest: $103,788.46
Payoff Date: Nov 2041

66% Principal34% Interest

Amortization schedule

Year	Date	Interest	Principal	Ending balance
1	Nov 2027	$11,769.23	$8,483.33	$191,516.67
2	Nov 2028	$11,246.00	$9,006.57	$182,510.10
3	Nov 2029	$10,690.49	$9,562.07	$172,948.02
4	Nov 2030	$10,100.72	$10,151.84	$162,796.18
5	Nov 2031	$9,474.58	$10,777.98	$152,018.20
6	Nov 2032	$8,809.82	$11,442.75	$140,575.45
7	Nov 2033	$8,104.05	$12,148.51	$128,426.94
8	Nov 2034	$7,354.76	$12,897.80	$115,529.13
9	Nov 2035	$6,559.25	$13,693.31	$101,835.82
10	Nov 2036	$5,714.68	$14,537.89	$87,297.94
11	Nov 2037	$4,818.01	$15,434.55	$71,863.38
12	Nov 2038	$3,866.04	$16,386.52	$55,476.86
13	Nov 2039	$2,855.36	$17,397.21	$38,079.66
14	Nov 2040	$1,782.34	$18,470.23	$19,609.43
15	Nov 2041	$643.13	$19,609.43	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

What this payment calculator does

This calculator helps with two common loan questions:

Fixed Term: given a loan amount, term, and interest rate, estimate the monthly payment.
Fixed Payments: given a loan amount, monthly payment, and interest rate, estimate how long it will take to pay off the loan.

It calculates principal and interest only. It does not include origination fees, insurance, taxes, or other charges.

How to use this calculator

Fixed Term

Enter the loan amount.
Enter the loan term in years.
Enter the annual interest rate.
Click Calculate to see the monthly payment, total payments, and amortization schedule.

Fixed Payments

Enter the loan amount.
Enter the monthly payment you plan to make.
Enter the annual interest rate.
Click Calculate to see the payoff time and total interest.

Payment formulas

For a fixed-term loan:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. For a zero-interest loan, the monthly payment is P / n.

For a fixed monthly payment:

n = -ln(1 - P × r / M) / ln(1 + r)

n is the number of monthly payments, which can include a fractional final payment. The monthly payment must be greater than the monthly interest, or the balance will never reach zero.

What the results include

Fixed Term: monthly payment, total of N payments, total interest, payoff date, and an amortization schedule.
Fixed Payments: payoff time in years and months, total number of payments, total interest, payoff date, and an amortization schedule.
Principal and interest split: the share of each payment that repays the loan versus interest.

Frequently asked questions

What happens if my monthly payment is too low?

If the payment is less than the monthly interest, the balance will not decrease. The calculator stops and asks for a larger payment.

Does this calculator include fees or insurance?

No. It shows principal and interest only. Add fees or insurance to the loan amount if you want to finance them, or compare them separately.

Can I use this for a mortgage or auto loan?

Yes, the payment formula is the same for any fixed-rate installment loan. For mortgage taxes, insurance, and PMI, or auto-specific fees, use the dedicated mortgage or auto loan calculator.

Source

Reference: Consumer Financial Protection Bureau — Loans.

Disclaimer

This calculator is for informational and planning purposes only. It is not a loan offer, financial advice, or a guarantee of financing terms. Confirm all figures with a qualified lender or financial professional.

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