How to use this calculator
Use Fixed Term to calculate the monthly payment when you know the loan amount, term, and interest rate. Use Fixed Payments to find out how long it takes to pay off a loan with a set monthly payment. Click Calculate to see your full payment breakdown and amortization schedule.
Fixed Term
Calculate the monthly payment for a fixed-term loan given the loan amount, term, and interest rate.
Fixed Payments
Determine how long it will take to pay off a loan with a fixed monthly payment amount.
About Payment Calculators
A payment calculator helps you understand the relationship between loan amount, interest rate, loan term, and monthly payment. It is useful for any fixed-rate loan — personal loans, car loans, student loans, or mortgages.
Fixed Term mode answers: "Given this loan amount and term, what will my monthly payment be?" This is the most common use case when comparing loan offers.
Fixed Payments mode answers: "If I can only afford $X per month, how long will it take to pay off this loan?" This helps you plan your budget and understand the true cost of borrowing.
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Payment Tips
- →Even small extra payments each month can significantly reduce total interest paid.
- →A shorter loan term means higher monthly payments but much less total interest.
- →Reducing your interest rate by 1% can save thousands over the life of a loan.
- →Making bi-weekly payments instead of monthly can shorten your loan term by years.
Calculate monthly mortgage payments with taxes and insurance.