Payment Calculator
Calculate the fixed monthly payment for any loan based on amount, rate, and term.
Payment Calculator
Calculate your monthly payment instantly.
Monthly Payment
0What This Payment Calculator Does
This tool calculates your fixed monthly payment based on the loan amount, interest rate, and loan term in months. It uses the standard payment formula to determine your monthly payment and also shows you the total interest you'll pay over the full loan term, along with the total cost of the loan.
How to Use the Payment Calculator
Enter the total loan amount you're borrowing. Enter the annual interest rate. Enter the loan term in months. The calculator instantly shows your monthly payment, total interest paid, and total cost over the full loan term.
Pro Tip: Always compare the total cost of the loan — not just the monthly payment. A lower monthly payment might mean a longer term and more total interest paid over time.
M = P × r ÷ (1 − (1 + r)⁻ⁿ)
Where M = Monthly Payment, P = Loan Amount, r = Monthly Interest Rate, n = Number of Months
Understanding Your Payment
Your monthly payment consists of two components: Principal (the amount you borrowed) and Interest (the cost of borrowing). The payment is fixed for the entire term, making it easy to budget. This calculator assumes a fixed interest rate that doesn't change over the life of the loan.
Frequently Asked Questions
A payment calculator focuses on finding the fixed monthly payment based on the loan amount, rate, and term. A loan calculator can also show you amortization schedules, total interest, and total cost over the life of the loan.
A shorter term means higher monthly payments but less total interest paid. A longer term means lower monthly payments but more total interest. Choose based on what fits your monthly budget and long-term financial goals.
The standard formula is: M = P × r ÷ (1 − (1 + r)⁻ⁿ), where M is the monthly payment, P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Yes, this calculator works for any fixed-rate loan including auto loans, personal loans, equipment financing, and more. It uses the standard payment formula that applies to most installment loans.