Payment Calculator
Calculate monthly payments or time to pay off a loan
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $11,769 | $8,483 | $191,517 |
| 2 | $11,246 | $9,007 | $182,510 |
| 3 | $10,690 | $9,562 | $172,948 |
| 4 | $10,101 | $10,152 | $162,796 |
| 5 | $9,475 | $10,778 | $152,018 |
| 6 | $8,810 | $11,443 | $140,575 |
| 7 | $8,104 | $12,149 | $128,427 |
| 8 | $7,355 | $12,898 | $115,529 |
| 9 | $6,559 | $13,693 | $101,836 |
| 10 | $5,715 | $14,538 | $87,298 |
| 11 | $4,818 | $15,435 | $71,863 |
| 12 | $3,866 | $16,387 | $55,477 |
| 13 | $2,855 | $17,397 | $38,080 |
| 14 | $1,782 | $18,470 | $19,609 |
| 15 | $643 | $19,609 | $0 |
| Month | Interest | Principal | Balance |
|---|
Payment Calculator: Calculate Loan & Mortgage Payments Easily
Managing loans and monthly payments is an important part of personal finance. Whether you are planning a mortgage, personal loan, auto loan, or debt repayment strategy, this free Payment Calculator helps you estimate monthly payments, total interest costs, payoff dates, and amortization schedules accurately.
This advanced monthly payment calculator lets you calculate loan payments using either a fixed loan term or a fixed monthly payment amount. It instantly provides detailed repayment information, including total payments, interest costs, principal breakdowns, and a complete amortization schedule. It is designed for homeowners, borrowers, students, investors, financial planners, and anyone who wants to understand loan repayment costs before borrowing money.
Quick answer: a $200,000 loan at 6% over 15 years has a monthly payment of $1,687.71 and costs $103,788 in total interest. If you choose a fixed payment of $2,000 a month instead, the same loan is paid off in 11 years 7 months and costs $77,952 in interest.
What Is a Payment Calculator?
A payment calculator is a financial tool used to estimate loan payments based on the loan amount, interest rate, repayment term and monthly payment amount. It helps borrowers understand how much they will pay monthly, how long repayment will take, the total interest cost, the total repayment amount and the loan payoff timeline. Payment calculators are commonly used for mortgages, personal loans, car loans, student loans, business loans and debt repayment planning.
How Does This Payment Calculator Work?
This payment calculator uses standard amortization formulas to estimate monthly loan payments and repayment schedules. It has two modes. Fixed Term calculates the monthly payment you need, based on the loan amount, interest rate and loan term. Fixed Payment calculates how long it takes to repay the loan, based on the loan amount, interest rate and the monthly payment you choose. The formula used for the monthly payment is:
Where M is the monthly payment, P is the loan amount, r is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments. This formula is widely used in mortgage calculators, loan repayment calculators and amortization calculators. For a full month-by-month view of one loan, use the amortization calculator.
Fixed Term: How the Loan Length Changes the Payment
Fixed-term loans have predictable monthly payments, clear payoff dates and simpler financial planning. This table shows the same $200,000 loan at 6% over different terms. A longer term lowers the payment but costs much more in interest:
| Loan term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 10 years | $2,220.41 | $66,449 | $266,449 |
| 15 years | $1,687.71 | $103,788 | $303,788 |
| 20 years | $1,432.86 | $143,887 | $343,887 |
| 30 years | $1,199.10 | $231,676 | $431,676 |
Fixed Payment: Paying a Set Amount Each Month
Fixed-payment planning helps you pay off debt faster, save on interest costs, control your repayment budget and understand payoff timelines. The more you pay each month, the sooner the loan ends. This table shows the same $200,000 loan at 6% with different monthly payments:
| Fixed monthly payment | Time to pay off | Total interest | Total repaid |
|---|---|---|---|
| $1,200 | 30 years | $231,097 | $431,097 |
| $1,500 | 18 years 5 months | $130,408 | $330,408 |
| $2,000 | 11 years 7 months | $77,952 | $277,952 |
| $2,500 | 8 years 7 months | $56,052 | $256,052 |
The payment must be higher than the first month's interest, otherwise the balance never falls, and the calculator tells you when this happens. For loans with a down payment or a property tax and insurance estimate, try the mortgage calculator, and for other borrowing see the loan calculator, the auto loan calculator or the interest calculator.
Understanding Amortization
Amortization is the process of gradually paying off a loan through scheduled payments. Each payment includes a principal part and an interest part. At the beginning of a loan, more of the money goes toward interest, and later in the loan more goes toward principal. The amortization schedule in this calculator, which you can switch between yearly and monthly, helps you track loan progress over time. If you are thinking about replacing an existing loan, the refinance calculator can show whether a new rate would save money.
Why Use a Payment Calculator?
Using a payment calculator helps you plan your monthly budget, compare loan offers, estimate borrowing costs, understand interest expenses, calculate loan affordability, reduce financial risk, create repayment strategies and pay loans faster. The results show principal and interest only and are estimates, so taxes, insurance, fees and rate changes are not included.
Who Can Use This Payment Calculator?
Home buyers, mortgage borrowers, personal loan applicants, car buyers, students with loans, financial planners, real estate investors, debt management users, small business owners, and anyone comparing loan options.
How to Use the Payment Calculator
Choose Calculation Mode
Select Fixed Term to find your monthly payment, or Fixed Payment to find how long it takes to pay off the loan.
Enter Loan Amount
Add the total amount you plan to borrow.
Enter Interest Rate
Input your annual interest rate.
Enter Loan Term or Monthly Payment
Enter the loan years in Fixed Term mode, or the desired monthly payment in Fixed Payment mode.
Click Calculate
See your monthly payment, total payments, total interest, payoff date, number of payments and amortization schedule.