Financial Calculators
Payment Calculator
Calculate monthly payments, total interest, and amortization for loans.
What is the Payment Calculator & How does it work?
The Payment Calculator helps users determine the monthly payment required to pay off a loan over a specified term. It also calculates the total amount of interest paid and provides a detailed amortization schedule, which breaks down each payment into principal and interest components.To use this calculator, input the loan’s principal amount, the annual interest rate, and the term of the loan in years. The calculator will then compute the monthly payment using the formula for a fixed-rate loan: The amortization schedule will show how each payment reduces the loan balance and pays down the interest over time.
M = P \times \frac{r(1+r)^n}{(1+r)^n-1}
M = monthly payment, P = principal, r = monthly interest rate (annual rate divided by 12), n = total number of payments (term in years times 12)
Parameters
USD
%
Years
Monthly Payment
—
Total Paid
—
Total Interest
—
Results are for informational purposes only and do not constitute professional advice.