💳 Payment Calculator
Payment Calculator — Loan Payment, Term & Amount
Calculate your monthly payment, how long to pay off a loan, or the maximum loan you can afford. Includes extra payment savings, donut chart, and full amortization schedule.
💳 Solve for Payment
⏱️ Solve for Term
💰 Solve for Loan Amount
📋 Amortization Schedule
Payment Calculator
Payment · Term · Loan Amount · Extra Payments
Solve For:
Loan Details
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%
Extra Payment
$
Three Ways to Use This Calculator
Select what you want to solve for at the top: Payment (what will I pay monthly?), Term (how long until paid off?), or Loan Amount (how much can I borrow?). Then enter extra payment to see how much time and interest you'd save.
PMT formula
Amortizing
3 modes
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5 freq.
Payment options
Extra pays
Savings calc
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Per Period
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Loan Term
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Total Interest
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Interest Rate
Payment Breakdown
Principal$0
Total Interest$0
📋 Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter details to see schedule | ||||
How Loan Payments Are Calculated
Monthly loan payment uses the standard amortization formula: PMT = PV × [r(1+r)^n] / [(1+r)^n − 1], where PV = loan amount, r = monthly rate (APR ÷ 12), and n = total months. Each payment is the same, but the split between principal and interest changes over time — early payments are mostly interest; later ones mostly principal.
Loan Payment Examples
| Loan | Amount | Rate | Term | Monthly Payment | Total Interest |
|---|---|---|---|---|---|
| Mortgage (30yr) | $300,000 | 6.5% | 360 mo | $1,896 | $382,000 |
| Mortgage (15yr) | $300,000 | 6.0% | 180 mo | $2,532 | $155,700 |
| Auto Loan | $25,000 | 7% | 60 mo | $495 | $4,700 |
| Personal Loan | $10,000 | 12% | 48 mo | $263 | $2,600 |
| Credit Card | $5,000 | 20% | 36 mo | $186 | $1,700 |
How Extra Payments Save Money
| Loan ($300K, 6.5%, 30yr) | Extra/mo | Interest Saved | Years Saved |
|---|---|---|---|
| No extra payment | $0 | — | — |
| Small boost | $100 | ~$30,000 | ~2.5 yrs |
| Moderate boost | $200 | ~$54,000 | ~4.5 yrs |
| Significant boost | $500 | ~$99,000 | ~8 yrs |
| Double payment | +$1,896 | ~$220,000 | ~21 yrs |
Frequently Asked Questions
Monthly payment = PV × [r(1+r)^n] / [(1+r)^n − 1], where PV = loan amount, r = monthly interest rate (APR ÷ 12), n = total months. Example: $25,000 at 7% for 60 months: r = 0.5833%, (1+r)^60 = 1.4176, payment = 25,000 × [0.005833×1.4176]/(1.4176−1) = $495.03/month.
Extra payments reduce principal directly, which lowers future interest charges. On a $300,000 mortgage at 6.5% for 30 years, paying just $200 extra per month saves ~$54,000 in interest and cuts the term by about 4.5 years. The earlier you start extra payments, the more you save. Enter an extra payment amount in our calculator to see your exact savings.
An amortization schedule shows every payment over the loan's life — how much goes to principal and how much to interest. Early payments are interest-heavy (because the balance is high). Over time, principal repayment accelerates. The amortization crossover point — where more goes to principal than interest — typically occurs in the second half of the loan term.
More frequent payments reduce outstanding principal faster, lowering total interest. Bi-weekly payments (26 per year) equal 13 monthly payments annually — one extra payment per year that meaningfully reduces a mortgage. On a 30-year mortgage, bi-weekly payments typically reduce the term by 4-6 years. Weekly payments go slightly further. Select bi-weekly or weekly in our frequency dropdown to see the effect.
The stated interest rate is the pure borrowing cost. APR (Annual Percentage Rate) includes the rate plus fees — origination, points, closing costs — spread over the loan term. Two loans can advertise the same interest rate but have different APRs if one has higher fees. Always compare APR when evaluating loans. Use our calculator with APR as your rate input to see the true cost of borrowing.