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Payment Calculator

Enter a loan amount, the interest rate and the term to get the fixed monthly payment, or switch to “How long my payment takes” and enter the payment you can afford to see how many months it takes to clear the loan. Either way you get the total interest, the size of the final payment and a full schedule.

Quick examples
$
%
Your numbers stay in your browser. They are never uploaded.
Monthly payment$405.53
Time to pay off
5 years
Number of payments
60
Total interest
$4,331.67
Total of all payments
$24,331.67
Amount borrowed
$20,000.00
Final payment
$405.53
What you pay back
  • Principal
  • Interest

Payment schedule

PeriodPrincipalInterestBalance

Saved setups

Save a set of inputs you reuse — your usual rate, your loan, your room sizes — and load it back in one tap.

    Your recent calculations

    Results you calculate here are kept on this device so you can come back to them.

      Also free on iPhone and Mac

      Formula

      Monthly rate r = annual rate ÷ 12
      Payment = amount × r ÷ (1 − (1 + r)^−n), where n is the number of monthly payments
      Months to pay off with payment P: n = −log(1 − amount × r ÷ P) ÷ log(1 + r), rounded up; the last payment covers whatever is left
      At 0% interest: payment = amount ÷ n, and n = amount ÷ payment

      How to use it

      1. Choose whether you want the monthly payment or the time a set payment takes.
      2. Enter the amount borrowed and the yearly interest rate (APR).
      3. Enter the term in years or months, or the monthly payment you plan to make.
      4. Read the result; the schedule shows each payment split into principal and interest.

      Worked examples

      A $20,000 loan over 5 years at 8%

      Monthly payment
      $405.53
      Number of payments
      60
      Total interest
      $4,331.67
      Total of all payments
      $24,331.67
      Time to pay off
      5 years

      A $250,000 loan over 30 years at 6%

      Monthly payment
      $1,498.88
      Number of payments
      360
      Total interest
      $289,595.47
      Total of all payments
      $539,595.47

      How long $400 a month takes to repay $15,000 at 9%

      Monthly payment
      $400.00
      Number of payments
      45
      Time to pay off
      3 years 9 months
      Total interest
      $2,679.09
      Total of all payments
      $17,679.09
      Final payment
      $79.09

      $1,200 at 0% paid off at $100 a month

      Number of payments
      12
      Time to pay off
      1 year
      Total interest
      $0.00
      Total of all payments
      $1,200.00
      Final payment
      $100.00

      Payment per $1,000 borrowed

      A quick way to compare offers: over 5 years, each $1,000 borrowed costs $19.33 a month at 6%, $20.28 at 8%, $21.25 at 10% and $22.24 at 12%. Multiply by the number of thousands you borrow — $20,000 at 8% is 20 × $20.28 ≈ $405.53.

      Term versus total cost

      A longer term lowers the payment but adds interest. $20,000 at 8% costs $626.73 a month over 3 years with $2,562.18 of interest, $405.53 over 5 years with $4,331.67, and $350.66 over 6 years with $5,247.87.

      If a payment does not cover the first month’s interest, the balance grows instead of shrinking and the loan never ends; the calculator says so. Real payments can differ by a few cents because lenders round each month and count days differently. This is an estimate, not a loan offer.

      Questions people ask

      What is the monthly payment on a $20,000 loan?

      At 8% over 5 years it is $405.53 a month, with $4,331.67 of interest in total. Over 3 years it is $626.73 a month.

      How long will it take to pay off $15,000 at $400 a month?

      At 9% interest, 45 payments — 3 years 9 months. You pay $2,679.09 in interest, and the last payment is only $79.09.

      What is the payment on a $250,000 loan?

      At 6% over 30 years, $1,498.88 a month and $289,595.47 of interest. Over 15 years at the same rate it is $2,109.64 a month and $129,735.57 of interest.

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