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Payment Calculator

Calculate the monthly payment for any loan from the amount, interest rate and term, with total interest and an amortization schedule. Free and instant.

Loan term
yrmo
Monthly payment
405.53
Total interest
4,331.67
Total of all payments
24,331.67
Principal 82%Interest 18%
YearPrincipalInterestBalance
13,388.801,477.5316,611.20
23,670.071,196.2612,941.13
33,974.69891.658,966.44
44,304.58561.754,661.86
54,661.86204.470.00

Monthly payments on any fixed-rate loan

This calculator works for any fixed-rate loan that's paid back in equal monthly payments: personal loans, auto loans, student loans or a mortgage. Enter the amount, the yearly rate and the term to see the payment and how much of it goes to interest. $25,000 at 7% over 5 years is $495.03 a month, with $4,702 of interest in total. The schedule shows the balance after every payment, so you can see when the loan will be half paid off.

How to use it

  1. 1

    Enter the amount

    How much you're borrowing.

  2. 2

    Set the rate and term

    The yearly interest rate and how long you'll take to repay.

  3. 3

    See the payment

    Monthly payment, total interest and the full schedule.

Frequently asked questions

How do I calculate a monthly payment?

Payment = P × r ÷ (1 − (1 + r)^−n), with r the monthly rate (yearly ÷ 12) and n the number of payments.

What if the rate is 0%?

The payment is simply the amount divided by the number of months.

How can I lower my payment?

Borrow less, find a lower rate or choose a longer term. A longer term lowers the payment but raises the total interest.

Is anything sent to a server?

No. Everything is calculated in your browser.

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