Payment Calculator: Find Your Monthly Payment or Loan Term

Our Payment Calculator helps you determine either your monthly payment amount or the loan term needed for a fixed-interest loan. Whether you're planning a loan, refinancing, or comparing options, this tool gives you clear answers quickly.

What This Calculator Does

The Payment Calculator operates in two modes:

• Calculate Payment: Enter your loan amount, interest rate, and desired loan term (in years). The calculator shows your monthly payment, total payment, and total interest.
• Calculate Term: Enter your loan amount, interest rate, and monthly payment budget. The calculator shows how many years and months it will take to pay off the loan.

This is useful for budgeting, comparing loan offers, and understanding how payment amounts affect your payoff timeline.

How to Use It

1. Choose your calculation mode: Select "Calculate Payment" or "Calculate Term."
2. Enter loan details: Provide your loan amount and annual interest rate.
3. Provide the known value:
   • If calculating payment: Enter your desired loan term in years.
   • If calculating term: Enter your monthly payment budget.
4. Click "Calculate" to see your results.

You can switch between modes instantly to explore different scenarios.

Interpreting Your Results

• Monthly Payment: Your fixed monthly payment amount (or the amount you entered if calculating term).
• Loan Term: The number of years and months to pay off the loan (or the term you entered if calculating payment).
• Total Payment: Sum of all monthly payments over the loan term.
• Total Interest: Total interest paid over the life of the loan.
• Number of Payments: Total number of monthly payments required.

Common Mistakes to Avoid

• Confusing calculation modes: Make sure you're entering the right value based on which mode you selected.
• Using monthly instead of annual rates: Enter your annual interest rate (e.g., 6.5% not 0.54%).
• Forgetting about fees: This calculator shows principal and interest only. Additional fees (origination, PMI, etc.) are not included.

Keep Learning

If you're exploring loan options, these guides can help:

• Loan Amortization Explained: How Your Payments Work
• How Interest Rates Affect Your Loan Payment
• Fixed vs Variable Rate Loans: Which Is Right for You?
• Refinancing: When It Makes Sense and How to Calculate Savings
• Understanding Loan Terms: Short vs Long Repayment Periods

Sources

• Consumer Financial Protection Bureau (CFPB) – Loan payment and amortization basics
• Federal Reserve – Understanding interest rates and loan terms