Payment Calculator

The Payment Calculator can determine the monthly payment amount or loan term for a fixed interest loan. Use the "Fixed Term" tab to calculate the monthly payment of a fixed-term loan. Use the "Fixed Payments" tab to calculate the time to pay off a loan with a fixed monthly payment. For more information about or to do calculations specifically for car payments, please use the Auto Loan Calculator. To find net payment of salary after taxes and deductions, use the Take-Home-Pay Calculator.

Monthly Payment: $1,687.71

You will need to pay $1,687.71 every month for 15 years to payoff the debt.

Total of 180 Payments	$303,788.46
Total Interest	$103,788.46

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$1,000.00	$687.71	$199,312.29
2	$996.56	$691.15	$198,621.13
3	$993.11	$694.61	$197,926.53
4	$989.63	$698.08	$197,228.45
5	$986.14	$701.57	$196,526.87
6	$982.63	$705.08	$195,821.79
7	$979.11	$708.60	$195,113.19
8	$975.57	$712.15	$194,401.04
9	$972.01	$715.71	$193,685.33
10	$968.43	$719.29	$192,966.05
11	$964.83	$722.88	$192,243.16
12	$961.22	$726.50	$191,516.67
End of year 1
13	$957.58	$730.13	$190,786.53
14	$953.93	$733.78	$190,052.75
15	$950.26	$737.45	$189,315.30
16	$946.58	$741.14	$188,574.17
17	$942.87	$744.84	$187,829.32
18	$939.15	$748.57	$187,080.76
19	$935.40	$752.31	$186,328.45
20	$931.64	$756.07	$185,572.38
21	$927.86	$759.85	$184,812.52
22	$924.06	$763.65	$184,048.87
23	$920.24	$767.47	$183,281.40
24	$916.41	$771.31	$182,510.10
End of year 2
25	$912.55	$775.16	$181,734.93
26	$908.67	$779.04	$180,955.89
27	$904.78	$782.93	$180,172.96
28	$900.86	$786.85	$179,386.11
29	$896.93	$790.78	$178,595.33
30	$892.98	$794.74	$177,800.59
31	$889.00	$798.71	$177,001.88
32	$885.01	$802.70	$176,199.18
33	$881.00	$806.72	$175,392.46
34	$876.96	$810.75	$174,581.71
35	$872.91	$814.81	$173,766.90
36	$868.83	$818.88	$172,948.02
End of year 3
37	$864.74	$822.97	$172,125.05
38	$860.63	$827.09	$171,297.96
39	$856.49	$831.22	$170,466.74
40	$852.33	$835.38	$169,631.36
41	$848.16	$839.56	$168,791.80
42	$843.96	$843.75	$167,948.05
43	$839.74	$847.97	$167,100.07
44	$835.50	$852.21	$166,247.86
45	$831.24	$856.47	$165,391.39
46	$826.96	$860.76	$164,530.63
47	$822.65	$865.06	$163,665.57
48	$818.33	$869.39	$162,796.18
End of year 4
49	$813.98	$873.73	$161,922.45
50	$809.61	$878.10	$161,044.35
51	$805.22	$882.49	$160,161.86
52	$800.81	$886.90	$159,274.95
53	$796.37	$891.34	$158,383.61
54	$791.92	$895.80	$157,487.82
55	$787.44	$900.27	$156,587.54
56	$782.94	$904.78	$155,682.77
57	$778.41	$909.30	$154,773.47
58	$773.87	$913.85	$153,859.62
59	$769.30	$918.42	$152,941.20
60	$764.71	$923.01	$152,018.20
End of year 5
61	$760.09	$927.62	$151,090.57
62	$755.45	$932.26	$150,158.31
63	$750.79	$936.92	$149,221.39
64	$746.11	$941.61	$148,279.78
65	$741.40	$946.31	$147,333.47
66	$736.67	$951.05	$146,382.42
67	$731.91	$955.80	$145,426.62
68	$727.13	$960.58	$144,466.04
69	$722.33	$965.38	$143,500.66
70	$717.50	$970.21	$142,530.45
71	$712.65	$975.06	$141,555.39
72	$707.78	$979.94	$140,575.45
End of year 6
73	$702.88	$984.84	$139,590.61
74	$697.95	$989.76	$138,600.85
75	$693.00	$994.71	$137,606.14
76	$688.03	$999.68	$136,606.46
77	$683.03	$1,004.68	$135,601.78
78	$678.01	$1,009.70	$134,592.07
79	$672.96	$1,014.75	$133,577.32
80	$667.89	$1,019.83	$132,557.49
81	$662.79	$1,024.93	$131,532.57
82	$657.66	$1,030.05	$130,502.52
83	$652.51	$1,035.20	$129,467.32
84	$647.34	$1,040.38	$128,426.94
End of year 7
85	$642.13	$1,045.58	$127,381.36
86	$636.91	$1,050.81	$126,330.55
87	$631.65	$1,056.06	$125,274.49
88	$626.37	$1,061.34	$124,213.15
89	$621.07	$1,066.65	$123,146.50
90	$615.73	$1,071.98	$122,074.52
91	$610.37	$1,077.34	$120,997.18
92	$604.99	$1,082.73	$119,914.45
93	$599.57	$1,088.14	$118,826.31
94	$594.13	$1,093.58	$117,732.73
95	$588.66	$1,099.05	$116,633.68
96	$583.17	$1,104.55	$115,529.13
End of year 8
97	$577.65	$1,110.07	$114,419.07
98	$572.10	$1,115.62	$113,303.45
99	$566.52	$1,121.20	$112,182.25
100	$560.91	$1,126.80	$111,055.45
101	$555.28	$1,132.44	$109,923.01
102	$549.62	$1,138.10	$108,784.91
103	$543.92	$1,143.79	$107,641.13
104	$538.21	$1,149.51	$106,491.62
105	$532.46	$1,155.26	$105,336.36
106	$526.68	$1,161.03	$104,175.33
107	$520.88	$1,166.84	$103,008.49
108	$515.04	$1,172.67	$101,835.82
End of year 9
109	$509.18	$1,178.53	$100,657.29
110	$503.29	$1,184.43	$99,472.86
111	$497.36	$1,190.35	$98,282.51
112	$491.41	$1,196.30	$97,086.21
113	$485.43	$1,202.28	$95,883.93
114	$479.42	$1,208.29	$94,675.63
115	$473.38	$1,214.34	$93,461.30
116	$467.31	$1,220.41	$92,240.89
117	$461.20	$1,226.51	$91,014.38
118	$455.07	$1,232.64	$89,781.74
119	$448.91	$1,238.80	$88,542.93
120	$442.71	$1,245.00	$87,297.94
End of year 10
121	$436.49	$1,251.22	$86,046.71
122	$430.23	$1,257.48	$84,789.23
123	$423.95	$1,263.77	$83,525.46
124	$417.63	$1,270.09	$82,255.38
125	$411.28	$1,276.44	$80,978.94
126	$404.89	$1,282.82	$79,696.12
127	$398.48	$1,289.23	$78,406.89
128	$392.03	$1,295.68	$77,111.21
129	$385.56	$1,302.16	$75,809.05
130	$379.05	$1,308.67	$74,500.38
131	$372.50	$1,315.21	$73,185.17
132	$365.93	$1,321.79	$71,863.38
End of year 11
133	$359.32	$1,328.40	$70,534.99
134	$352.67	$1,335.04	$69,199.95
135	$346.00	$1,341.71	$67,858.23
136	$339.29	$1,348.42	$66,509.81
137	$332.55	$1,355.16	$65,154.65
138	$325.77	$1,361.94	$63,792.71
139	$318.96	$1,368.75	$62,423.96
140	$312.12	$1,375.59	$61,048.36
141	$305.24	$1,382.47	$59,665.89
142	$298.33	$1,389.38	$58,276.51
143	$291.38	$1,396.33	$56,880.18
144	$284.40	$1,403.31	$55,476.86
End of year 12
145	$277.38	$1,410.33	$54,066.53
146	$270.33	$1,417.38	$52,649.15
147	$263.25	$1,424.47	$51,224.68
148	$256.12	$1,431.59	$49,793.09
149	$248.97	$1,438.75	$48,354.35
150	$241.77	$1,445.94	$46,908.40
151	$234.54	$1,453.17	$45,455.23
152	$227.28	$1,460.44	$43,994.80
153	$219.97	$1,467.74	$42,527.06
154	$212.64	$1,475.08	$41,051.98
155	$205.26	$1,482.45	$39,569.52
156	$197.85	$1,489.87	$38,079.66
End of year 13
157	$190.40	$1,497.32	$36,582.34
158	$182.91	$1,504.80	$35,077.54
159	$175.39	$1,512.33	$33,565.21
160	$167.83	$1,519.89	$32,045.33
161	$160.23	$1,527.49	$30,517.84
162	$152.59	$1,535.12	$28,982.72
163	$144.91	$1,542.80	$27,439.92
164	$137.20	$1,550.51	$25,889.40
165	$129.45	$1,558.27	$24,331.13
166	$121.66	$1,566.06	$22,765.08
167	$113.83	$1,573.89	$21,191.19
168	$105.96	$1,581.76	$19,609.43
End of year 14
169	$98.05	$1,589.67	$18,019.76
170	$90.10	$1,597.61	$16,422.15
171	$82.11	$1,605.60	$14,816.55
172	$74.08	$1,613.63	$13,202.92
173	$66.01	$1,621.70	$11,581.22
174	$57.91	$1,629.81	$9,951.41
175	$49.76	$1,637.96	$8,313.45
176	$41.57	$1,646.15	$6,667.31
177	$33.34	$1,654.38	$5,012.93
178	$25.06	$1,662.65	$3,350.28
179	$16.75	$1,670.96	$1,679.32
180	$8.40	$1,679.32	$0.00
End of year 15

Year	Interest	Principal	Ending Balance
1	$11,769.23	$8,483.33	$191,516.67
2	$11,246.00	$9,006.57	$182,510.10
3	$10,690.49	$9,562.07	$172,948.02
4	$10,100.72	$10,151.84	$162,796.18
5	$9,474.58	$10,777.98	$152,018.20
6	$8,809.82	$11,442.75	$140,575.45
7	$8,104.05	$12,148.51	$128,426.94
8	$7,354.76	$12,897.80	$115,529.13
9	$6,559.25	$13,693.31	$101,835.82
10	$5,714.68	$14,537.89	$87,297.94
11	$4,818.01	$15,434.55	$71,863.38
12	$3,866.04	$16,386.52	$55,476.86
13	$2,855.36	$17,397.21	$38,079.66
14	$1,782.34	$18,470.23	$19,609.43
15	$643.13	$19,609.43	$0.00

A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) that they are obligated to pay back in the future. Loans can be customized based on various factors. The number of available options can be overwhelming. Two of the most common deciding factors are the term and monthly payment amount, which are separated by tabs in the calculator above.

Fixed Term

Mortgages, auto, and many other loans tend to use the time limit approach to the repayment of loans. For mortgages, in particular, choosing to have routine monthly payments between 30 years or 15 years or other terms can be a very important decision because how long a debt obligation lasts can affect a person's long-term financial goals. Some examples include:

Choosing a shorter mortgage term because of the uncertainty of long-term job security or preference for a lower interest rate while there is a sizable amount in savings
Choosing a longer mortgage term in order to time it correctly with the release of Social Security retirement benefits, which can be used to pay off the mortgage

The Payment Calculator can help sort out the fine details of such considerations. It can also be used when deciding between financing options for a car, which can range from 12 months to 96 months periods. Even though many car buyers will be tempted to take the longest option that results in the lowest monthly payment, the shortest term typically results in the lowest total paid for the car (interest + principal). Car buyers should experiment with the variables to see which term is best accommodated by their budget and situation. For additional information about or to do calculations involving mortgages or auto loans, please visit the Mortgage Calculator or Auto Loan Calculator.

Fixed Monthly Payment Amount

This method helps determine the time required to pay off a loan and is often used to find how fast the debt on a credit card can be repaid. This calculator can also estimate how early a person who has some extra money at the end of each month can pay off their loan. Simply add the extra into the "Monthly Pay" section of the calculator.

It is possible that a calculation may result in a certain monthly payment that is not enough to repay the principal and interest on a loan. This means that interest will accrue at such a pace that repayment of the loan at the given "Monthly Pay" cannot keep up. If so, simply adjust one of the three inputs until a viable result is calculated. Either "Loan Amount" needs to be lower, "Monthly Pay" needs to be higher, or "Interest Rate" needs to be lower.

Interest Rate (APR)

When using a figure for this input, it is important to make the distinction between interest rate and annual percentage rate (APR). Especially when very large loans are involved, such as mortgages, the difference can be up to thousands of dollars. By definition, the interest rate is simply the cost of borrowing the principal loan amount. On the other hand, APR is a broader measure of the cost of a loan, which rolls in other costs such as broker fees, discount points, closing costs, and administrative fees. In other words, instead of upfront payments, these additional costs are added onto the cost of borrowing the loan and prorated over the life of the loan instead. If there are no fees associated with a loan, then the interest rate equals the APR. For more information about or to do calculations involving APR or Interest Rate, please visit the APR Calculator or Interest Rate Calculator.

Borrowers can input both interest rate and APR (if they know them) into the calculator to see the different results. Use interest rate in order to determine loan details without the addition of other costs. To find the total cost of the loan, use APR. The advertised APR generally provides more accurate loan details.

Variable vs. Fixed

When it comes to loans, there are generally two available interest options to choose from: variable (sometimes called adjustable or floating) or fixed. The majority of loans have fixed interest rates, such as conventionally amortized loans like mortgages, auto loans, or student loans. Examples of variable loans include adjustable-rate mortgages, home equity lines of credit (HELOC), and some personal and student loans. For more information about or to do calculations involving any of these other loans, please visit the Mortgage Calculator, Auto Loan Calculator, Student Loan Calculator, or Personal Loan Calculator.

Variable Rate Information

In variable rate loans, the interest rate may change based on indices such as inflation or the central bank rate (all of which are usually in movement with the economy). The most common financial index that lenders reference for variable rates is the key index rate set by the U.S. Federal Reserve or the London Interbank Offered Rate (Libor).

Because rates of variable loans vary over time, fluctuations in rates will alter routine payment amounts; the rate change in one month changes the monthly payment due for that month as well as the total expected interest owed over the life of the loan. Some lenders may place caps on variable loan rates, which are maximum limits on the interest rate charged, regardless of how much the index interest rate changes. Lenders only update interest rates periodically at a frequency agreed to by the borrower, most likely disclosed in a loan contract. As a result, a change to an indexed interest rate does not necessarily mean an immediate change to a variable loan's interest rate. Broadly speaking, variable rates are more favorable to the borrower when indexed interest rates are trending downward.

Credit card rates can be fixed or variable. Credit card issuers aren't required to give advanced notice of an interest rate increase for credit cards with variable interest rates. It is possible for borrowers with excellent credit to request more favorable rates on their variable loans or credit cards. For more information or to perform calculations that involve paying off a credit card, use the Credit Card Calculator or use the Credit Cards Payoff Calculator for paying off multiple credit cards.

A payment calculator doesn’t just tell you what you owe each month. It reveals the hidden architecture of your debt—the silent trade-offs between time, interest, and cash flow that dictate whether a loan is a tool or a trap. Most people use it to answer “Can I afford this?” The real question it answers is “What am I giving up to afford this?”

The Amortization Engine: Why Your Payment Isn’t What You Think

The core function of a payment calculator is to solve for the periodic payment (PMT) in a time-value-of-money equation. The standard formula is:

PMT = [P * r * (1 + r)^n] / [(1 + r)^n - 1]

Where: - P = Principal (loan amount) - r = Periodic interest rate (annual rate divided by number of periods per year) - n = Total number of payments (loan term in years multiplied by periods per year)

This formula is the mathematical bedrock. But its application is where most analysis stops, and where critical insight begins. The formula assumes a fixed rate and perfectly regular payments. Any deviation—a skipped payment, an extra principal contribution, a rate adjustment—breaks the model and requires a new calculation. This is why the calculator exists: to model the predictable core so you can strategically plan around the unpredictable variables of your own financial life.

A non-obvious truth: In the early years of a long-term loan (like a 30-year mortgage), over 70% of each payment is typically consumed by interest, not principal reduction. You are primarily renting the bank’s money. The calculator quantifies this rental cost. A 0.5% difference in interest rate on a $300,000, 30-year mortgage doesn’t just change your monthly payment by ~$90. It changes your total interest paid by over $30,000. The calculator’s first job is to make this asymmetry starkly clear.

Strategic Variables: What You Input Determines What You Lose

Every input field is a strategic lever. Changing one has non-linear effects on your financial outcome. The primary variables are:

Loan Amount (P): This is the most emotionally charged input. The calculator’s role is to depersonalize it, showing the cold math behind a “dream home” or “new car.” It answers: What is the monthly cost of this emotion?
Interest Rate (r): The single most powerful long-term variable. A common mistake is to compare loans based solely on the rate. The true comparison is the total cost of capital over your intended ownership period, which the calculator reveals.
Loan Term (n): This is the great trade-off variable. A shorter term (e.g., 15-year vs. 30-year mortgage) massively increases your monthly payment but dramatically reduces total interest. The calculator forces you to confront this cash-flow-versus-wealth-building dilemma with precise numbers.

Opportunity Cost Analysis: The most critical output of a payment calculator isn’t the monthly payment. It’s the total interest cost. That number represents capital you cannot invest, save, or spend elsewhere. If the calculator shows you’ll pay $150,000 in interest over a loan’s life, that is $150,000 in foregone investment returns, emergency savings, or other financial goals. This is the true cost of the purchase.

Comparison Table: Best-Case vs. Worst-Case Scenarios

Variable	Best-Case Scenario	Worst-Case Scenario	Impact on Total Cost
Interest Rate	Secured lowest available rate (e.g., by shopping 5+ lenders).	Accepted first offer or has poor credit, yielding a higher rate.	Can exceed 20-30% of the principal over a long term.
Loan Term	Chose the shortest term the budget can sustainably handle.	Chose the longest term to minimize the monthly payment.	Often doubles or triples the total interest paid.
Down Payment	Made a substantial down payment (20%+), reducing principal.	Made a minimal down payment, increasing loan amount and often requiring PMI.	Increases both monthly payment and total interest; adds insurance cost.
Extra Payments	Consistently makes extra principal payments.	Never pays more than the minimum.	Can reduce loan term by years and save tens of thousands in interest.

Decision Architecture: From Calculation to Action

A payment calculator is a decision-projection tool. Its final, most valuable function is to model “what-if” scenarios, moving you from passive calculation to active strategy.

Step-by-Step Strategic Use: 1. Establish the Baseline: Input the core terms of the loan you’re considering. Record the monthly payment and total interest cost. This is your “Cost of Inertia.” 2. Stress-Test the Payment: Increase the interest rate input by 0.5% and 1%. How much does the payment jump? This tests your resilience to rate fluctuations (if adjustable) or shows the value of credit improvement. 3. Model Acceleration: Keep the original rate and term, but add a hypothetical extra monthly principal payment (e.g., $200). The calculator will show the new payoff date and total interest. This quantifies the power of marginal extra payments. 4. Compare Paths: Use the calculator to compare two distinct choices: a 15-year loan at a lower rate vs. a 30-year loan where you discipline yourself to make the 15-year payment amount. The math may be similar, but the behavioral commitment is vastly different. The calculator exposes this.

Pro-Tips Beyond the Math: 1. The Bi-Weekly Hack: If your calculator allows for different payment frequencies, model switching from monthly to bi-weekly payments. This results in 26 half-payments per year, equivalent to 13 full payments instead of 12. It’s a painless way to make an extra payment annually, shortening the loan term significantly without feeling a drastic budget impact. 2. Target the Highest-Rate Debt: Don’t just use this calculator for your mortgage. Apply it rigorously to all debts (auto, personal, credit card). Always funnel extra capital to the debt with the highest interest rate first—the mathematical “avalanche” method—while making minimums on others. The calculator proves why this is superior to the “snowball” (smallest balance first) method in pure cost terms. 3. Calculate the “Break-Even” Point: For loans with upfront fees (points on a mortgage, origination fees), use the calculator to find how many months of lower payments it takes to recoup that cost. If you don’t plan to own the asset (or keep the loan) longer than that break-even point, paying fees for a lower rate is a losing bet.

This tool shows direction, not advice. For decisions involving significant debt, consult a Certified Financial Planner (CFP) who can analyze your complete financial picture and risk tolerance.

	Search