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Payment Calculator — Find Your Monthly Payment or Payoff Timeline

Use this free payment calculator to find your monthly payment on any fixed-rate loan, or enter a fixed monthly payment to see how long it will take to pay off the balance. Compare mortgage or auto-style terms, inspect principal vs interest over time, and export a full amortization schedule — annual or monthly.

Fixed Term solves for monthly payment; Fixed Payments solves for payoff time. For car tax and fees, use the Auto Loan Calculator.

Pick a mode, fill the fields, then Calculate.

Run a calculation to see payment or payoff summary here.

Choose a mode, enter your numbers, and click Calculate.

How to use

  1. Pick Fixed Term to solve for monthly payment, or Fixed Payments to solve for payoff time.
  2. Enter loan amount, APR, and either the loan term (years plus optional months) or your target monthly payment.
  3. Click Calculate to see payment or duration, total interest, principal vs interest breakdown, balance chart, and schedules.
  4. Use the Auto Loan or Mortgage calculators when you need taxes, insurance, or vehicle-specific fields.

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How this payment calculator works

Fixed Term mode takes your loan amount, annual interest rate, and payoff length, then computes the level monthly payment that fully amortizes the loan. It also shows total interest, principal-vs-interest over the life of the loan, a balance chart, and full annual and monthly amortization schedules.

Fixed Payments mode takes your loan amount, rate, and the payment you can make each month, then simulates payoff month by month until the balance reaches zero. If the payment is not large enough to cover interest on the current balance, the loan would never amortize — the tool flags that case and suggests a minimum payment above the initial monthly interest.

Understanding amortization

Each payment is split between interest (cost on the remaining balance) and principal (amount that reduces the balance). Early on, a larger share goes to interest; later, more goes to principal. The monthly payment stays constant in standard fixed-term amortization, but the split changes every month.

Loan term tradeoffs

Longer terms lower the monthly payment but increase total interest. Shorter terms raise the payment but usually save a lot of interest. The best term is the one that fits your budget without crowding out emergency savings, retirement contributions, and other priorities.

Interest rate vs APR

Use the rate that matches your loan documents for payment and schedule math. APR is useful for comparing total cost across lenders because it can reflect certain fees. If there are no extra financed costs, APR and interest rate are effectively the same for comparison purposes.

Fixed vs variable rates

This calculator assumes a fixed rate for the whole payoff period. Adjustable or variable products can change payments when indexes move; modeling those paths requires rate scenarios beyond a single fixed assumption.

Related tools

For mortgages with taxes, insurance, and PMI, use the Mortgage Calculator. For vehicle price, tax, and fees, use the Auto Loan Calculator. For multi-card strategies, use the Credit Card Payoff Calculator.

Frequently asked questions

Monthly payments, term tradeoffs, extra payments, interest rate vs APR, and payoff math.

How do I calculate a monthly loan payment?

For a fixed-rate loan with monthly payments, M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly rate (annual rate ÷ 12), and n is the number of payments. This calculator applies that formula in Fixed Term mode automatically.

What is the monthly payment on a $200,000 loan?

It depends on interest rate and term. At 6% APR, a 30-year loan is about $1,199/month, a 15-year loan about $1,688/month, and a 10-year loan about $2,220/month. Enter your exact rate and term above for a precise payment.

How much does a higher interest rate affect my monthly payment?

A lot on large, long loans. On a $200,000 30-year mortgage, roughly each 1 percentage point on the rate can move the payment by over $100/month and tens of thousands in total interest. Shopping rates and improving credit before you apply matters.

Is it better to have a shorter or longer loan term?

Shorter terms mean higher monthly payments but much less total interest. Longer terms ease cash flow but cost more over time. The right choice depends on your budget, other goals, and how long you plan to keep the loan.

What happens if I pay extra on my loan each month?

Extra amounts usually reduce principal directly, so future interest is calculated on a smaller balance. That speeds payoff and cuts total interest. Use Fixed Payments mode here to compare different monthly amounts and payoff timelines.

What is the difference between interest rate and APR?

The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) is a broader measure that can include certain fees spread over the loan life. APR is typically equal to or higher than the interest rate. When comparing offers from different lenders, compare APRs for total cost.

How do I know if my monthly payment is enough to pay off my loan?

Your payment must exceed the interest accruing each period. For monthly accrual, first-month interest is approximately balance × (annual rate ÷ 12). If your payment is at or below that, principal does not shrink (and can grow). This calculator warns you when a payment is too low.

Should I choose a fixed or variable rate loan?

Fixed rates keep payments predictable. Variable rates can start lower but change with benchmarks, which can raise payments later. This tool models fixed-rate amortization; variable loans need separate assumptions for rate changes.

How can I pay off a loan faster without refinancing?

Pay more toward principal when you can — windfalls, rounded-up payments, or biweekly schedules (if your lender applies them correctly) can all shorten the loan. Modeling a higher fixed payment here shows the payoff impact clearly.

Who uses this calculator

Borrowers comparing loan terms to land on an affordable monthly payment, homebuyers weighing 15-year versus 30-year mortgages, car buyers comparing financing lengths, people modeling how a higher fixed payment speeds payoff, and anyone comparing loan offers — all use payment calculators to connect rate, term, and cash flow before signing.