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Payment Calculator

Find a fixed-rate loan's monthly payment from its term, or how long it takes to pay off at a fixed monthly payment — with total interest and a full amortization schedule.

$
years
%

Monthly Payment

$1,687.71

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

Principal vs interest

Principal 66%, Interest 34%
  • Principal66%
  • Interest34%

Amortization schedule

PeriodInterestPrincipalBalance
Year 1$11,769.23$8,483.33$191,516.67
Year 2$11,246.00$9,006.57$182,510.10
Year 3$10,690.49$9,562.07$172,948.02
Year 4$10,100.72$10,151.84$162,796.18
Year 5$9,474.58$10,777.98$152,018.20
Year 6$8,809.82$11,442.75$140,575.45
Year 7$8,104.05$12,148.51$128,426.94
Year 8$7,354.76$12,897.80$115,529.13
Year 9$6,559.25$13,693.31$101,835.82
Year 10$5,714.68$14,537.89$87,297.94
Year 11$4,818.01$15,434.55$71,863.38
Year 12$3,866.04$16,386.52$55,476.86
Year 13$2,855.36$17,397.21$38,079.66
Year 14$1,782.34$18,470.23$19,609.43
Year 15$643.13$19,609.43$0.00
Monthly Payment$1,687.71View results

Plan a fixed-rate loan from either direction. Enter a loan amount, term, and rate to get the monthly payment, or switch to Fixed Payments to enter a monthly amount you can afford and see how long the loan takes to clear. Both views show the total of payments, total interest, and a full amortization schedule.

Formula

A loan is amortized: every monthly payment covers that month's interest first, and whatever is left pays down the balance. For a principal P, monthly rate r (annual rate ÷ 12), and n months:

Monthly payment = P × r / (1 − (1 + r)^−n)

Payoff time (months) = −ln(1 − P × r / payment) / ln(1 + r)
In the Fixed Payments view, the monthly payment must exceed the first month's interest — otherwise the balance never shrinks and the loan can't be repaid.

Same loan, two questions

You knowYou solve forTab
Term (years)Monthly paymentFixed Term
Monthly paymentYears to pay offFixed Payments

Examples

$200,000 · 15 years · 6%

A $200,000 loan at 6% over 15 years needs a monthly payment of $1,687.71. You repay $303,788.46 in total, of which $103,788.46 is interest.

$200,000 · $1,500/month · 6%

Paying $1,500 a month on the same $200,000 loan at 6% takes about 18 years and 5 months to clear, with roughly $130,400 of total interest — lower monthly, but more interest over the longer payoff.

Frequently asked questions

What does the Payment Calculator do?
It works a fixed-rate loan two ways. The Fixed Term tab finds the monthly payment that pays the loan off over a chosen number of years. The Fixed Payments tab does the reverse: given a monthly payment you can afford, it finds how long the loan will take to pay off.
How is the monthly payment calculated?
With the standard amortizing-loan formula. For a principal P, a monthly rate r (the annual rate divided by 12), and n monthly payments, the payment is P × r ÷ (1 − (1 + r)^−n). Each payment covers that month's interest first, and the rest reduces the balance.
How is the payoff time calculated?
It inverts the payment formula to solve for the number of months: n = −ln(1 − P × r ÷ payment) ÷ ln(1 + r). The monthly payment must be larger than the first month's interest, otherwise the balance would never fall and the loan could never be repaid.
Why does a longer term cost more in total?
A longer term lowers the monthly payment but stretches the balance over more months, so interest accrues for longer. You pay a smaller amount each month but more interest overall. A shorter term does the opposite.
Is this the same as interest rate or APR?
This calculator uses the loan's nominal annual interest rate, compounded monthly. APR also folds in certain fees, so a loan's APR is usually a little higher than its stated interest rate. Use the rate from your loan terms here.

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