Find payment
Use this when you know the loan amount, interest rate, and term. It answers the standard question: "What monthly payment would this loan require?"
Fixed-rate loan payment tool
Payment Calculator
Estimate a fixed monthly payment, find how long a payment will take to clear a balance, or solve for the loan amount supported by a target payment. This is a general loan tool for quick comparisons before using a specialized mortgage or auto loan calculator.
Three ways to solve
Payment / Time / Amount
Switch modes without leaving the page.
Monthly payment
$0
The result appears here.
Total interest
$0
Total paid
$0
Payoff date
-
Payments
0
Formula used
Fixed-rate amortization formula appears here.
Amortization snapshot
The schedule shows yearly totals so the page stays readable. Use it to see how interest falls and principal grows over time.
Principal
Interest
Loading amortization schedule...
| Year | Payment | Principal | Interest | Ending balance |
|---|---|---|---|---|
| Loading amortization schedule... | ||||
How to use this payment calculator
Find payoff time
Use this when you know the balance and the monthly payment you can make. It estimates how long it may take to pay off the loan.
Find loan amount
Use this when you know the payment you can afford and want to estimate the loan balance that payment may support.
Payment formula
For a fixed-rate loan with a fixed term, the standard payment formula is:
Payment = P x r(1 + r)^n / ((1 + r)^n - 1)
In this formula, P is the loan principal, r is the monthly interest rate, and n is the number of monthly payments. The payoff-time mode works backward from payment and rate to estimate the number of months required.
When this calculator is useful
This page is best for general fixed-rate loans where the main question is payment, time, or loan amount. It is intentionally more general than a mortgage or auto calculator.
Use specialized calculators when the purchase includes taxes, insurance, PMI, HOA fees, rebates, trade-in values, dealer fees, escrow rules, or other costs that change the true payment.
Practical examples
Compare loan terms
A shorter term usually raises the monthly payment but lowers total interest. A longer term may fit monthly cash flow while costing more over time.
Test a payoff plan
If you can pay more than the minimum, the payoff-time mode shows whether the payment is enough to reduce principal and how much interest may remain.
Set a borrowing limit
The loan-amount mode helps translate a target monthly payment into an estimated principal before you compare offers.
Related tools
- Mortgage Calculator for home loans with taxes, insurance, PMI, HOA, and extra payments.
- Auto Loan Calculator for vehicle price, tax, fees, trade-in equity, rebates, and payment estimates.
- House Affordability Calculator for estimating home price range, DTI pressure, and cash needed.
- Interest Calculator for compound growth, APY, contributions, taxes, and inflation-adjusted value.
Method, assumptions, and limitations
This calculator uses fixed-rate amortization math and assumes one payment per month. It does not pull live lender rates, calculate fees, or model variable interest rates.
Actual loan terms can differ because of lender rounding, origination fees, APR rules, payment timing, late fees, prepayment rules, escrow costs, variable rates, and credit approval requirements.
Data and source notes: No lender quote or live rate data is used. The CFPB Loan Estimate explainer notes that borrowers should review monthly principal and interest, estimated total monthly payment, closing costs, cash to close, prepayment penalties, and balloon payment terms in official lender documents.
Review the CFPB Loan Estimate explainer.
Last reviewed: July 2, 2026. Editorial note: This tool is intentionally general. It should answer the payment math first, then point users to specialized tools when the loan type has extra costs.
FAQ
What is the difference between payment and APR?
The payment formula uses the interest rate entered into the calculator. APR can include certain loan costs and fees, so it may not match the note rate used to calculate payment.
Why is my payment not enough to pay off the loan?
If the monthly payment is less than or equal to monthly interest, the balance will not shrink. In that case, the calculator warns that the payment does not amortize the loan.
Does extra payment reduce interest?
For a fixed-rate amortizing loan, extra principal payments usually reduce the balance faster and lower total interest, assuming there is no prepayment penalty.
Can this replace a mortgage calculator?
No. A mortgage payment often includes property tax, insurance, PMI, HOA, escrow rules, and loan-specific costs. Use the Mortgage Calculator for home loan planning.
Can this calculator estimate a payoff date?
Yes. It estimates the payoff month from the start month and calculated number of payments. The date is approximate because real lenders can apply payments and rounding differently.
Does this payment calculator include taxes and fees?
No. This general calculator focuses on principal and interest. Use a mortgage, auto loan, or APR calculator when taxes, insurance, closing costs, lender fees, trade-ins, or rebates matter.
Can I use this for credit card payoff planning?
Only as a rough fixed-rate estimate. Credit cards often have variable APRs, new purchases, minimum payment formulas, penalty rates, fees, and daily interest rules.
Why might my lender's payment be different?
Lenders may use different rounding, payment dates, fee treatment, escrow items, APR disclosures, or first-payment timing. Treat the lender's official documents as the controlling source.
This calculator is for general informational purposes and simple payment estimates. It is not financial, lending, tax, legal, or investment advice. Verify loan terms, APR, fees, payoff rules, and payment schedules with your lender or a qualified professional.