Payment Calculator

Calculate monthly payments for any financing scenario. Determine payment amounts, loan terms, or interest rates for loans, credit cards, and other financing options with detailed analysis.

Calculation Mode

Calculate Payment

Find monthly payment amount

Calculate Loan Amount

Find maximum loan amount

Calculate Interest Rate

Find required interest rate

Payment Calculation Details

Loan Amount *

Please enter a valid loan amount.

Total amount to be financed

Annual Interest Rate *

Please enter a valid interest rate.

Annual Percentage Rate (APR)

Loan Term *

years

Please enter a valid loan term.

Duration of the loan in years

Payment Frequency

How often payments are made

Payment Type

Type of payment structure

Start Date

When payments begin

Payment Calculation Results

Payment Amount

per month

Total Interest

over loan term

Total Payments

principal + interest

Number of Payments

total payments

Payment Frequency Comparison

Frequency	Payment Amount	Total Interest	Time Saved

Payment Schedule Preview

Payment #	Date	Payment	Principal	Interest	Balance

Showing first 12 payments. Download CSV for complete schedule.

Complete Payment Calculator Guide

How to Use This Payment Calculator

Our versatile payment calculator is designed to solve various financing scenarios by calculating any missing variable in the payment equation. Whether you need to determine monthly payments, maximum loan amounts, or required interest rates, this tool provides comprehensive analysis for loans, credit cards, and other financing arrangements. The calculator supports different payment frequencies, payment types, and provides detailed comparisons to help you make informed financial decisions.

Step-by-Step Usage Instructions:

Select Calculation Mode: Choose what you want to calculate - payment amount (most common), maximum loan amount you can afford, or the interest rate needed for specific terms.
Enter Known Values: Input the values you know. The calculator will solve for the missing variable. For example, if calculating payment amount, enter loan amount, interest rate, and term.
Choose Payment Frequency: Select how often payments are made. More frequent payments (bi-weekly vs monthly) can save significant interest over the loan term.
Select Payment Type: Choose between standard amortizing loans, interest-only payments, or balloon payment structures depending on your financing arrangement.
Set Balloon Payment: If using balloon payment structure, enter the final lump sum amount that will be due at the end of the loan term.
Specify Start Date: Choose when payments begin to generate accurate payment schedules and end dates for your planning purposes.
Review Results: Analyze the calculated result along with total interest costs, payment comparisons, and detailed payment schedules.

Understanding Calculation Modes and Payment Types:

Calculate Payment

Determines the periodic payment amount needed to pay off a loan with known principal, interest rate, and term. Most commonly used for budgeting and affordability analysis.

Calculate Loan Amount

Finds the maximum loan amount you can afford with a specific monthly payment budget, interest rate, and term. Useful for determining purchasing power.

Calculate Interest Rate

Determines the interest rate needed to achieve specific payment amounts with known loan amount and term. Helpful for evaluating loan offers and negotiations.

Payment Types

Standard loans amortize principal and interest. Interest-only pays only interest. Balloon payments have lower payments with a large final payment.

Payment Calculation Methodologies:

Our calculator uses standard financial formulas to ensure accurate results across different scenarios:

Standard Payment: PMT = PV × [r(1+r)^n] / [(1+r)^n - 1]
Loan Amount: PV = PMT × [(1+r)^n - 1] / [r(1+r)^n]
Interest Rate: Solved iteratively using Newton-Raphson method
Where PMT = Payment, PV = Present Value (loan amount), r = periodic rate, n = number of payments

The calculator adjusts these formulas based on payment frequency and type, ensuring accurate results for any financing scenario.

Practical Payment Calculation Examples:

Personal Loan

$15,000 at 12% APR
5 years, monthly payments

Monthly Payment: ~$334
Total Interest: ~$5,040

Credit Card Payoff

$5,000 balance at 18% APR
3 years, monthly payments

Monthly Payment: ~$181
Total Interest: ~$1,516

Equipment Financing

$50,000 at 8% APR
7 years, monthly payments

Monthly Payment: ~$735
Total Interest: ~$11,740

Interpreting Your Payment Calculation Results:

Payment Amount: The periodic payment required to satisfy the loan terms. Ensure this fits comfortably in your budget with room for other expenses and emergencies.
Total Interest: The total cost of borrowing over the loan's lifetime. Compare this across different loan options to find the most cost-effective choice.
Payment Frequency Comparison: Shows how different payment schedules affect total interest and payoff time. More frequent payments typically save money.
Payment Schedule: Detailed breakdown showing how each payment is allocated between principal and interest, helping you understand the loan's progression.

When to Use This Payment Calculator:

Budget Planning

Determine what monthly payment you can afford and find the maximum loan amount within your budget constraints.

Loan Shopping

Compare different loan offers by calculating payments for various interest rates and terms to find the best deal.

Debt Consolidation

Calculate payments for consolidating multiple debts into a single loan to simplify finances and potentially save money.

Credit Card Payoff

Determine how much to pay monthly to eliminate credit card debt within a specific timeframe and calculate interest savings.

Information to Gather Before Calculating Payments :

Loan Amount or Budget: Either the amount you need to borrow or the maximum monthly payment you can afford in your budget.
Interest Rate: The annual percentage rate (APR) offered by lenders. Shop around for the best rates based on your credit score and financial situation.
Loan Term: How long you want to take to repay the loan. Longer terms mean lower payments but more total interest paid.
Payment Frequency: Whether you prefer monthly, bi-weekly, or other payment schedules. More frequent payments can save significant interest.
Payment Type: Standard amortizing loan, interest-only period, or balloon payment structure based on your cash flow needs.
Additional Costs: Consider origination fees, insurance, taxes, or other costs that might affect your total payment or loan amount.