Payment Calculator
A payment calculator can help estimate the regular payment required for a fixed-interest loan. The two common questions are how much a borrower must pay each month for a chosen term and how long it will take to repay a loan when the monthly payment is fixed.
Fixed Term
Use Fixed Term when the loan amount, interest rate and desired repayment term are known. The calculator determines the monthly payment required to amortize the balance over that term.
Fixed Payments
Use Fixed Payments when the loan amount, interest rate and affordable monthly payment are known. The calculator estimates the number of monthly payments required to clear the balance. If the final payment is smaller than the regular payment, the amortization schedule shows the actual final payment needed.
Loan interest
For a fixed-rate amortizing loan, each payment contains interest calculated from the outstanding balance and a principal portion that reduces the balance. As the balance declines, the interest portion generally becomes smaller and the principal portion becomes larger.
Related calculators
For vehicle financing, use the Auto Loan Calculator. For a mortgage, use the Mortgage Calculator. These specialized calculators can include additional costs relevant to those types of loans.