Calculate monthly payments, total interest, and amortization schedules for loans, mortgages, and financing options. Get accurate payment estimates instantly with our comprehensive payment calculator.
Our payment calculator uses standard financial formulas to provide accurate payment estimates
Input your loan amount, interest rate, and term length
Select your preferred payment frequency (monthly, bi-weekly, etc.)
Get immediate results with detailed payment breakdown
Analyze total interest, payment amounts, and loan summary
Explore our comprehensive collection of financial calculators for all your calculation needs
Calculate mortgage payments, compare rates, and analyze different loan scenarios for home purchases.
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The original loan amount borrowed, before interest and fees are added.
The annual percentage rate (APR) charged by the lender for borrowing money.
The process of paying off debt through regular payments over time, with each payment covering both principal and interest.
How often payments are made - monthly, bi-weekly, weekly, etc. More frequent payments can reduce total interest paid.
Our calculator uses the standard loan payment formula:
M = Monthly Payment
P = Principal Loan Amount
r = Monthly Interest Rate
n = Number of Payments
Get answers to common questions about payment calculations
Our payment calculator uses industry-standard financial formulas and provides highly accurate estimates. However, actual payments may vary slightly due to rounding, fees, or lender-specific terms. Always consult with your lender for exact payment amounts.
Bi-weekly payments result in 26 payments per year (equivalent to 13 monthly payments), while monthly payments result in 12 payments per year. This extra payment with bi-weekly scheduling can significantly reduce the total interest paid and shorten the loan term.
This calculator focuses on principal and interest only. For mortgages, you should separately calculate property taxes, homeowners insurance, and PMI (if applicable) to get your total monthly housing payment. Many lenders require these to be escrowed with your mortgage payment.
A larger down payment reduces the principal loan amount, which directly lowers your monthly payment. Additionally, a down payment of 20% or more on a home purchase typically eliminates the need for private mortgage insurance (PMI), further reducing your monthly costs.
Yes, this calculator works for most installment loans including mortgages, auto loans, personal loans, and student loans. However, it's designed for fixed-rate loans with regular payments. Variable rate loans or loans with irregular payment schedules may require specialized calculators.
Making extra principal payments can significantly reduce the total interest paid and shorten your loan term. While this calculator shows standard payments, you can manually calculate the impact of extra payments or use our specialized early payoff calculators for more detailed scenarios.
Financial experts generally recommend that your total debt payments (including the new loan) shouldn't exceed 36-40% of your gross monthly income. For mortgages specifically, the payment shouldn't exceed 28% of your gross monthly income. Consider your other expenses and financial goals when determining affordability.
The interest rate is the cost of borrowing money, while APR (Annual Percentage Rate) includes the interest rate plus additional fees and costs. For payment calculations, use the interest rate. APR is better for comparing loan offers from different lenders as it reflects the true cost of the loan.
Currently, the calculator doesn't save results automatically. However, you can bookmark this page with your inputs, take a screenshot of the results, or write down the key figures. We recommend comparing multiple scenarios to find the best loan terms for your situation.
Yes, all calculations are performed locally in your browser. We don't store, transmit, or have access to any of the financial information you enter. Your data remains completely private and secure on your device.