Payment Calculator
Find the monthly payment for a loan — or how long it takes to pay it off with the payment you can afford.
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Amortization schedule
Two ways to use it
- Monthly payment — enter the amount, rate and term to get the fixed payment.
- Time to pay off — enter the payment you can afford to see how many months it takes.
Payment for a fixed term
$15,000 at 8% over 4 years (48 payments) costs $366.19 a month, and $2,577.30 in interest in total.
Payoff time for a fixed payment
n = −ln(1 − L × r ÷ P) ÷ ln(1 + r)
Paying $400 a month on the same $15,000 at 8% gives n = 43.3, so the loan is paid off after 44 payments — the last one smaller than the rest.
The payment must be higher than the first month’s interest (L × r). If it is not, the balance never falls.
Frequently asked questions
How long will it take to pay off my loan?
Choose Time to pay off and enter your monthly payment. $15,000 at 8% with $400 a month takes 44 payments.
Why does the calculator say “never”?
Your payment does not even cover the monthly interest, so the balance does not go down. Increase the payment.