Find your loan payment for a fixed term, or how long a fixed payment takes to pay off the loan.
Optional extra payments
| Year | Payments | Principal | Interest | Ending balance |
|---|---|---|---|---|
| 2026 | $1,159.97 | $864.28 | $295.69 | $19,135.72 |
| 2027 | $4,639.87 | $3,589.37 | $1,050.50 | $15,546.35 |
| 2028 | $4,639.87 | $3,810.75 | $829.12 | $11,735.60 |
| 2029 | $4,639.87 | $4,045.79 | $594.08 | $7,689.81 |
| 2030 | $4,639.87 | $4,295.33 | $344.54 | $3,394.48 |
| 2031 | $3,479.90 | $3,394.48 | $85.43 | $0.00 |
Please do not make financial decisions based on these results.
What is the Payment Calculator?
The payment calculator works two ways: find the payment for a fixed term, or find how long a fixed payment takes to clear the loan.
How loans are priced
Every installment loan is defined by an amount, a rate and a term. The loan calculator and the payment calculator turn those into a payment and a schedule. Fees raise the real cost, which the APR calculator makes visible.
How to use the Payment Calculator
- Enter your numbers. Start with Loan amount ($), Interest rate (% per year), Loan term: years. Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Monthly payment, and the cards below show Total interest, Total of all payments, Time to pay off. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Payment Calculator using the default values shown in the calculator above:
Inputs
| Mode | Fixed term → find payment |
|---|---|
| Loan amount ($) | 20,000 |
| Interest rate (% per year) | 6 |
| Loan term: years | 5 |
Results
| Monthly payment | $386.66 |
|---|---|
| Total interest | $3,199.36 |
| Total of all payments | $23,199.36 |
| Time to pay off | 5 yrs |
With these inputs the calculator returns Monthly payment: $386.66. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the Payment Calculator reports Monthly payment, total interest, total of all payments and time to pay off. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
Why is my payoff taking so long?
Your payment may barely exceed the monthly interest.
How is the payoff time calculated?
The tool applies each payment to interest first, then principal, month by month until the balance reaches zero.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
How can I pay off a loan faster?
Pay more than the required amount, add extra yearly or one-time payments, or switch to biweekly payments. Make sure extra payments go to principal.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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