💳 Payment Calculator
Loan Payment Formula
Monthly payment M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = principal, r = monthly rate, n = number of months.
Frequently Asked Questions
These three variables are interconnected: Loan Amount is how much you borrow, Payment is what you pay each period, and Term is how long you repay. Fix any two and you can calculate the third. This calculator lets you solve for any one of the three.
Enter your maximum monthly payment and the interest rate and term you expect to get. The calculator will show the loan amount that corresponds to that payment. Lenders typically want your total debt payments (including the new loan) to be under 36–43% of gross monthly income.
Extra principal payments reduce your balance faster, saving interest and shortening your loan term. Even one extra payment per year on a 30-year mortgage can cut years off the term. Use the amortization calculator to see the impact of extra payments.