Payment Calculator
Solve for a loan payment, the loan amount you can afford, or how long a loan takes to pay off.
How the payment calculator works
Choose what to solve for. Payment = L × i ÷ (1 − (1 + i)^−n). Loan amount = payment × (1 − (1 + i)^−n) ÷ i. Time to pay off = −ln(1 − L × i ÷ payment) ÷ ln(1 + i), where i is the monthly rate. Fill in the fields each mode uses.
Frequently asked questions
Which fields does each mode use?
Monthly payment uses loan amount, rate and term. Loan amount uses payment, rate and term. Time to pay off uses loan amount, rate and payment.
Why does it say the payment is too low?
If your payment is no more than a month's interest, the balance never shrinks and the loan is never paid off.
Does this work for car and personal loans?
Yes, for any fixed-rate installment loan with monthly payments.
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