Payment Calculator

Free payment calculator: find the optimal loan term or monthly payment for your budget. Calculate how much you need to pay each month to meet your financial goals.

The payment calculator works backwards from your target monthly payment to find the loan term required to pay off a loan. Unlike the loan calculator which calculates payments from a fixed term, this calculator helps you set a monthly budget and see what term fits.

Use this to explore the trade-off between monthly payment and loan duration: a shorter term means higher payments but less total interest, while a longer term means lower payments but more total interest. You can also adjust the interest rate to compare different loan offers.

Loan Amount

Target Monthly Payment

Interest Rate8%

0.130

Example

Example: Find the Loan Term for a $500/Month Payment

Loan Amount: $10,000, Interest Rate: 8%, Target Payment: $500/month.

The calculator determines that reaching this payment target requires a term of approximately 2 years. The total interest paid over that period is also displayed.

Making Decisions: If the required term is too short (high monthly payment), consider extending the term or exploring a lower interest rate. If the calculator returns 0, the target payment is too low to cover the interest — you need a higher monthly payment.

Frequently Asked Questions

How does the payment calculator work?

Enter your loan amount, interest rate, and desired monthly payment to find out how long it will take to pay off the loan.

What is the difference between this and the loan calculator?

The loan calculator determines your monthly payment for a given term, while this calculator finds the required term for a target monthly payment.

Can I use this for any type of loan?

Yes, this calculator works for any amortizing loan including mortgages, auto loans, personal loans, and student loans.

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