Payment Calculator

How to Use the Payment Calculator

Our payment calculator helps you understand the full cost of a loan and make informed financial decisions. Whether you're planning for a mortgage, auto loan, personal loan, or credit card debt, this tool provides comprehensive insights.

Fixed Term Calculator

Use this when you know the loan amount, interest rate, and loan term. The calculator will determine your monthly payment, total interest paid, and generate a complete amortization schedule.

• Mortgages: Compare 15-year vs. 30-year terms to see how much interest you can save
• Auto Loans: Find the optimal loan term that fits your budget
• Personal Loans: Understand the true cost of borrowing

Fixed Payment Calculator

Use this when you have a specific monthly payment in mind. The calculator will determine how long it will take to pay off your loan and the total interest you'll pay.

This is particularly useful for:

• Debt Repayment: See how extra payments accelerate your payoff date
• Budget Planning: Determine what loan amount you can afford with your target payment
• Credit Cards: Calculate how long it will take to become debt-free

Tips for Saving Money

• Make Extra Payments: Even small additional payments can significantly reduce total interest
• Consider Shorter Terms: A shorter loan term usually means a lower interest rate and less total interest
• Refinance When Rates Drop: If interest rates decrease significantly, refinancing can save thousands
• Biweekly Payments: Making half-payments every two weeks results in one extra full payment each year

Frequently Asked Questions

Q: How is the monthly payment calculated?
A: We use the standard amortization formula that considers your loan amount, interest rate, and loan term to calculate equal monthly payments that pay off the loan completely by the end of the term.

Q: What's the difference between interest rate and APR?
A: The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other loan fees. For accurate comparisons, always use APR.

Q: Can I calculate credit card payments with this?
A: Yes! Use the Fixed Payment calculator to see how long it will take to pay off credit card debt with your current monthly payment.