Payment Calculator
Calculate a loan's monthly payment from its amount, or the loan amount a target monthly payment can support.
- Principal$25,000.00 · 84%
- Total Interest$4,701.80 · 16%
For every dollar borrowed, you pay back $1.19 — interest adds 19% on top.
About the Payment Calculator
Most loan calculators only answer one question: given a loan amount, what's the payment? But real budgeting often starts from the other end — you know what you can afford each month, and need to know how much loan that actually supports. Getting that backwards, by guessing a loan amount and hoping the payment fits, is how people end up house- or car-shopping above their real budget.
This calculator solves it either direction from the same amortization math, so it works for both the person trying to size a loan and the person already holding a quote and wanting to double-check it. It's aimed at anyone comparing offers on a car, personal loan, or any other fixed-rate installment debt before signing anything.
All the math runs locally in your browser — the loan amount, the target payment, and the rate you're shopping never leave your device.
How it’s calculated
Solving for the payment uses the standard amortization formula directly: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where r is the monthly interest rate and n is the number of monthly payments.
Solving for the loan amount runs the same relationship in reverse — it's the present value of a fixed monthly payment at that rate over that term, which is why a target payment field appears instead of a loan amount field when you switch modes.
Frequently asked questions
How much loan can I afford on a set monthly budget?
Switch to 'Loan Amount' mode and enter your target monthly payment along with the rate and term you expect — the calculator works backward from your payment to the loan size it supports.
Why do the two modes give different-looking numbers for the same inputs?
They don't disagree — they're the same formula run in opposite directions. A given loan amount at a given rate and term always implies exactly one payment, and a given payment at that same rate and term always implies exactly one loan amount.
Does this include taxes, fees or insurance in the payment?
No — this is pure loan-payment math on the principal, rate and term you enter. For a mortgage specifically, with property tax, insurance and HOA folded in, use the dedicated mortgage calculator instead.
Why does a longer term lower my payment but not necessarily save me money?
A longer term spreads the same principal over more payments, shrinking each one — but it also means more months of interest accruing on a balance that shrinks more slowly, so total interest paid over the life of the loan is usually higher.
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