🧾 Payment Calculator
Before committing to any loan, the first question is always the same: what leaves my account every month? This calculator answers exactly that, turning any loan amount, annual rate and term into a single monthly payment figure.
It uses the standard amortizing-loan formula with monthly compounding. For a full year-by-year breakdown of principal versus interest, see the amortization calculator.
How to use this calculator
Enter any loan amount, its annual rate and the term in years to find out exactly what leaves your account each month.
- Type the Loan amount you are considering.
- Enter the Annual interest rate as a percentage.
- Set the Term in years.
- Press Calculate, then shorten or lengthen the term to test what fits your budget.
Frequently asked questions
What question does this calculator answer?
It answers the first question every borrower asks: what is the monthly payment? It also reports the total interest over the loan and the total repayment, so you see the price of borrowing, not just the payment.
How does it calculate the payment?
It uses the standard amortizing-loan formula with monthly compounding: the loan amount times the monthly rate times a compounding factor, divided by that factor minus one. The term must be positive.
Give me a concrete example.
A $20,000 loan at 9% over 4 years produces a monthly payment of about $497.70. Across 48 payments you would pay roughly $3,890 in interest, making the total repayment about $23,890.
Is this enough to plan a loan?
It is a strong start for budgeting the monthly figure. For the full picture of how each payment splits between principal and interest, run the same loan through the amortization calculator.