Payment Calculator
Payment Calculator
How it works: This calculator uses the standard loan payment formula to calculate monthly payments, total payment amount, and total interest paid. The formula is: PMT = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly interest rate, and n is number of payments. The chart shows how each payment is split between principal and interest over time.
Overview
Calculate monthly payments, total payment amount, and total interest for any loan using the standard loan payment formula. This calculator helps you understand loan costs by showing the breakdown of principal vs interest over time. Enter the loan amount, interest rate, and loan term to get instant results with detailed payment schedules and visual charts. Perfect for planning mortgages, auto loans, personal loans, or any installment payment. The calculator shows how each payment is split between principal and interest, helping you make informed borrowing decisions. All calculations happen instantly in your browser with complete privacy—no data is stored or transmitted.
About
About Payment Calculator
Calculate monthly payments, total interest, and payment schedule for any loan using standard amortization formulas.
Features:
- Calculate monthly payments for any loan amount
- Show total payment and total interest
- Visual payment breakdown charts
- Payment schedule visualization
- Support for various loan terms
- 100% client-side - your data stays private
FAQ
How is the monthly payment calculated?
The monthly payment is calculated using the formula: PMT = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly interest rate, and n is number of payments.
What's the difference between principal and interest?
Principal is the original loan amount. Interest is the cost of borrowing. Early payments have more interest, later payments have more principal.
How can I reduce my total interest paid?
Make extra payments toward principal, choose a shorter loan term, or find a lower interest rate. Even small extra payments can significantly reduce total interest.
What's an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the loan term, plus the remaining balance after each payment.
Does this calculator work for all types of loans?
Yes, it works for fixed-rate loans including mortgages, auto loans, personal loans, and student loans. For variable-rate loans, use the current rate as an estimate.