Payment Calculator

Solve for monthly payment, loan amount, or loan term — you choose what to calculate

Currency:

Find Monthly Payment

Loan Amount $20,000

$500$1M

Annual Interest Rate 7.0%

0.1%30%

Loan Term 5 years

1 yr30 yrs

Monthly Payment

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Enter details above to calculate

Loan Amount

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Loan Term

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Total Interest

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Total Cost

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// Compare Loan Terms

Term	Monthly	Total Interest	Total Cost
Calculate above to see comparison

// Remaining Balance Over Time

Principal Remaining

Interest Paid

Payment Schedule

Period	Payment	Principal	Interest	Balance
💰 Calculate above to see your payment schedule

How the Payment Calculator Works

This calculator can solve for any one of three loan variables — monthly payment, loan amount, or loan term — when you know the other two. Select what you want to calculate using the tabs above, fill in the known values, and the answer appears instantly.

Solve for Monthly Payment

The most common use case. Enter your loan amount, interest rate, and term to find out exactly what your monthly payment will be. Useful for budgeting before taking out any loan.

Solve for Loan Amount

Know what monthly payment you can afford? Enter that payment, the interest rate, and term to find out the maximum loan amount you qualify for. This is the "how much can I borrow?" question.

Solve for Loan Term

Already have a loan or know your payment? Enter the loan amount, interest rate, and your desired payment to see exactly how many months it will take to pay off.

Solve for Payment (M): M = P × [r(1+r)^n] / [(1+r)^n − 1] Solve for Loan Amount (P): P = M × [(1+r)^n − 1] / [r(1+r)^n] Solve for Term (n): n = -ln(1 − (r × P / M)) / ln(1 + r) Where: M = Monthly payment P = Principal (loan amount) r = Monthly interest rate (annual ÷ 12 ÷ 100) n = Number of monthly payments

Why Compare Scenarios?

The comparison table shows how different loan terms affect your monthly payment and total interest. A shorter term means higher monthly payments but dramatically less interest paid overall. For example, a 5-year loan typically costs far less in total interest than a 10-year loan at the same rate — even though the monthly payments are higher.

Disclaimer: CalcHub calculators are for informational purposes only and do not constitute financial or legal advice. Calculations are estimates. Always confirm figures with your lender before signing any loan agreement.

// Affordability

A common rule of thumb: keep total monthly debt payments (including this loan) below 36% of gross monthly income.

// Total Cost

Always compare total cost, not just monthly payment. A longer term lowers your payment but can double the total interest paid.

// Rate Shopping

Even 0.5% difference in rate makes a big difference over a long loan. Always compare at least 3 lenders before signing.

// Early Payoff

Check for prepayment penalties before making extra payments — some lenders charge fees for paying off early.