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Choose a payment model
PMTSwitch between a fixed-term loan, where the tool solves the monthly payment, and a fixed-payment loan, where the tool solves the payoff time.
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Finance calculator
Payment Calculator
Use this payment calculator to switch between fixed-term and fixed-payment loan math, then review the principal-versus-interest split and payoff schedule.
How to use this calculator
How the payment calculator works
This calculator supports two common loan questions. In Fixed Term mode, it solves the monthly payment for a chosen loan size, term, and rate. In Fixed Payments mode, it solves how long payoff will take when the monthly payment amount is already known.
- Use Fixed Term when the repayment window is already decided and you need to know the monthly payment amount.
- Use Fixed Payments when your budget gives you a target monthly payment and you want to estimate how quickly the balance can be cleared.
- Review the principal-versus-interest chart and the amortization schedule together if you want to understand not just the answer, but how the loan behaves over time.
Formula / method
Formula / method
The payment calculator either solves for the recurring payment or works backward from a known payment to estimate payoff time. The same amortization schedule drives both views.
- Fixed term mode solves the payment from principal, rate, and term.
- Fixed payment mode solves how long the balance lasts at the chosen payment.
- Interest and principal are separated line by line in the schedule preview.
Example calculation
Review the current live example
The example below reflects the current values shown in the calculator above, so it updates as you change the form without altering the calculation logic itself.
Example inputs
Loan amount200,000
Loan term (years)15
Annual interest rate (%)6
Example outputs
Monthly payment$1,687.71
Total of payments$303,788.46
Total interest$103,788.46
Payment count180
Disclaimer
Use results as planning guidance only
Results are for reference only and do not constitute financial, investment, tax, or legal advice. Product terms, lender rules, tax treatment, and fees can vary in real situations.
- Do not treat calculator output as financial, investment, medical, or legal advice.
- Check assumptions, dates, tax rules, and provider-specific terms before acting on a result.
- Use official documents or professional guidance when the decision has material consequences.
FAQ
Common Payment questions
What is the difference between Fixed Term and Fixed Payments?
Fixed Term solves the required monthly payment for a selected loan term. Fixed Payments starts with the payment amount and estimates the time needed to pay the loan off.
Why can payoff time change so much when I change the payment?
A larger payment reduces principal faster, which lowers future interest charges and shortens the payoff timeline. Small changes can have a noticeable long-term effect.
What if my payment is lower than the monthly interest?
If the payment does not cover monthly interest, the balance cannot amortize normally. The calculator flags that case and asks for a higher payment or lower rate.