Whether it's a small loan or a big mortgage, knowing your monthly payment before you borrow is the smartest move you can make. Just enter the loan amount, interest rate, and term, and our free calculator instantly shows your monthly payment, total interest, and full payment schedule, no sign up needed.
This payment calculator is a general-purpose fixed-rate amortization tool. It accepts principal (loan amount), annual percentage rate (APR), and term (in months or years) and returns your monthly payment, total interest over the life of the loan, total amount paid, and an interactive amortization table that shows principal and interest splits for every single payment. You can also toggle a bi-weekly payment view to see how accelerated payments reduce your payoff date and total interest. The tool works for any standard amortizing installment loan — mortgages, auto, personal, student, or business — as long as the rate is fixed.
1. Enter the loan amount (principal) — the total amount you're borrowing, not including interest.
2. Enter the annual interest rate as a percentage (e.g., 7.5 for 7.5%).
3. Enter the loan term — either in months or years; the calculator converts automatically.
4. Optionally, enter a start date to generate dated payment schedule rows.
5. Toggle to bi-weekly mode if you want to see how paying every two weeks instead of monthly affects total interest and payoff time.
6. Click Calculate. Review your monthly payment, interest total, and amortization table.
The standard fixed-rate monthly payment formula is:
M = P × [r(1+r)^n] ÷ [(1+r)^n – 1]
Where M = monthly payment, P = principal (loan amount), r = monthly interest rate (annual APR ÷ 12), and n = number of monthly payments (term in years × 12). For example, a $20,000 loan at 7.5% APR over 60 months gives r = 0.00625 and n = 60, so M = $400.76/month. Total payments = $24,045.60, meaning $4,046 in total interest on a $20,000 loan over five years.
The amortization table reveals an important pattern: early payments are mostly interest, and late payments are mostly principal. On a 30-year mortgage, roughly 80% of the first payment goes to interest. On a 5-year personal loan, the split is more balanced from the start. Use this insight strategically — extra payments applied early in the loan life reduce principal faster and save significantly more interest than the same payments made late.
Switching from monthly to bi-weekly payments is one of the most effective — and least understood — ways to pay off a loan faster. Here's why it works: there are 52 weeks per year, which means 26 bi-weekly payments per year. Since each bi-weekly payment is half your monthly amount, that's the equivalent of 13 full monthly payments per year instead of 12. That one extra payment per year makes a material difference over time.
On a $200,000 mortgage at 6.5% over 30 years, the monthly payment is $1,264. Switching to bi-weekly payments of $632 cuts the payoff to roughly 25.5 years and saves about $36,000 in total interest. On a smaller 5-year $25,000 personal loan at 9%, the savings are more modest — about $400 — but the principle is the same. Confirm with your lender that bi-weekly payments are applied directly to principal between billing cycles, not held and applied monthly, or you won't capture the full benefit.
The payment calculator's extra-payment feature shows something that surprises most borrowers: even small additional principal payments have an outsized impact when made early in the loan term. This works because the interest portion of each payment is calculated on the outstanding balance. Reduce the balance faster, and every future payment carries a larger principal component.
On a $30,000 auto loan at 6.99% over 72 months, the regular monthly payment is $514. Adding $100/month in extra principal reduces the payoff from 72 months to about 57 months and saves roughly $930 in total interest. Scale that to a 30-year mortgage, and the numbers are far more dramatic. A $15,000 extra annual payment on a $350,000 mortgage at 6.5% in year two could save well over $100,000 in total interest and cut 10+ years from the payoff. The payment calculator lets you model any extra payment amount in real time.
This payment calculator is designed for fixed-rate loans — the most common type for personal, auto, student, and most business installment loans. A fixed rate means your monthly payment never changes, which makes budgeting straightforward. The formula above gives an exact answer every time.
Variable-rate loans — including many HELOCs, some business credit lines, and adjustable-rate mortgages — don't work the same way. Their payments change when the index rate changes. For a variable-rate product, you'd need to run separate scenarios for each possible rate environment. If you're comparing a fixed-rate offer (predictable but often slightly higher) against a variable-rate offer (lower starting rate, more risk), the payment calculator helps you stress-test the worst-case rate scenario by simply swapping in the rate cap.
Every $1,000 increase in principal adds approximately $8–$22/month depending on rate and term.
On a $25,000 loan over 60 months, the difference between 6% and 10% APR is about $53/month — and $3,200 in total interest.
A longer term lowers the monthly payment but raises total interest significantly; a shorter term does the reverse.
Bi-weekly payments effectively add one extra monthly payment per year, saving interest and shortening the term.
Any amount added to the principal accelerates payoff and reduces total interest, especially early in the loan.
Secured loans (backed by collateral) typically carry lower rates than unsecured ones, directly reducing the payment.
Priya needs $18,000 to finish a kitchen remodel in Austin. She qualifies for a personal loan at 8.99% APR over 48 months. Monthly payment: $449.50. Total interest: $3,576. Total paid: $21,576. If Priya adds $75/month in extra principal payments, the loan pays off in 41 months instead of 48, saving $643 in interest. Running this scenario in the payment calculator takes about 10 seconds.
Marcus's landscaping company in Atlanta borrows $95,000 via an SBA 7(a) loan at 11.25% APR over 84 months. Monthly payment: $1,629. Total interest: $41,831. Total paid: $136,831. Marcus considers paying an extra $300/month — the calculator shows that reduces total interest by about $8,600 and cuts payoff to 68 months. Knowing this before the loan closes helps him decide whether to deploy that $300 elsewhere or apply it to principal.
1. Always compare total cost, not just monthly payment. A lower monthly payment stretched over a longer term often costs thousands more in interest over the loan's life.
2. Use the amortization table before making extra payments. Early principal payments have the greatest impact on total interest savings.
3. Factor in fees. APR includes fees in its calculation; if a lender quotes a rate without fees, the true cost is higher.
4. Run multiple rate scenarios. Model your payment at your current rate offer, at 1 point higher, and at 1 point lower to understand your exposure to rate fluctuations.
5. Match the term to the asset life. Financing a 3-year piece of technology over 7 years means you're still paying for it long after it's been replaced.
6. Revisit after any large windfall. A tax refund or bonus applied to principal can dramatically shift your payoff timeline — use the calculator to model it.
Monthly payment = P × [r(1+r)^n] ÷ [(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments. The payment calculator applies this formula automatically.
For general loans (personal, auto, business), taxes and insurance aren't typically part of the payment. For mortgage calculations, property taxes and homeowners insurance are often added via an escrow estimate — the mortgage-specific calculators on this site handle that.
An amortization schedule is a payment-by-payment table showing how much of each payment goes to interest and how much reduces your principal balance. Early payments are mostly interest; later payments shift toward principal.
Yes, for a fixed-rate mortgage. For a complete PITI payment (principal, interest, taxes, insurance), use our dedicated mortgage calculator, which includes escrow estimation.
Bi-weekly payments mean you pay half your monthly amount every two weeks. This results in 26 half-payments per year — the equivalent of 13 monthly payments instead of 12 — which pays down principal faster and reduces total interest.
Extra principal payments reduce your outstanding balance immediately, which reduces the interest charged on all future payments. The savings are largest when extra payments are made early in the loan term.
The interest rate is the base cost of borrowing. APR (annual percentage rate) includes the interest rate plus fees (origination, points, etc.) and reflects the true annual cost of the loan. Use APR for accurate payment comparisons between lenders.
A common rule is that total monthly debt payments (including the new loan) shouldn't exceed 36–43% of gross monthly income. Pair the payment calculator with our Debt-to-Income Ratio Calculator for a complete picture.
Brief disclaimer: This calculator provides estimates for educational and planning purposes only. Actual loan terms, rates, and payments depend on your lender, credit profile, and loan type. Results should be treated as planning guidance rather than financial advice.