Payment Calculator

Estimate loan or financing payments fast. Compare payment frequency, extra payments, and total borrowing cost.

How to Use

  1. Enter the financed amount, APR, and loan term.
  2. Select your payment frequency such as monthly or biweekly.
  3. Optional: add down payment, taxes, fees, or extra payment.
  4. Review the payment result, total paid, interest cost, and Show Work details.
Payment Summary
See the estimated payment, total cost, and payoff timing as inputs change.
Payment
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Total Paid
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Interest
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Payoff
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Borrowing Cost: —
Loan Breakdown Principal vs interest
Principal—
Interest—
Taxes—
Fees—
Inputs & Settings
Enter core loan details first, then adjust optional costs and extra payments.
The amount financed before optional taxes and fees.
Annual percentage rate. Enter 0 for no interest.
Whole years for the financed term.
Use this for terms like 5 years 6 months.
Payment count per year used in the estimate.
Most installment loans use monthly compounding.
Optional upfront payment that reduces financed amount.
Optional purchase tax added before financing.
Optional financed fees, closing costs, or dealer fees.
Optional extra amount applied every payment period.
Used to estimate payoff month and year.
Choose display formatting for results and work.
Quick Adjust
$25,000
6.9%
5 years

Tip: Use the sliders for quick comparisons, then fine-tune values in the fields above.

Show Work (step-by-step)
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Work is shown using standard amortized payment formulas and the selected payment frequency.

Payment Details

Financed Principal
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Payments Per Year
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Total Number of Payments
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Interest Share
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This calculator estimates amortized loan payments. Actual lender schedules may vary because of fees, escrow, irregular first periods, or rounding rules.

Payment Calculator Formulas

Quick answer: A standard amortized payment is commonly calculated with PMT = P × r / (1 − (1 + r)^−n).

This page can estimate periodic payment, total interest, and total repayment across common loan structures.

  • Periodic rate: r = annual rate ÷ periods per year
  • Total payments: n = years × periods per year (plus additional months if entered)
  • Payment: PMT = P × r / (1 − (1 + r)^−n)
  • No-interest payment: PMT = P ÷ n
  • Total paid: payment × number of payments adjusted for any extra payments and final payoff
  • Total interest: total paid − financed principal
Where P = financed principal, r = periodic interest rate, and n = total number of payment periods.

FAQ

What does this payment calculator estimate?

It estimates periodic loan payments, total paid, total interest, and approximate payoff timing for common amortized financing.

Does a bigger down payment lower the payment?

Yes. A larger down payment usually lowers the financed amount, which reduces both the periodic payment and total interest paid.

What happens when I add extra payment?

Extra payment typically reduces the principal faster, which can shorten the payoff timeline and lower total interest.

Why might my lender quote a slightly different payment?

Lenders may use different compounding, first-payment timing, escrow handling, fee treatment, or rounding policies. This tool is designed for fast, transparent estimating.

Tool Info

Last updated:

Updates may include payment mode improvements, amortization enhancements, and edge-case handling for fees and extra payments.