Payment Calculator
Estimate loan payments for mortgages, auto loans, student debt, and more. Adjust loan amount, rate, term, and frequency to see how the numbers change.
Payment Summary
Understand the True Cost of Borrowing
This calculator uses the standard amortization formula to show how much you’ll pay each period and how much interest accrues over time. Tweak the sliders until the payment fits your budget.
Loan Planning Tips
⚡ Pay Faster
Biweekly payments equal 13 full payments per year, shaving interest off the total.
📉 Refinance Smart
Refinance when rates drop 1% or more to reduce payment size or term length.
💰 Watch Interest
Total interest can exceed the original loan. Compare scenarios before signing.
📅 Extra Payments
Adding even one extra payment per year can cut years off long-term loans.
Frequently Asked Questions
We use the amortization formula P = rPV / (1 – (1 + r)^-n) where r is the periodic rate, PV is the loan amount, and n is the total number of payments.
If the interest rate is zero, the payment simply divides the loan amount by the number of payments.
Switching to biweekly or weekly payments can lower interest totals and align payments with your paycheck schedule.
Some lenders allow recasting or refinancing. Use this calculator to preview new payment amounts before you call your lender.