Payment Calculator
A comprehensive payment calculator to compute monthly payments, total interest, and total payment for loans or mortgages based on loan amount, interest rate, and term.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Payment Calculator
- Enter Loan Amount – Type the total amount you plan to borrow (e.g.,
100000for $100,000). Use only positive numbers. - Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g.,
5.5for 5.5%). Decimals are allowed. - Enter Loan Term – Specify the loan duration in whole years (e.g.,
30for 30 years). Must be at least 1. - Click "Calculate" – Press the blue button or hit the Enter key after filling in all fields.
What You Get:
- Monthly Payment – Your fixed payment each month.
- Total Interest – The total interest paid over the loan term.
- Total Payment – The sum of principal and interest.
Tip: All inputs must be positive numbers. If you see red borders, correct the highlighted field and recalculate.
Previous Results
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Frequently Asked Questions
A payment calculator helps you estimate the monthly payment, total interest, and total payment for a loan or mortgage based on the loan amount, interest rate, and term.
The monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of months.
Yes, this calculator works for fixed-rate loans such as mortgages, auto loans, personal loans, and student loans.
