Plan a fixed-rate loan from either direction. Enter a loan amount, term, and rate to get the monthly payment, or switch to Fixed Payments to enter a monthly amount you can afford and see how long the loan takes to clear. Both views show the total of payments, total interest, and a full amortization schedule.
Same loan, two questions
| You know | You solve for | Tab |
|---|---|---|
| Term (years) | Monthly payment | Fixed Term |
| Monthly payment | Years to pay off | Fixed Payments |
Examples
$200,000 · 15 years · 6%
A $200,000 loan at 6% over 15 years needs a monthly payment of $1,687.71. You repay $303,788.46 in total, of which $103,788.46 is interest.
$200,000 · $1,500/month · 6%
Paying $1,500 a month on the same $200,000 loan at 6% takes about 18 years and 5 months to clear, with roughly $130,400 of total interest — lower monthly, but more interest over the longer payoff.
Formula
A loan is amortized: every monthly payment covers that month's interest first, and whatever is left pays down the balance. For a principal P, monthly rate r (annual rate ÷ 12), and n months:
Monthly payment = P × r / (1 − (1 + r)^−n)
Payoff time (months) = −ln(1 − P × r / payment) / ln(1 + r)
Assumptions and limits
Both modes assume a fixed nominal rate, monthly compounding, equal month-end payments, and no fees, insurance, taxes, escrow, variable rates, or prepayment charges. The fixed-payment result uses a fractional mathematical payoff time, while an actual final payment is usually smaller and due on a scheduled date. Use the lender's disclosure for APR and exact payment dates.
Include fees or several debts
Use the Personal Loan Calculator when an origination fee changes the cash received or monthly insurance changes the outlay. For several existing balances being replaced with one loan, use the Debt Consolidation Calculator. Compare the total cost and payoff date as well as the monthly payment.