About the Payment Calculator
The payment calculator answers two common questions: “What will my payment be?” and “How long will it take to pay this off?”. Choose a mode, enter your loan details and get an instant answer with total interest.
How to use it
- Choose “Fixed term” to find the payment, or “Fixed payment” to find the time.
- Enter the loan balance and interest rate.
- Enter the term or the monthly payment.
Formula & method
Payment = P × r ÷ (1 − (1 + r)^−n)
Months = −ln(1 − P·r ÷ PMT) ÷ ln(1 + r)Frequently asked questions
Why does it say my payment is too low?
If the payment is less than or equal to the monthly interest, the balance never goes down. Increase the payment to make progress on the principal.
Results are estimates for general information only and are not financial, tax, legal or medical advice. Please confirm important decisions with a qualified professional.