Payment Calculator

This calculator helps you determine your monthly loan payment for a fixed term, or find how long it takes to pay off a loan with fixed payments. It supports extra payments to see how much time and interest you can save, and generates a full year-by-year amortization schedule showing principal and interest breakdown for each period.

Frequently Asked Questions

What is Fixed Term vs Fixed Payments?

Fixed Term calculates your payment for a set loan length. Fixed Payments calculates how long until your loan is paid off based on a set monthly amount.

How do extra payments help?

Extra payments reduce the principal faster, which means less interest accrues over time — potentially saving thousands and cutting years off your loan term.

What is an amortization schedule?

A year-by-year table showing how each payment is split between principal and interest, and the remaining loan balance — until the loan is fully paid off.

Does payment frequency affect total cost?

Yes. Bi-weekly payments (26/year) result in one extra monthly payment per year, reducing your balance faster and saving meaningful interest over the loan's life.