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ToolQivo

Payment Calculator

Solve for the monthly payment or for the term, either way.

Calculators Reviews Free · no sign-up
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YearInterestPrincipalBalance

Monthly payment

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Total interest—
Total repaid—
Number of payments—
Interest as % of loan—
Minimum viable payment—

Quick Tool Overview

The Payment Calculator solves in both directions: give it a term and it returns the fixed monthly payment, or give it a payment you can afford and it returns how many months the loan will take. Both modes report the total interest paid.

What it does
Solves for the monthly payment or for the loan term
You give it
A loan amount, a rate, and either a term or a payment
You get back
The missing figure plus the total interest either way
Best for
Working out what you can afford, from either direction
Calculators Free, unlimited use No sign-up Runs in your browser

About the Payment Calculator

This calculator works in both directions. Give it a term and it returns the fixed monthly payment that clears the loan exactly. Give it a payment you can afford and it returns the number of months the loan will take, plus the total interest paid on each path.

The second mode is the one people need more often and find least. It answers the practical question: I can pay this much a month, so how long am I committed and what will it cost me? It also catches the case where a payment is too small to cover the interest, in which case the balance never falls and the loan never ends, which is worth knowing before you agree to it rather than after.

Key features of the Payment Calculator

Two modes, one calculator

Payment from term, or term from payment — the second is the question people ask more often and find least.

Impossible payments caught

If the payment cannot cover the interest, the loan never ends, and the calculator says so rather than returning a wrong number.

Minimum viable payment

When a payment is too small, you are told the smallest one that would actually reduce the balance.

Total interest on both paths

The cost of the answer, not just the answer, so the trade-off is visible.

Years and months

Terms are read and reported in whichever unit suits, with no manual conversion.

How to use the Payment Calculator

  1. 1

    Choose what to solve for

    Switch between finding the payment from a term, or finding the term from a payment.

  2. 2

    Enter the loan amount and rate

    The principal borrowed and the annual interest rate, in both modes.

  3. 3

    Enter the known figure

    Either the term you want in years or months, or the payment you can afford each month.

  4. 4

    Compare total interest

    The unknown you solved for comes with the total cost, so you can weigh the two options.

Frequently asked questions

Multiply the principal by the monthly rate, then divide by one minus one plus the monthly rate raised to the negative number of payments. The monthly rate is the annual rate divided by twelve.

Reviews of the Payment Calculator

What people who use the Payment Calculator think of it. Reviews come from visitors and are posted as written.

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