Payment Calculator
Loan Payment Modes
Results
| Monthly Payment | — |
|---|---|
| Total Interest (over term) | — |
| Total Repayment | — |
How to Use This Payment Calculator
Sometimes you know what you can afford each month but not how much the bank will actually lend you. Other times you have an offer in hand and need the payment. This calculator flips between both directions without making you re-read amortization formulas.
- Pick a tab. Find Payment when you know the loan amount; Find Loan Amount when you know your monthly budget.
- Enter rate and term. Annual interest rate and loan term in years apply to both modes.
- Enter the mode-specific value. Loan amount in Find Payment mode, or desired monthly payment in Find Loan Amount mode.
- Press Calculate. Review monthly payment or maximum loan amount, plus total interest and total repayment.
For a new loan with amortization preview, see the Loan Calculator. If you already owe money and know months remaining, use the Repayment Calculator.
Payment Formulas and Practical Applications
Both modes share the same amortization engine—the difference is which variable you solve for. Budget-first shopping is the main reason to use Find Loan Amount mode.
Find payment (forward)
M = P × [ i(1 + i)ⁿ ] / [ (1 + i)ⁿ − 1 ]
Borrowing $20,000 at 6.5% over 5 years yields about $392/month.
Find loan amount (reverse)
P = M × [ (1 + i)ⁿ − 1 ] / [ i(1 + i)ⁿ ]
A $400/month budget at 6.5% over 5 years supports roughly $20,400 in principal.
Total cost comparison
Results show total interest and total repayment so you can compare a shorter term with higher payment against a longer term that fits your budget but costs more over time.
Frequently Asked Questions
What is Find Payment mode?
Find Payment mode calculates the monthly payment when you know the loan amount, annual interest rate, and term in years.
What is Find Loan Amount mode?
Find Loan Amount mode works backwards from your desired monthly payment to estimate the maximum principal you can borrow at the entered rate and term.
How is total repayment calculated?
Total repayment equals the monthly payment times the number of months in the term. Total interest is total repayment minus the loan amount.
How is this different from the Loan Calculator?
The Payment Calculator adds a reverse mode to solve for maximum loan amount from a budget ceiling. The Loan Calculator focuses on forward payment from a known principal with an amortization preview.
Are fees and insurance included?
No. Results reflect principal and interest only. Lender fees, mortgage insurance, and taxes are not modeled.