Payment Calculator

Choose a payment for a fixed loan term, or see how long it takes to pay off a loan with a fixed monthly payment.

How this calculator works

The fixed-term mode uses the standard amortization formula. The fixed-payment mode solves for the number of months needed to reach a zero balance.

Yes. Extra payments cut principal faster, which reduces total interest and the payoff time.

Figures use 2026 US federal tax parameters. Results are estimates only.

Loan amount ($)
Interest rate (%)
Calculate
Term in years (fixed term)
Monthly payment ($) (fixed payment)