Monthly Payment Calculator
Works for any fixed-rate loan: enter the amount, APR, and term to see your payment, total interest, and payoff date.
One calculator for every fixed-payment loan
Whether it’s a car, a personal loan, or a mortgage, every fixed-rate loan answers to the same three numbers: how much you borrow, the APR, and how long you take to repay. Enter those three and this monthly payment calculator gives you the exact principal-and-interest payment, the total interest over the loan’s life, and the month you make your last payment.
The trade-off every borrower should see
The monthly payment and the total cost pull in opposite directions. A longer term shrinks the payment but grows the interest — often dramatically. Borrowing $20,000 at 8% costs about $406/month over 5 years ($4,300 in interest), but only $243/month over 10 years — with more than doublethe interest. Run both terms above and look at the “total interest” figure before choosing.
Reading your results
- Monthly payment — principal + interest. Insurance, taxes, and fees are extra.
- Total interest — what borrowing actually costs you over the full term.
- Payoff date — assuming you start next month and never miss a payment.
Managing several debts at once? A payment calculator tells you the cost of one loan — a payoff plan tells you the fastest order to kill all of them. Our free planner does exactly that.
Frequently asked questions
What loans does this monthly payment calculator work for?
Any fully amortized loan with fixed monthly payments: car loans, personal loans, student loans, mortgages, home equity loans, business loans, or financing plans. If the loan has a fixed rate and a fixed term, this math applies.
What formula is used to calculate the monthly payment?
The standard amortization (PMT) formula: payment = principal × r ÷ (1 − (1+r)^−n), where r is the annual rate divided by 12 and n is the number of monthly payments.
Why is my real payment slightly different?
Lenders may add taxes, insurance, or fees to the payment (common with mortgages), round differently, or use daily interest accrual. The principal-and-interest portion should match this calculator closely.
How do extra payments change the picture?
Extra payments go straight to principal, so future interest accrues on a smaller balance. Even modest extras compound: $50/month on a 5-year, $20,000 loan at 8% saves about $400 in interest and pays it off months earlier. Use the extra payment field to see your own numbers.
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Calculations assume monthly compounding (APR ÷ 12) and fixed minimum payments. Eagle Debt Payoff is a planning tool, not financial advice.