Payment Calculator
Calculate monthly payments for loans, mortgages, and other financing options. Determine how much you'll pay each month based on loan amount, interest rate, and term.
Loan Details
Payment Results
How Payment Calculation Works
Payment Formula
The monthly payment is calculated using the standard loan payment formula:
Where:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments
Payment Types
Monthly Payments
Standard payment schedule with 12 payments per year.
Bi-weekly Payments
26 payments per year, which can reduce total interest and payoff time.
Weekly Payments
52 payments per year, offering the fastest payoff option.
Example Calculation
$250,000 Mortgage at 6.5% for 30 Years
Frequently Asked Questions
What's included in my monthly payment?
This calculator shows principal and interest only. Your actual payment may include property taxes, insurance, PMI, and HOA fees.
How do extra payments help?
Extra payments go directly toward principal, reducing total interest and shortening the loan term. Even small extra payments can save thousands over the life of the loan.
Should I choose bi-weekly payments?
Bi-weekly payments result in 26 payments per year (equivalent to 13 monthly payments), which can significantly reduce interest and payoff time.
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