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Payment Calculator

Calculate your fixed monthly loan payment or payoff time, plus evaluate how extra payments save interest and accelerate debt payoff.

Amortized Installment Model

Base Loan Parameters

$
yrs
mos
%
Optional Extra Payments
$
$
💳 Fixed Monthly Payment 15 yrs @ 6.5%
Monthly Payment
$1,307/mo

Total of 180 payments will equal $235,199, including $85,199 in total interest charges.

Total Payments
$235,199
Total Interest
$85,199
Payoff Time
15y 0m

Remaining Balance Over Time

Principal reduction with scheduled payments

Loan Balance
$0 $49,500 $99,000 $150,000 Yr 1 Yr 3 Yr 6 Yr 9 Yr 12 Yr 15

Payment Amortization Schedule

Scheduled principal reduction and cumulative interest accumulation.

Period Starting Balance Payment Principal Interest Ending Balance
Yr 1 $150,000 $15,680 $6,110 $9,570 $143,890
Yr 2 $143,890 $15,680 $6,519 $9,161 $137,371
Yr 3 $137,371 $15,680 $6,956 $8,724 $130,416
Yr 4 $130,416 $15,680 $7,421 $8,259 $122,994
Yr 5 $122,994 $15,680 $7,918 $7,761 $115,076
Yr 6 $115,076 $15,680 $8,449 $7,231 $106,627
Yr 7 $106,627 $15,680 $9,015 $6,665 $97,612
Yr 8 $97,612 $15,680 $9,618 $6,062 $87,994
Yr 9 $87,994 $15,680 $10,262 $5,417 $77,732
Yr 10 $77,732 $15,680 $10,950 $4,730 $66,782
Yr 11 $66,782 $15,680 $11,683 $3,997 $55,099
Yr 12 $55,099 $15,680 $12,466 $3,214 $42,633
Yr 13 $42,633 $15,680 $13,300 $2,380 $29,333
Yr 14 $29,333 $15,680 $14,191 $1,489 $15,142
Yr 15 $15,142 $15,680 $15,142 $538 $0

How Extra Payments Accelerate Debt Freedom

Every regular monthly payment you make is split between paying accrued interest and reducing the principal balance. Because interest is charged as a percentage of the remaining principal balance, making extra principal payments creates a compounding snowball effect:

Immediate Principal Reduction

Extra payments go 100% towards principal (not interest), immediately cutting down the balance on which future interest is calculated.

Shorter Loan Term

Even modest additions—such as adding $50 to $100 per month—can shave years off a long-term loan and save thousands of dollars in interest.

Understanding your calculation

Method, example and limitations

How the calculation works

Payment calculations solve the relationship between principal, periodic interest, payment count and a level installment under the chosen loan assumptions.

Example to check

A zero-interest balance of 6,000 spread over 24 equal monthly installments requires 250 per month.

Before using the result

Confirm the payment frequency and whether fees, insurance or a final balloon payment are included. A calculated payment is not lender approval.

Calculation methodology · Report a result that needs review