fincalculator
Payment Calculator
Use this free Payment Calculator to estimate monthly payments for mortgages, auto, or personal loans. Simple, accurate, and easy to use online.
The Payment Calculator is a specialized tool that helps you solve for any single variable in a loan equation using the standard amortization formula. By inputting three known variables, you can calculate the fourth: the monthly payment, loan amount, interest rate, or loan term.
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Fincalculator
INPUT VALUES
Calculatepayment
Loan Amount20000
Interest Rate (%)5
Loan Term (Years)5
Payment Amount377.42
When to Use This Calculator
Use this calculator to:
- Determine Affordability: Calculate the maximum loan amount you can afford based on a target monthly payment.
- Estimate Term: Find out how many years it will take to pay off a specific debt at a given rate and payment amount.
- Find the Rate: Determine the interest rate required to meet your payment and loan goals.
Example Scenario
Scenario: Affordability Check
- Target Monthly Payment: $500
- Interest Rate: 6%
- Term: 5 Years
Calculations:
Using the "Loan Amount" mode, the calculator determines you can take out a loan of approximately $25,862.78.