As with many calculators on this site, this calculator will create a schedule using your values.
This means you MUST always enter a "0" (zero) for any unknown value. The calculator will NOT automatically recalculate the last unknown.
This is a benefit. The commonly used payment equation results in a monthly payment of $802.25 for a 5-year, $42,000 loan at a 5.5% interest rate. But what if the debtor wants to pay $850 a month? If the calculator automatically recalculated the last unknown, creating a schedule with $850 payments would not be possible.
With this calculator, either the lender or the borrower can structure a loan to meet specific needs.
Just remember to reenter a "0" if you are doing what-ifs.
Related: These calculators calculate loan payment amounts as well. However, they are more feature rich. For example, with many you can set the dates and/or add extra payments.
This payment calculator assumes monthly payments while user enters number of years. User has fewer options with this calculator than with other calculators on this site, but that makes the calculator faster to use and smaller - making it a particularly good choice for smaller screens. (Though our other calculators will work fine on mobile screens too.)
This calculator will solve for any one of four possible unknowns: "Amount of Loan", "Number of Years" (term), "Annual Interest Rate" or the "Payment Amount".
2 Comments on “Payment Calculator”
Cindy Reed says:
I cannot find an option to edit first payment date.
Use this loan calculator instead. You’ll be able to select a loan date and a different first payment date on the "Options" tab. It will also solve for any unknown, including payment amount.
Comments, suggestions & questions welcomed...