How is the monthly payment calculated?

The standard amortization formula: principal times a rate factor that spreads principal plus interest evenly over every month of the term.

What if my payment only covers interest?

The balance never falls. The calculator flags this and shows the minimum interest-only payment you must exceed to make progress.

Payment Calculator

Two classic loan questions in one tool: what is the monthly payment for a fixed-term loan, and how long does a loan take to pay off at a fixed monthly payment? Includes a full amortization schedule and interest totals.

#payment calculator#monthly payment#loan payment#payoff time#amortization

Live calculate

Presets

Calculate

Fixed Term → paymentFixed Payment → payoff time

Loan Amount

Loan Term

years

Interest Rate

Monthly Payment (fixed-pay mode)

Live mode: results update as you type.

Monthly Payment

$1,687.71

$200,000 over 180 months at 6.00%

Total of 180 Payments: $303,788.46
Total Interest: $103,788.46
Interest as % of Loan: 51.9%
Payoff Time: 15 yr 0 mo

Principal vs interest

Principal$200,000
Interest$103,788

Amortization schedule (annual)

Year	Beginning Balance	Total Paid	Principal	Interest	Ending Balance
Year 1	$200,000.00	$20,252.56	$8,483.33	$11,769.23	$191,516.67
Year 2	$191,516.67	$20,252.56	$9,006.57	$11,246.00	$182,510.10
Year 3	$182,510.10	$20,252.56	$9,562.07	$10,690.49	$172,948.02
Year 4	$172,948.02	$20,252.56	$10,151.84	$10,100.72	$162,796.18
Year 5	$162,796.18	$20,252.56	$10,777.98	$9,474.58	$152,018.20
Year 6	$152,018.20	$20,252.56	$11,442.75	$8,809.82	$140,575.45
Year 7	$140,575.45	$20,252.56	$12,148.51	$8,104.05	$128,426.94
Year 8	$128,426.94	$20,252.56	$12,897.80	$7,354.76	$115,529.13
Year 9	$115,529.13	$20,252.56	$13,693.31	$6,559.25	$101,835.82
Year 10	$101,835.82	$20,252.56	$14,537.89	$5,714.68	$87,297.94
Year 11	$87,297.94	$20,252.56	$15,434.55	$4,818.01	$71,863.38
Year 12	$71,863.38	$20,252.56	$16,386.52	$3,866.04	$55,476.86
Year 13	$55,476.86	$20,252.56	$17,397.21	$2,855.36	$38,079.66
Year 14	$38,079.66	$20,252.56	$18,470.23	$1,782.34	$19,609.43
Year 15	$19,609.43	$20,252.56	$19,609.43	$643.13	$0.00

Most useful next

Formula

Fixed term: Payment = P·r(1+r)^n/((1+r)^n−1). Fixed payment: simulate balance until zero.

Pro tips

• In fixed-payment mode, anything above the interest-only floor attacks principal — even $25 extra shortens years.
• Shorter terms raise the payment but cut total interest dramatically; compare both modes before choosing.

FAQ

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Payment Calculator

#payment calculator#monthly payment#loan payment#payoff time#amortization

Live calculate

Presets

Calculate

Fixed Term → paymentFixed Payment → payoff time

Loan Amount

Loan Term

years

Interest Rate

Monthly Payment (fixed-pay mode)

Live mode: results update as you type.

Monthly Payment

$1,687.71

$200,000 over 180 months at 6.00%

Total of 180 Payments: $303,788.46
Total Interest: $103,788.46
Interest as % of Loan: 51.9%
Payoff Time: 15 yr 0 mo

Principal vs interest

Principal$200,000
Interest$103,788

Amortization schedule (annual)

Year	Beginning Balance	Total Paid	Principal	Interest	Ending Balance
Year 1	$200,000.00	$20,252.56	$8,483.33	$11,769.23	$191,516.67
Year 2	$191,516.67	$20,252.56	$9,006.57	$11,246.00	$182,510.10
Year 3	$182,510.10	$20,252.56	$9,562.07	$10,690.49	$172,948.02
Year 4	$172,948.02	$20,252.56	$10,151.84	$10,100.72	$162,796.18
Year 5	$162,796.18	$20,252.56	$10,777.98	$9,474.58	$152,018.20
Year 6	$152,018.20	$20,252.56	$11,442.75	$8,809.82	$140,575.45
Year 7	$140,575.45	$20,252.56	$12,148.51	$8,104.05	$128,426.94
Year 8	$128,426.94	$20,252.56	$12,897.80	$7,354.76	$115,529.13
Year 9	$115,529.13	$20,252.56	$13,693.31	$6,559.25	$101,835.82
Year 10	$101,835.82	$20,252.56	$14,537.89	$5,714.68	$87,297.94
Year 11	$87,297.94	$20,252.56	$15,434.55	$4,818.01	$71,863.38
Year 12	$71,863.38	$20,252.56	$16,386.52	$3,866.04	$55,476.86
Year 13	$55,476.86	$20,252.56	$17,397.21	$2,855.36	$38,079.66
Year 14	$38,079.66	$20,252.56	$18,470.23	$1,782.34	$19,609.43
Year 15	$19,609.43	$20,252.56	$19,609.43	$643.13	$0.00

Most useful next

Formula

Fixed term: Payment = P·r(1+r)^n/((1+r)^n−1). Fixed payment: simulate balance until zero.

Pro tips

• In fixed-payment mode, anything above the interest-only floor attacks principal — even $25 extra shortens years.
• Shorter terms raise the payment but cut total interest dramatically; compare both modes before choosing.