﻿ Monthly Payment Loan Calculator |- MyCalculators.com

Monthly Payment Loan Calculator

Monthly Payment Loan Calculator

Enter the three (3) known fields,
then press the button next to the field to calculate.
Loan Amount\$
# of Months
Annual Interest Rate
Compounded:
%
(Decimal)
Monthly Payment
(Principal & Interest)
\$
First Payment Due
View simple schedule.
View detailed schedule.
View schedule with year-end annual totals only.

You'll pay a total of \$(P&I) over the life of this loan.

To view the schedule, all input fields must contain a value.
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• Most loans (mortgage and other) in the United States compound interest monthly.
• Mortgage loans in Canada compound interest semiannually.
FYI
• 30 years=360 months
• 25 years=300 months
• 20 years=240 months
• 15 years=180 months
• 10 years=120 months
•   5 years=  60 months
•   3 years=  36 months

EXAMPLES:
1. You want to calculate how much a mortgage payment would be on a \$200,000 mortgage at 2.5% interest for 360 months (30 years), you would enter:
• 200000 (or 200,000) = Loan Amount
• 360 = Months
• 2.5 = Interest Rate (Compounded Monthly)
• Press the Payment button, and you'll see that your monthly payment would be \$790.24.
• Note: If you look down the amortization schedule, you'll see the final payment is \$791.19.  Some lenders don't like the final payment to be greater than the regular payment so they'll add a penny to the regular payment.  You can do that on this calculator simply by adding a penny to the payment and solving for "Months".  The # of months won't change much, if at all.  Now you can view the schedule again to see the difference it makes.  In this case, you'll make 359 full payments of \$790.25 and a final payment of \$785.98.
1. Using the example above, let's say you can make a higher monthly payment.  You would like to round your payment up to \$900/month.  How long will it take to pay off your mortgage?
• Leave everything the same, just enter 900 for Payment and press Months.
• It will take only 299 months to pay off your mortgage! (298 full payments of \$900 and a final partial payment of \$649.07)
• So paying that extra \$109.76/month will save you a little more than 5 years of payments and about \$19,718 interest!
1. Suppose you want to buy a car, but you don't want to spend more than \$250/month for payments.  You can get a 4 year car loan at 2.4%.  How much of a car can you buy?  You would enter:
• 48 = Months
• 2.4 = Interest Rate (compounded Monthly)
• 250 = Monthly Payment
• Press the Principal button, and you will see that you could buy a \$11,431.11 car with no down payment -or put more money down on a more expensive car.

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