$5,000 at 8% for 3 years
- Total paid
- $5,640.55
- Total interest
- $640.55
- Payments
- 36 months
Payment Calculator
Use this free payment calculator to estimate a fixed monthly payment, total paid, and total interest for an amortized balance.
Formula steps Estimate limits shown Examples included Private history
Formula steps
- Convert annual rate 8% to monthly rate 0.6666666667%.
- Use 36 monthly payments across 3 years.
- Apply the fixed-payment amortization formula to estimate the monthly payment.
- Total interest equals total paid minus principal.
How to use the payment calculator
- Enter the requested dollar amounts, rates, terms, tax settings, or contribution details.
- Use rates as percentages, such as 6.5 for 6.5%, and check whether a field asks for a monthly or annual amount.
- Press the calculate button to see the answer, supporting metrics, and formula steps.
- Use the result as a planning estimate only, then copy it if the assumptions look right.
Common uses
Estimate a monthly payment from a principal amount.
Compare monthly payments for different rates or repayment terms.
Check total interest before accepting a payment plan.
Estimate payoff costs for a fixed-rate balance.
Examples
Monthly payment estimate
Lower payment, higher interest
Payment difference
Frequently asked questions
Quick answers about formulas, rates, payment assumptions, estimate limits, examples, and private in-browser history.
What can I use the Payment Calculator for?
Use it for quick planning, comparison, and what-if estimates before you check exact numbers with a lender, tax professional, payroll provider, or financial adviser.
How does the Payment Calculator calculate the result?
The calculator divides the annual rate by 12 and uses the fixed-payment amortization formula across the selected number of months.
Is this financial, tax, or legal advice?
This calculator gives an educational estimate only. It does not include every fee, lender rule, tax rule, local rate, credit, penalty, or personal financial detail.
Are my finance inputs private?
Yes. The calculator runs in your browser tab. Recent answers stay only on the page while you use it and are not sent to a server.