Payment Calculator
Calculate monthly payments for loans, credit cards, and other financing options
Loan Details
Ready to Calculate
Enter your loan details to see monthly payment breakdown and schedule.
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How to Use the Payment Calculator
Select Loan Type
Choose your loan type from personal loan, auto loan, student loan, or other. Each type may have different typical interest rates and terms.
Enter Loan Amount
Input the total amount you need to borrow. This is the principal amount that will be used to calculate your monthly payments.
Set Interest Rate and Term
Enter the annual interest rate and loan term in months. These factors significantly impact your monthly payment and total interest costs.
Add Extra Payment (Optional)
Enter any extra monthly payment amount to see how it reduces your total interest and shortens your payoff time.
Analyze Results
Review your monthly payment, total interest costs, and payment schedule. Use the comparison to understand the impact of extra payments.
Smart Loan Payment Tips
Shop around with multiple lenders - rates can vary significantly even with the same credit score
Consider shorter loan terms to save thousands in total interest, even if monthly payments are higher
Make extra payments toward principal whenever possible - even $25 monthly makes a big difference
Check your credit score before applying - improving it by 50+ points can lower your rate substantially
Factor in all costs including origination fees, insurance, and prepayment penalties when comparing loans
Set up automatic payments for a rate discount and to avoid costly missed payment fees
Pay down high-interest debt first - focus on credit cards before low-interest loans
Choose biweekly payments instead of monthly to make an extra payment per year automatically
Avoid extending loan terms just for lower payments - you'll pay much more in total interest
Read all loan terms carefully and understand penalties before signing any loan agreement