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About the Payment Calculator
The Payment Calculator computes the periodic payment for personal loans, credit card balances, and installment plans. Enter your financing details and it returns the payment amount for each period, along with total interest and the total cost over the life of the loan.
The calculation uses the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the periodic interest rate, and n is the number of payments. Inputs are the loan amount, the annual interest rate, and the term length. For credit cards, enter a realistic payoff timeline instead of relying on the minimum payment, because smaller payments stretch the term and raise total interest. For major financing decisions, consider a financial professional.
- Enter the amount you plan to borrow or owe.
- Add the annual interest rate and the repayment term.
- Run the calculation and review the payment, total interest, and total cost.