Payment Calculator
The Payment Calculator works two ways: find the fixed monthly payment for a loan amount, or work backward to see how much you can borrow for a target monthly payment.
Monthly Payment
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How it works
Both directions use the same amortization relationship between payment (M), loan amount (P), monthly rate (r), and number of payments (n):
M = P × [r(1+r)n] / [(1+r)n − 1]
To solve for the loan amount instead of the payment, the formula is rearranged to isolate P.
Example: If you want a $400/month payment at 6% APR over 4 years, you could afford to borrow about $17,040.
Related tools
Use the Loan Calculator for a full interest breakdown, or the Amortization Calculator to see how each payment is split between principal and interest over time.