Payment Calculator
Choose your question: what payment clears this loan by a deadline (fixed term), or how long will this payment take (fixed payment)? Both use standard US amortization.
Required payment
$366.19
- Total paid
- $17,577.30
- Total interest
- $2,577.30
How the Payment Calculator works
The calculation follows the standard method used across the US — no shortcuts, no hidden assumptions. Here is exactly what happens behind the scenes:
Formula
Fixed term: PMT = P·i/(1−(1+i)^−n) Fixed payment: n = −ln(1−iP/PMT)/ln(1+i)
Frequently Asked Questions
What happens if my payment barely covers interest?
If a payment equals or falls below the monthly interest charge, the balance never shrinks. The calculator flags this so you can adjust before committing.
Which strategy saves more money?
Higher payments save dramatically more than lower rates alone. Raising a $400 payment to $450 on a $20k loan often cuts more total interest than shopping 1% off the rate.
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