Payment Calculator
Calculate the fixed periodic payment for any financed amount, interest rate, and exact number of payments — for monthly, biweekly, or weekly schedules.
Calculator Inputs
Sets the currency this calculator's numbers are denominated in. This is presentation only — it does NOT convert your numbers between currencies, it only changes how they're formatted.
The total amount being financed.
The nominal annual interest rate (e.g. 7.5 for 7.5%), not an effective/compounded rate.
The exact total number of payments — e.g. 60 monthly payments for a 5-year loan. If you know your term in years instead, use Repayment Calculator.
How often payments are made. This defines what one "payment" means above.
- Periodic Payment
- $400.76
- Frequency
- Payment frequency: Monthly
- Total Principal
- $20,000.00
- Total Interest
- $4,045.51
- Total of All Payments
- $24,045.51
About these results
CalcSpectrum calculators produce automated estimates using established formulas and the specific values you enter. Because real-world outcomes depend on input accuracy, mathematical assumptions, and rounding conventions, please verify critical figures with an appropriately qualified financial, tax, medical, legal, or other professional, as relevant.
Financial Notice: These figures are informational estimates for personal planning only. They do not constitute financial, investment, tax, or legal advice, nor do they represent a lending offer or credit approval. Provider and financial institution figures, rates, fees, and underwriting requirements may differ.
How It's Calculated
Formula
This calculator works out the fixed periodic payment for any financed amount — a loan, purchase plan, or other fixed-rate installment obligation — given the annual interest rate and the exact number of payments. Unlike calculators that ask for a term in years, this one asks for the payment count directly, since that's sometimes the number you actually have (a payment plan quoted as "36 payments," for example). If you instead know your term in years and want the payment count derived for you, use Repayment Calculator. This calculator is deliberately generic — it has no vehicle-, home-, or purchase-specific fields — for a specialized case, use Mortgage, Auto Loan, or Personal Loan Calculator.
Worked Examples
60 monthly payments: $20,000 financed, 7.5% annual rate
- Periodic rate r = 0.075 / 12 = 0.00625
- Payment = 20000 × 0.00625 × (1.00625)^60 / ((1.00625)^60 − 1) ≈ $400.76
- Total of all payments = $24,045.51; total interest = $4,045.51
One payment: $1,000 financed, 5% annual rate, 1 monthly payment
- With only one payment, the entire principal plus one period's interest is due at once
- Payment = 1000 × (1 + 0.05/12) ≈ $1,004.17
Frequently Asked Questions
How is this different from Repayment Calculator?
This calculator asks for the exact number of payments directly. Repayment Calculator instead asks for a term in years and a frequency, and derives the payment count for you. Use whichever matches the number you actually have — a payment plan quoted in exact payments, or a loan quoted in years.
Can I use this for a mortgage, auto loan, or personal loan?
The underlying fixed-rate amortization math is the same one those specialized calculators use, so the numbers here are mechanically correct for any fully-amortizing fixed-rate obligation. This tool doesn't add mortgage-, auto-, or personal-loan-specific extras — for those, use the dedicated calculators.
What interest rate should I enter?
Enter the nominal annual interest rate as stated (e.g. 7.5 for 7.5%) — not an APR that bundles in fees, and not a rate already divided down to a per-payment rate. This calculator converts the annual rate to a per-period rate internally based on your chosen payment frequency.
What if I enter 0% interest?
The payment becomes a straight-line division of the financed amount across the number of payments, with $0 total interest — a valid boundary case, not an error.