About the Payment Calculator
Find the payment for any loan monthly, every two weeks, weekly or quarterly, with an optional balloon payment. This tool is free, works in your browser and needs no sign-up.
How to use the Payment Calculator
Enter the loan amount, interest rate and term in years. Choose how often you pay. If the loan has a large final payment, enter it as the balloon amount.
Formula used
Payment = (P − Balloon ÷ (1 + i)^n) × i ÷ (1 − (1 + i)^−n), where i is the rate per payment period and n is the total number of payments.
Example
With Loan amount 20000, Interest rate (% per year) 7, Loan term (years) 5, Balloon payment at the end 0, the calculator shows: Payment each period = 396.02; Number of payments = 60; Total of payments = 23,761.44.
Frequently asked questions
What is a balloon payment?
A balloon payment is a large lump sum due at the end of a loan. The regular payments are lower because they do not repay the whole balance.
Is the Payment Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Payment Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.