Enter a loan amount, rate, and term to calculate the monthly payment, or switch modes to solve for the loan amount a target payment can support.
How to Use the Loan Calculator
Switch between the two modes at the top. "Solve for Payment" takes a loan amount, rate, and term and returns the monthly payment. "Solve for Loan Amount" flips the question around: tell it the payment you can afford, plus rate and term, and it works backward to the loan size that payment covers.
Every fixed-rate loan follows the same relationship between principal, payment, rate, and term — which variable counts as "unknown" just depends on which question you're actually asking.
Solve for Payment: M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]
Solve for Loan Amount: P = M × [(1+r)ⁿ − 1] ÷ [r(1+r)ⁿ]P is the loan amount, M the monthly payment, r the monthly rate (annual rate ÷ 12), and n the number of monthly payments. The two formulas are algebraic rearrangements of each other — nothing about the underlying math changes depending on which one you solve for.
Total Interest and Total Cost show up in both modes, and they're worth checking even when the payment number looks fine on its own. A lower payment stretched over a longer term routinely costs more in total interest than a higher payment over a shorter one — the monthly figure alone won't tell you that.
"Solve for Loan Amount" is the more useful mode before a specific price is on the table: decide what payment actually fits your budget first, and let the calculator tell you what price range that buys, rather than working backward from a listing price you're not sure you can afford.