Find the payment, term or affordable balance for a repayment plan.
A standard amortizing loan has four variables: principal, rate, term and payment. Know any three and this calculator finds the fourth. The 'affordable loan amount' mode is especially useful when you're shopping for a loan and want to know the maximum you can borrow given a monthly budget.
Solve for payment (PMT)
Payment = Principal × r / (1 − (1+r)^−n)
Solve for term (NPER)
n = −ln(1 − P·r/M) / ln(1+r)
Solve for affordable balance (PV)
Principal = Payment × (1 − (1+r)^−n) / r
Enter the maximum monthly payment you can afford, the expected rate and a term, and the calculator finds the largest loan that stays within your budget. For example, $500/month at 8% for 36 months supports a loan of about $16,000.
Yes, though the Mortgage Calculator gives a fuller picture with property taxes, insurance and PMI. This calculator handles the core principal-and-interest math for any fixed-rate, fully-amortizing loan.
It's the total cost of borrowing: every dollar you pay above the original principal is interest. On a long-term loan, this often exceeds the principal itself.