Payment Calculator
Find the monthly payment or payoff term for a fixed-rate loan.
Monthly payment
$359.19
Total interest
$2,241
Total paid
$17,241
How the payment is set
A fixed-rate loan's payment comes from the amortization formula: the amount that exactly retires the balance, with interest, over the chosen number of months. Longer terms trade a lower payment for more total interest — the payment falls roughly in proportion to the term, but interest accrues for longer.
Rate sensitivity
On a 4-year $15,000 loan, each percentage point of rate moves the payment by roughly $7 a month — but adds about $330 in total interest. Comparing two offers by monthly payment alone hides the term and rate; compare total cost.
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