Calculate how long it will take to repay a loan given monthly payment
Calculates how many months or years are needed to pay off a loan given the principal, interest rate, and fixed monthly payment.
Loan calculators help you understand the true cost of borrowing money — including total interest paid, monthly payments, and amortization schedules. Whether you're financing a car, taking a personal loan, or comparing offers, these tools give you the numbers banks don't always lead with.
On a 30-year mortgage at 6%, you pay nearly as much in interest as you borrowed. A $300,000 mortgage costs about $647,000 in total payments — $347,000 of that is interest.
Setting the payment too close to the interest-only amount — if your payment barely covers interest, the loan never terminates (mathematically infinite term).