This calculator helps determine your loan or line payment. For a loan payment, select fixed-term loan. For a credit line payment, you can choose 2%, 1.5% or 1.0% of the outstanding balance or interest only.
Loan & Credit Line Payment Definitions
Total dollar amount of your loan.
The annual interest rate, often called an annual percentage rate (APR) for this loan or line of credit.
Monthly principal and interest payment (PI) for this loan or line of credit.
Term in months
Number of months for this loan or line of credit.
Select the option that matches your payment type:
Fixed rate term Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.
2%, 1.5% or 1% of balance Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
100% of interest owed For lines paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.