Monthly Payment Calculator

Calculate the monthly payment needed to pay off a balance with a fixed payment plan. Works for credit cards, personal loans, and more.

Balance owed ($)

Annual rate (%)

Months to pay off

Enter balance, rate, and months.

Formula

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Example: $5,000 at 18% APR, pay off in 24 months.
Monthly payment = $249.92
Total interest = $998

Last updated: 2026-08-08