Payment Calculator
The Payment Calculator finds the fixed monthly payment for any loan or instalment plan, and the total you will repay, from the amount, rate, and number of payments.
One formula, many uses
Whether it is a store instalment plan, a personal loan, or "buy now, pay later", the math is the same reducing-balance calculation. Enter what you are financing, the interest rate, and the number of payments to see the regular amount and the grand total including interest.
Zero-interest plans
For genuine 0% plans, the payment is simply the amount divided by the number of instalments. Watch for plans that are interest-free only if paid in full by a deadline - miss it and back-dated interest can apply. The calculator lets you test both the 0% and the with-interest scenarios side by side.
Frequently Asked Questions
What inputs does it need?
The amount financed, the interest rate (use 0 for a true interest-free plan), and the number of payments.
How is a 0% instalment payment calculated?
With no interest, the payment is just the total amount divided evenly by the number of instalments.
Does it show the total repayment?
Yes. It shows both the regular payment and the grand total, so you can see exactly how much interest adds up.
Can I use it for buy-now-pay-later plans?
Yes, as long as you enter the correct amount, rate, and number of instalments for the plan.
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