A Payment Calculator is a versatile financial tool designed to help you explore different loan repayment scenarios. Unlike a standard loan calculator that just tells you a monthly payment, this tool works two ways:

The Fixed Term tab calculates your monthly payment when you know the loan term. The Fixed Payments tab calculates how long it will take to pay off a loan if you have a specific monthly payment amount in mind. It's perfect for budgeting and creating a debt payoff strategy.

This calculator empowers you to approach debt from two different angles. You can either see how a loan fits into your future by defining its end date, or you can see how a specific payment amount fits into your monthly budget. This flexibility is crucial for making smart financial trade-offs.

For example, you can determine if you can afford the monthly payment on a car loan, or you can figure out how quickly you could pay off credit card debt by committing to a fixed payment each month. It turns abstract financial goals into a concrete plan.

Both tabs use standard amortization formulas, but they solve for different variables. The 'Fixed Term' calculator solves for your monthly payment. The 'Fixed Payments' calculator solves for the number of payments (the term).

In the 'Fixed Payments' tab, the calculator determines how many of these payment cycles are needed to bring the remaining balance to zero.