How Much Can I Borrow Calculator (From Payment)
Start with the monthly payment you can afford and see the loan it supports.
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Loan amount
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How Much Can I Borrow Calculator (From Payment) by TheCalcTools
How the How Much Can I Borrow Calculator (From Payment) works
Enter the monthly payment you can afford, the rate and the term.
The calculator discounts every future payment at the monthly rate.
The sum is the amount you can borrow today.
The formula
P = payment × (1 − (1 + r)^−n) ÷ r
Worked example
Using the default values shown in the calculator:
| Monthly payment you can afford | $600 |
|---|---|
| Interest rate (APR %) | 7 % |
| Term (years) | 5 |
- Monthly rate = 7% ÷ 12; 60 payments of $600.
- Loan amount = $30,301.
- You would pay $36,000 in total, of which $5,699 is interest.
Result:
| Loan amount | $30,301 |
|---|---|
| Total of payments | $36,000 |
| Total interest | $5,699 |
Frequently asked questions
How much of my income should go to loans?
Lenders often look at total debt payments below 36–43% of gross income. Check your own budget first.
Does this include fees?
No. Origination fees, insurance and taxes are extra.
Sources and further reading
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.