Payment Plan Calculator

Monthly installment is calculated using the annuity formula: Installment = A x r x (1+r)^n / ((1+r)^n - 1). Where A is the principal, r is the monthly interest rate, and n is the number of installments.

As the interest rate increases, both the monthly installment and total payment amount rise. With a lower interest rate, you can pay off the same amount with less total payment. Comparing different interest rates is recommended.

Reducing installments lowers total interest but increases monthly payments. Increasing installments lightens the monthly burden but results in more total interest paid. Finding the right balance for your budget is important.