Why does it say my payment is too low?

If a fixed payment is less than the monthly interest on the balance, the loan never gets paid off — raise the payment above the interest-only amount.

Payment Calculator

Solve a loan two ways: find the monthly payment for a given term, or find how long it takes to pay off a balance at a fixed monthly payment.

Why does it say my payment is too low?: If a fixed payment is less than the monthly interest on the balance, the loan never gets paid off — raise the payment above the interest-only amount.

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