Money calculator
Loan payment calculator
Estimate the monthly payment and total interest for a fixed-rate amortizing loan.
Formula and example
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is principal, r is monthly interest rate and n is number of monthly payments.
Worked example
A 20,000 loan at 6% annual interest for 5 years has a fixed estimated monthly payment. Fees, taxes and lender terms are not included.
Assumptions and limits
Assumes a fixed annual rate, monthly payments and a standard amortizing loan. Excludes lender fees, insurance, taxes and rate changes.
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