Loan Payment Calculator
Work out the regular payment, total cost and total interest of a fixed-rate loan.
Payment
400.76
- Number of payments
- 60
- Total paid
- 24,045.54
- Total interest
- 4,045.54
Show the work
Interest rate per payment
r = annual rate ÷ 100 ÷ payments per year
7.5 ÷ 100 ÷ 12 = 0.00625
Number of payments
n = years × payments per year
5 × 12 = 60
Payment
payment = P × r ÷ (1 − (1 + r) to the power of −n)
20,000.00 × 0.00625 ÷ (1 − (1 + 0.00625) to the power of −60) = 400.76
Estimates for general information only — not financial advice.
How it works
Payment = P × r ÷ (1 − (1 + r)^−n), where r = rate per period and n = number of payments
Questions
- How does the loan payment calculator work?
- Payment = P × r ÷ (1 − (1 + r)^−n), where r = rate per period and n = number of payments.
- What do I need to enter?
- Loan amount, Annual interest rate, Loan term, Payment frequency. Optional fields can be left blank.
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