Calculator
Enter all monetary amounts in the same currency. Results do not convert currency or replace lender, tax or investment documentation.
Fixed monthly payment396.02
Total of payments23,761.44
Total interest3,761.44
| Balance after month 12 | 16,538.04 |
| Balance after month 24 | 12,825.82 |
| Balance after month 36 | 8,845.23 |
| Balance after month 48 | 4,576.9 |
| Balance after month 60 | 0 |
Method and inputs
Formula: payment = P x r(1+r)^n / ((1+r)^n - 1)
Inputs: Loan amount, fixed annual interest rate and loan term in years.
Worked example
A $20,000 loan at 7% for five years has an estimated monthly principal-and-interest payment of about $396.02.
Important limits
The schedule assumes every payment is made on time, at a fixed rate and without extra payments or fees. Actual lender disclosures control the terms of your loan.