Loan Payment Calculator
Fixed-rate, fully amortizing loan; fees excluded.
Payment = P × r ÷ (1 − (1 + r)^−n)
Estimate equal monthly payments for a fixed-rate amortizing loan.
Formula
Payment = P × r ÷ (1 − (1 + r)^−n)
Worked example
Loan principal: 10000
Annual interest rate: 6 %
Number of monthly payments: 36
With these inputs, the result is 304.219375 per month. Fixed-rate, fully amortizing loan; fees excluded.
How to use this calculator
- Identify the quantity you want to calculate.
- Enter your measurements in the units shown on each field.
- Read the result, which updates as you change the inputs.
- Check the assumptions below before applying the result.
Assumptions and limits
Payment count must be a whole positive number. Assumes monthly interest accrual; fees and lender-specific schedules are excluded.
Precision and checking
Results are rounded for display. Use the most accurate measurements available, and avoid rounding your inputs unnecessarily. Extra decimal places in a result do not make an estimate more reliable.
To check a result, substitute the same input values into the formula shown above. Change one value at a time to understand how the quantity responds.
Frequently asked questions
What assumptions does this calculation use?
Payment count must be a whole positive number. Assumes monthly interest accrual; fees and lender-specific schedules are excluded.
Are my inputs sent to a server?
No. The calculation runs locally in your browser. The result updates as you edit the inputs.
Sources & references
- How mortgage lenders calculate monthly payments — Consumer Financial Protection Bureau
