How loan payment works
Estimate the monthly payment on a fixed-rate, fully amortizing loan.
Formula and convention
Payment = P x r / (1 - (1 + r)^(-n)); r is the monthly rate and n is the number of monthly payments. At zero interest, payment = P / n.A worked example
A 15,000 loan over five years at 6.5% has a monthly payment of about 293.49.
Scope and precision
Assumes monthly payments and a fixed nominal annual interest rate. Fees, insurance, taxes, early repayment, and lender rounding are excluded.
Displayed results may be rounded. Inputs are processed locally and are not stored by this site. Keep the original values if you need to reproduce the result.
Why might another tool give a different result?
Compare unit definitions, rounding, period assumptions, and input values. This page states the convention used by this calculator.