Debt & borrowing
Estimate the monthly principal and interest for a fixed-rate loan.
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EXPLORE YOUR NUMBERS
Estimate the monthly principal and interest for a fixed-rate loan.
Payment = principal × r / (1 − (1 + r)^(−n)), where r = annual rate / 1200 and n = years × 12. At zero interest, payment = principal / n.
Fixed rate, equal monthly payments, and monthly interest. Use the interest rate, not an APR that includes fees. Excludes fees, insurance, property taxes, and other costs. A lender’s actual payment may differ.
BEFORE YOU BEGIN
Estimates are enough to explore. Keep every money amount in the same selected currency.
The principal: the amount being borrowed.
A fixed annual interest rate, rather than an APR that includes fees.
The loan term in whole years.
MAKE THE RESULT USEFUL
Use the amount borrowed, a fixed interest rate, and the repayment term. Compare the monthly payment and total interest together. Budget separately for fees, insurance, or other costs this estimate does not include.
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TRY ANOTHER SCENARIO
Compare two loan terms at the same principal and rate. Read the monthly payment alongside total interest; a payment on its own does not describe the total cost in this model.
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A FEW THINGS YOU MAY BE WONDERING
Only principal and interest under the fixed-rate model. Fees, insurance, property taxes, and other charges are excluded and may affect an actual payment or borrowing cost.
The principal is divided by the number of monthly payments. There is no modeled interest, but fees or other real-world costs may still exist outside this calculator.
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