Estimate a fixed monthly loan payment from principal, annual interest rate and repayment term.
How to use this calculator
Enter the loan principal, annual nominal interest rate and term in months. Use a zero interest rate for interest-free repayment.
Worked example
A 500,000 loan at 12% annual interest for 36 months produces an estimated fixed monthly payment using the standard amortization formula.
Assumptions
The calculation assumes equal monthly payments, a constant rate and monthly compounding using annual rate divided by twelve.
Limitations
Real lender payments may include fees, insurance, taxes, variable rates, rounding rules or a different compounding convention.