This calculator will compute a loan's monthly payment and total interest charged, assuming no additional payments are made to the principal.

This calculator can be used for Car/Auto Loans, Personal Loans, Business, Student, Debt consolidation, Morgage Loans(Home Purchase, Refinance, Home Equity).

If using this calculator for a mortgage, it does not include additional montly expenses, such as HOA Fees, Fire/Flood Insurance, Private Mortgage Insurance (PMI), etc.

**Note:** Monetary units ($ £ € ¥ ₹ ₽ 元 ...) are not used because calculations remain the same regardless of currency.

Loan amount:

.00

Lenth of loan units:

Annual interest rate:

Pmt # | Principal | Interest | Balance |
---|

where

M = montly payment (fixed).

P = principal or loan amount.

r = montly interest rate. Example: 6% annual rate is also 0.06/12months = .005 montly rate.

n = number of payments, or length of loan in months.

This next formula is used to calculate the remaining loan balance (B) of a fixed payment loan after k months. It is used to calculate how much interest and principal was paid after each month and it is used to build the Amortization Schedule.

References

Mortgage calculator. (2019, January 25). Retrieved from https://en.wikipedia.org/wiki/Mortgage_calculator

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