Monthly Payment Calculator
Enter a loan amount, annual interest rate and term to calculate the resulting fixed monthly payment.
%
months
Formula
Monthly Payment = P × r × (1 + r)^n / ((1 + r)^n − 1)
Example
A 15,000 loan at 7% over 48 months has a monthly payment of roughly 359.
Frequently Asked Questions
- Does the payment change over the loan term?
- No, for a fixed-rate loan the monthly payment stays the same for the entire term.
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