How to use this tool
Choose whether to solve for monthly payment, affordable principal or repayment term.
Enter the other loan quantities and read the fixed-rate result before fees. A repayment budget must exceed monthly interest to pay off the loan.
A = Pr / [1 − (1+r)^−n]; P = A[1−(1+r)^−n]/r
Worked example
$386.66 · monthly payment
Fixed example using the settings below. Monetary examples use USD; dates and times use their stated reference values. This example stays unchanged when you edit your calculation.
Example inputs
- Principal: 20000
- Nominal annual rate (%): 6
- Monthly payments: 60
- Solve for: Monthly payment
Method illustration: 20,000 at 6% for 60 months requires about 386.66 each month.
Assumptions and limits
- Monthly payments in arrears; no fees. Rate is nominal annual, divided by 12.
- A term result rounds up to a final smaller payment. Payments at or below monthly interest cannot repay the loan.
Method reference: Fixed-rate payment method and rate conventions
Check or report a result
Check the units, selected calculation and assumptions first. Compare the fixed example above with your inputs to identify what changed.
Report a calculation issue with the page address, hypothetical inputs, result displayed and result expected. Do not include passwords, bank details or other private information.