Loan Payment - Fixed Interest

The Loan Payment calculator provides the periodic payment amount on a fixed interest loan.  

INSTRUCTIONS: Choose units and enter the following:

• (L) Principal Loan Amount 
• (i) Periodic Interest Rate
• (n) Number of  Periods in the duration of the loan

Loan Payment (P):  The calculator returns the fixed periodic payment in U.S. dollars.  However, this can be automatically converted to compatible units via the pull-down menu.

The Math / Science

 The formula for Loan Payment is:

`P = L*(i*(1+i)^n) / ((1+i)^n - 1)`

where:

• P = Payment per period
• L = Principal 
• i = Interest rate per period

Note: for a 30 year fixed interest mortgage, one may get a 6% annual interest rate loan.  BUT, the payments are monthly.  Therefore the periodic interest rate is 6%/12, which is equal to 0.5%.

Personal Finance Calculators

• Monthly Loan Payment: Computes the monthly payment of a fixed interest rate loan (e.g., home mortgage or car loan).
• Credit Card Equation:  Computes the number of months to pay off a credit card.
• Mortgage Affordability: Compute the amount of principal one can borrow based on monthly payment, duration and interest rate.
• Leverage Ratio: Calculates a ratio describing debt to income.
• Compound Interest: Computes the compounded interest on a fixed interest rate investment
• CAGR: Computes the compounded annual growth rate achieved on an investment.
• Rule of 72: Provides a quick estimate on time to double an investment
• Simple Interest Earned: Computes a rough estimate on interest earned over time.
• Wage Calculator: Computes the annual, monthly and weekly pay amounts base on hourly wage and hours per week.
• Current Mortgage Rates:
  • 30 Year Fixed Interest Rate: 6.71 %
  • 15 Year Fixed Interest Rate: 6.12 %
  •  7/6 SOFR ARM: [Invalid Constant]