Monthly Payment - APR with fees

vCalc Reviewed

$"mnthly payment" = ( "Loan Amount" + "All Fees" ) *( i /1200*(1+ i /1200)^ n )/((1+ i /1200)^ n - 1)$

$"Loan Amount (P)"$

$"Interest Rate (i%)"$

$(n) "Loan Period"$

$"Fees on loan"$

INPUTS

The inputs to this equation include the following:

Loan Amount - the original amount financed
i - interest rate entered as a percentage; i.e, enter 6.4 for a 6.4% interest rate
n - number of months
All Fees - all costs of closing and loan expenses

This formula calculates a monthly payment for a loan

For an amount of $50,000 loaned with $1,200 fees and closing costs, at an annual interest rate of 5% to be paid back over 5 years.

This equation will accept the interest rate as the percentage, for the above example, enter 5 as the interest rate.

The monthly payment will be calculated: $966.21