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Explore the math of a fixed-rate, fee-free example. Your inputs stay in your browser.
ILLUSTRATIVE REGULAR MONTHLY PAYMENT
- Amount borrowed
- Total interest
- Total repayment
- Final payment
No fees, add-on products or penalties included. Not a lender quote, APR disclosure or approval. The payment schedule uses rounded monthly interest; the final payment can be smaller than the regular payment.
Your example schedule
| Month | Payment | Principal | Interest | Balance |
|---|
How this calculation works
This model assumes a fixed nominal annual interest rate, equal monthly periods, payments at the end of each period and no fees. The monthly rate is the annual rate divided by 12. The calculator selects the smallest regular payment in whole cents that repays the balance within the entered term, with interest rounded to cents each month. The regular payment is increased when needed to avoid a larger final payment; the final payment can be smaller by more than a few cents. The schedule may end before the entered term, so the term is an upper limit. For example, $1,000 at 18% nominal annual interest over 12 months gives a regular payment of $91.68 and a final payment of $91.66.
At 0% interest, principal is divided by the number of months. Cent rounding can cause the schedule to end early, especially when the entered term or rate makes a cent-based payment schedule unsuitable. Daily interest, irregular payment dates, fees, balloon payments and add-on interest are not modeled.
The calculator range is a technical input range, not an offered rate or a statement that a rate is lawful for a particular transaction. Always use actual lender disclosures for a real agreement.
See the product information to interest and APR.