Loan Payment
Monthly payment, total interest, and 12-month amortization.
Example
You enter
- Principal 50000
- APR (%) 6
- Term (months) 60
You get
- Monthly payment $966.64
- Total interest $7998.4
Checked against published worked examples from: Consumer Financial Protection Bureau.
Details, formula, and sources
Formula or tableMonthly payment M = P × (r × (1+r)^n) / ((1+r)^n − 1) where r = APR / 12 and n = months. Total interest = (M × n) − P.
Source and editionClassical loan-amortization formula.
Free accessFormula free in published finance texts.
What governsEstimate. AHJ and licensed professional govern.
API field namesprincipal, apr_percent, term_months, monthly_payment, total_interest
- Compounding frequency monthly (matching payment frequency)convention