Loan payment & amortization
Calculate a fixed monthly loan payment from principal, annual interest and payment count. View the amortization schedule and calculation steps.
Inputs
Use the units shown—
Enter your values and select Calculate.
Formula & explanation
PMT = P r / [1−(1+r)⁻ⁿ]
Variables & units
- Loan principal
- currency · minimum 0.01, maximum 1000000000000
- Nominal annual interest rate
- % · minimum 0, maximum 100
- Number of monthly payments
- months · minimum 1, maximum 600
Worked example
10,000 at 6% nominal annual interest over 36 months requires about 304.219375 per month.
Assumptions
Fixed nominal annual rate divided by 12; equal end-of-month payments. Excludes fees, insurance, taxes, variable rates and lender rounding.
Formula version 1.0.0. JavaScript floating-point arithmetic applies. Results display up to 6 decimal places; stored values retain available precision. Use the units shown.
Practice with an example
Use the default input values to find the answer. The reset icon restores those values.
Calculated on your device. Your latest 100 calculations stay in this browser.