Result
Monthly payment
—
Your inputs are stored in this browser, so everything is still here next time. Nothing is sent to a server.
This calculation is for informational purposes only and does not replace advice from a qualified professional. Formulas and rates may not fit your exact situation — double-check the figures before making decisions.
How it is calculated
The monthly payment uses the annuity formula: payment = amount × monthlyRate × (1+monthlyRate)^n ÷ ((1+monthlyRate)^n − 1), where monthlyRate is the annual rate ÷ 12 ÷ 100 and n is the term in months. This is the standard equal-payment formula banks use.
Total paid = payment × term in months. Overpayment = total paid − loan amount — how much the loan costs above the principal.
The calculation doesn't include possible bank fees (origination, account servicing, insurance) — if your offer has them, add them to the overpayment separately.