Principal Interest Loan Calculator

by Joseph Cowdell

Enter your values to see your monthly payment, and grand total, and interest paid.

Principal Loan Amount

Interest Rate

Time in Years

Compounded (months)

Monthly Payment

${{ loan.payment }}

Grand Total

${{ loan.total }}

Total Interest

${{ loan.totalInterest }}

Enter the maximum monthly payment you can afford

Maximum Loan Amount

${{ loan.maxLoan }}

Formula

principal ( 1 + ^interest / _compounded) ^{compounded * time} = ^{payment [ ( 1 + ^interest / _compounded) ^{compounded * time} - 1 ]} / _{^interest / _compounded}

{{ loan.principal }} ( 1 + ^{{{ loan.interest }}} / _{{{ loan.compoundingEvery }}}) ^{{{ loan.compoundingEvery }} * {{ loan.timeYears }}} = ^{payment [ ( 1 + ^{{{ loan.interest }}} / _{{{ loan.compoundingEvery }}}) ^{{{ loan.compoundingEvery }} * {{ loan.timeYears }}} - 1 ]} / _{^{{{ loan.interest }}} / _{{{ loan.compoundingEvery }}}}
{{ loan.l }} = payment( {{ loan.r }} )
{{ loan.payment }} = payment