Calculate
Monthly Loan Payments
At the bottom you can find an online
spreadsheet to calculate
monthly loan payments.
The
spreadsheet calculates the amount required as regular payments
in order to
repay a
loan over a specified time period. You
must
enter the principal,
the interest
rate charged, the number
of payments to be made per year and the number of years to
pay. This method
assumes all installment payments are equal.
This is a simple loan payment calculator
based on this formula:
where
R
=
regular payment
P
=
principal
i
=
annual interest rate
N
=
number of payments per year
Y
=
number of years
Example:
You can
use this as a home loan monthly payment calculator... Let's say that
you want to know what you must pay on a loan of $400,000 at 8% if
payments are do be made monthly for 10 years.
Just fill in the blanks of the calculator...
Principal
= 400,000.00
Annual
Interest Rate = 8%
Nr. of
Payments / yr = 12
Term in years
= 10
And the calculator delivers...
Regular
Payments = 4,853.10
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