Loan payment or term calculator
You know the length? We find the payment. You know how much you can pay each month? We find the length.
Result
209Number of months
- That is 17 years and 5 months
- Last payment (smaller)
- 290.88
- Interest cost
- 58,290.88
- Total repaid
- 208,290.88
Year by year
Detailed table
| Year | Principal repaid | Interest paid | Left to pay |
|---|---|---|---|
| 1 | 6,111.23 | 5,888.77 | 143,888.77 |
| 2 | 12,471.44 | 11,528.56 | 137,528.56 |
| 3 | 19,090.78 | 16,909.22 | 130,909.22 |
| 4 | 25,979.80 | 22,020.20 | 124,020.20 |
| 5 | 33,149.49 | 26,850.51 | 116,850.51 |
| 6 | 40,611.28 | 31,388.72 | 109,388.72 |
| 7 | 48,377.08 | 35,622.92 | 101,622.92 |
| 8 | 56,459.27 | 39,540.73 | 93,540.73 |
| 9 | 64,870.74 | 43,129.26 | 85,129.26 |
| 10 | 73,624.90 | 46,375.10 | 76,375.10 |
| 11 | 82,735.73 | 49,264.27 | 67,264.27 |
| 12 | 92,217.74 | 51,782.26 | 57,782.26 |
| 13 | 102,086.06 | 53,913.94 | 47,913.94 |
| 14 | 112,356.44 | 55,643.56 | 37,643.56 |
| 15 | 123,045.24 | 56,954.76 | 26,954.76 |
| 16 | 134,169.53 | 57,830.47 | 15,830.47 |
| 17 | 145,747.03 | 58,252.97 | 4,252.97 |
| 18 | 150,000.00 | 58,290.88 | 0.00 |
How it is calculated
- Payment = P × i ÷ (1 − (1 + i)^−n), where i = rate ÷ 12.
- Length: we repay month after month until the debt is 0. The last payment is smaller.
- If the payment is not above the month’s interest (P × i), the debt never goes down: this is flagged.
Example
150,000 at 4%, paying 1,000 a month: 223 months, that is 18 years and 7 months.
Good to know
- Fixed rate, no insurance or fees.
- Constant payments at the end of each month.
Frequently asked questions
What is this tool used for?
You know the length? We find the payment. You know how much you can pay each month? We find the length.
How is the result calculated?
Payment = P × i ÷ (1 − (1 + i)^−n), where i = rate ÷ 12.
What should I check before using the result?
Fixed rate, no insurance or fees.