Enter 4 values below
For a standard, 20 year $200000 loan
@ 6% APR
with payments at end of month
calculate the monthly payment:
Calculate Months:
Your loan term is for 20 years.
Months = 12 * Years
Months = 12 * 20
Months = 240
Calculate APR:
APR =
0.005This is the effective interest each month.
Calculate APY:
APY = ((1+APR)
12 - 1) * 100%
APY = ((1 + 0.005)
12 - 1) * 100%
APY = ((1.005)
12 - 1) * 100%
APY = (1.0616778118645 - 1) * 100%
APY = 0.061677811864498 * 100%
APY =
6.17%Calculate Monthly Payment:
Monthly Payment = | Loan Amt * APR |
| 1 - (1/(1 + APR))n |
Monthly Payment = | 200000 * 0.005 |
| (1 - (1 /(1 + 0.005))240 |
Monthly Payment = | 1000 |
| (1 - (1 / 1.005)240 |
Monthly Payment = | 1000 |
| 1 - 0.99502487562189240 |
Monthly Payment = | 1000 |
| 1 - 0.30209614158536 |
Monthly Payment = | 1000 |
| 0.69790385841464 |
Calculate Total Payments:
Total Payments = Monthly Payment * Months in the Loan
Total Payments = 1432.86 * 240
Total Payments =
$343,886.40 You will end up paying $343,886.40 - $200,000.00 = $143,886.40 above the principal on this loan.