Enter 4 values below

<-- APR%
<-- Loan Amount
<-- Years of Loan
<-- Time (t)
   
<-- Check for interest only loan

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  =  Annual APR
  12

APR  =  6
  12

  APR  =  0.005
This 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.