Loan payment estimate
Keep a fixed-rate loan formula readable by naming the principal, rate, term, and monthly rate before calculating the payment. The values are illustrative.
| @1 | principal = 24000$ | |
| @2 | annualRate = 6.5% | |
| @3 | months = 48 | |
| @4 | monthlyRate = annualRate / 12 | |
| @5 | payment = principal * monthlyRate / (1 - (1 + monthlyRate) ^ -months) | |
| @6 | totalPaid = payment * months | |
| @7 | interest = totalPaid - principal |
How it works
- Replace the principal, annual percentage rate, and number of months.
- Leave the monthly rate as a named intermediate step so the formula is easy to check.
- Compare
totalPaidwithprincipalto see the estimated interest.
This is a calculator example, not lending or financial advice. Confirm fees, compounding rules, and the final offer with your lender.