How to use it
This calculator is for comparing a constant-rate loan with equal scheduled payments. It is an estimate, not a lender quote or legal APR disclosure.
- Enter the amount, nominal annual rate, term, and payment cadence.
- Check the visible assumption that the annual rate is divided by the number of payments per year.
- Review the periodic payment, totals, and every amortization row.
Worked example
- Input
10,000; 6% nominal; 2 years; monthly
- Output
24 payments of about 443.21; total interest about 637
The exact displayed amounts follow the market currency’s fraction digits; the engine keeps full precision.
Method and definitions
- For rate r and n payments, payment = principal × r ÷ (1 − (1 + r)⁻ⁿ).
- At 0%, payment = principal ÷ payment count.
- Each row applies interest to the remaining balance, then principal; the last row closes the balance at zero.
Limits and edge cases
- Fixed rate and fully amortizing ordinary payments only.
- Fees, taxes, insurance, balloon amounts, prepayments, variable rates, late charges, and regulatory APR are excluded.
- Monthly, fortnightly, weekly, and annual are calculation cadences, not evidence that a lender offers each cadence.
Privacy
Amounts and rates are calculated only in this browser and are not uploaded or retained.
Sources
