Estimate a fixed loan payment

The loan is repaid in n equal installments. The typed rate is an annual nominal rate: periodic rate r = (annual / 100) / payments per year. n = term × payments per year (rounded to the nearest integer). Each installment covers interest on the remaining balance first; the rest pays principal. Early payments are heavier on interest.

M = P × r(1+r)^n / ((1+r)^n − 1)

Si r = 0, alors M = P / n

The level-payment identity is the installment that retires the principal after n periods at rate r. It is not a bank rate sheet. The nominal rate is split evenly across periods (monthly rate = annual / 12). That is not APR. No fees, no insurance, no skip-a-pay. Display rounds to the cent; total paid multiplies the unrounded installment by n. A lender often rounds each payment to the cent and adjusts the last one.

Loan amount

Amount borrowed today. It is not the full cost of credit: interest is added through the installments.

Annual nominal rate

Annual nominal percent. Type 5.5 for 5.5%. This is not APR, which folds in fees and often insurance.

Term

Full term in years, including a decimal (2.5 for thirty months). n = term × payments per year.

Payments per year

Integer from 1 to 52. 12 = monthly, 4 = quarterly, 26 = biweekly-style count if you use 26, 1 = annual.

Assumptions

• Constant annual nominal rate, converted as r = (rate / 100) / payments per year.
• Level payments, first payment at the end of the first period (ordinary amortizing loan).
• No fees, insurance, extra principal, or deferment.

Limits

• Not a credit offer and not a contractual amortization table.
• APR, origination fees, collateral, and insurance are not computed.
• Per-payment cent rounding at a bank is not reproduced; the last live payment may differ.
• Variable rates, step-ups, and interest-only periods are out of model.

The installment shown is the constant payment that clears the principal at the nominal rate you typed. Compare it with total paid: the gap is interest. If a lender’s APR is much higher than the rate you entered, the gap is mostly fees and insurance, which are absent here. Use the mortgage calculator to add a flat annual insurance amount, still without APR.

• Typing an APR into the nominal-rate field.

  APR already packages extra costs. Here the rate is facial. To compare offers, use the lender’s APR disclosure, not this result.

• Treating 12 payments of $232 as $232 × 12 of “interest” each year.

  Each installment mixes principal and interest. Only total paid minus principal measures interest.

• Ignoring that payment frequency changes cost at the same nominal rate.

  Paying more often usually cuts interest because principal declines sooner.

• MortgageCompute the amortizing monthly P&I (12 payments a year) and, if you want, a flat annual insurance amount spread over 12 months. This is not a loan offer. APR is not calculated.
• Compound interestGrow a single principal at a nominal annual rate with a chosen compounding frequency, including continuous compounding. The page also reports the effective annual rate. There are no recurring deposits on this form.
• Simple interestInterest is proportional to principal, rate, and time. It does not itself earn interest. Use this only when a contract is actually simple, not as a stand-in for savings compounding.

Written by Rédaction HexaCalc (editorial team). Content last updated: August 25, 2026. No third-party medical or financial review is claimed.

This calculation uses a standard mathematical identity. See also the methodology.