Our Amortization calculator tool is the best online tool that helps you to know how much you need to pay monthly. By just giving your loan amount, interest rate, and the number of years as inputs you can immediately know the monthly payment as output.
Amortization Calculator: Determining monthly payment for your loan looks difficult for you? Then just jump to our online calculator tool that calculates the monthly payment for your loan by just giving some inputs. And also if you are interested you can also know how to calculate the loan manually with some easy steps. Read on!!
For calculating monthly payments manually, we have a formula for calculating loan payments.
Loan Payment = [Amount of loan x i(1+i)n] / [(1+i)n - 1]
n is the number of years.
i is the interest rate.
Look into the step-by-step procedure to calculate loan payments. By following the below steps you can check your monthly payment easily.
Question: Suppose you have taken a loan of $15000 with a 2% interest rate for 3 years?
Given, i = 2% = 2/100 /12 = 0.0016
n = 3 years = 3x 12 = 36 months
Loan amount = $15000
As we know already, use the formula of loan payment
Loan Payment = [Amount of loan x i(1+i)n] / [(1+i)n - 1].
= $15000 x 0.0016(1+0.0016)36 ] / [(1+0.0016)36 -1].
= $ 429.64
Total amount paid with interest = $ 429.64 x 36 months = $ 15,467.04
Total interest paid = $ 15,467.04 - $15000 = $467.04
Arithmeticcalculators.com is the simple website that provides you free online calculator tools to make your work easy and quick.
1. How Amortization will be calculated?
Amortization will be calculated by using the formula, Loan Payment = [Amount of loan x i(1+i)n] / [(1+i)n - 1].
2. How to use Amortization calculator?
Simply give the inputs in the input fields and click on the calculate button and get error-free results.
3. What is the website that offers the best Amortization calculator?
Arithmeticcalculators.com is the website that offers Amortization calculator.