Monthly Payment Calculator
Calculate a monthly payment
Calculate the periodic payment on any loan from the principal, interest rate and number of payments, paid monthly, quarterly, semi-annually or annually. Useful for comparing offers or checking a contract.
Calculate your loan payment
Result
Payment per period
€345.44
- Total interest
- €1,581.08
- Total repaid
- €16,581.08
- Final payment
- €345.40
Formula version: 1.0.0
Show year-by-year breakdown
| Year | Paid | Interest | Principal repaid | Balance |
|---|---|---|---|---|
| 1 | €4,145.28 | €671.10 | €3,474.18 | €11,525.82 |
| 2 | €4,145.28 | €493.36 | €3,651.92 | €7,873.90 |
| 3 | €4,145.28 | €306.51 | €3,838.77 | €4,035.13 |
| 4 | €4,145.24 | €110.11 | €4,035.13 | €0.00 |
How to use the monthly payment calculator
- Enter the amount borrowed and the annual interest rate.
- Enter the total number of payments and how often they're made.
- Review the payment, total interest and year-by-year breakdown.
Periodic payment formula
Payment = P × i / (1 − (1 + i)^−n) · i = annual rate / payments per year
What each variable means
- P
- principal
- i
- rate per period
- n
- number of payments
With less frequent payments, each payment is larger and slightly more interest is paid, because the balance falls more slowly.
Monthly payment example
€15,000 at 5% over 48 monthly payments: the payment is €345.44 and interest totals €1,581.08.
Illustrative example with the data shown; not a guaranteed outcome.
Assumptions and limitations
- Fixed rate and constant payment.
- The periodic rate is the annual rate divided by payments per year.
- The final payment absorbs cent-level rounding.
Frequently asked questions
Is the number of payments in months?
Only with monthly frequency. With quarterly payments, 20 payments are 5 years.
Why is the final payment different?
Because the payment is rounded to the cent and the final one absorbs the difference.
Related calculators
See loans & mortgages calculatorsIndicative result for information only; not financial or tax advice. Read the legal notice · How we calculate results
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