Loan Rate Calculator

Display currencyFormatting only. This does not change the calculation.

Loan amount

Loan term (years)

Term - additional monthsAdded to the term in years, for terms such as 5 years and 6 months. To state a tenure purely in months, set the years to 0 and enter the whole tenure here.

Payment frequency

Include the amortisation schedule

Payment per period The instalment you can afford or have been quoted. Used only when solving for the rate, the term or the loan amount.

Annual interest rate

7.420096 %

Loan Payment Calculator

Payment

500.00

Total interest

4,999.93

Total of payments

29,999.93

Number of payments

Payoff time

5 years

Rate per period

0.618341 %

Interest per unit borrowed

0.2

Interest saved by extra payments

Payments saved

Loan amount

25,000.00

Months to repay

Fees deducted at closing

0.00

Net amount advanced

25,000.00

APR

7.42 %

Worked out from Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 4 other sources.

How this is worked out

4 steps

Solving 25000 = 500 x (1 - (1+i)^-60) / i gives i = 0.618341% a period, a nominal 7.4201% a year.
Rate per period = 7.420096% / 12 = 0.618341%
Payment = P i / (1 - (1+i)^-n) = 500
Over 60 payments the total paid is 29999.93, of which 4999.93 is interest.

Amortisation scheduletable

period	payment	interest	principal	balance
1	500	154.59	345.41	24,654.59
2	500	152.45	347.55	24,307.04
3	500	150.3	349.7	23,957.34
4	500	148.14	351.86	23,605.48
5	500	145.96	354.04	23,251.44
6	500	143.77	356.23	22,895.21
7	500	141.57	358.43	22,536.78
8	500	139.35	360.65	22,176.13
9	500	137.12	362.88	21,813.25
10	500	134.88	365.12	21,448.13
11	500	132.62	367.38	21,080.75
12	500	130.35	369.65	20,711.1
13	500	128.07	371.93	20,339.17
14	500	125.77	374.23	19,964.94
15	500	123.45	376.55	19,588.39
16	500	121.12	378.88	19,209.51
17	500	118.78	381.22	18,828.29
18	500	116.42	383.58	18,444.71
19	500	114.05	385.95	18,058.76
20	500	111.66	388.34	17,670.42
21	500	109.26	390.74	17,279.68
22	500	106.85	393.15	16,886.53
23	500	104.42	395.58	16,490.95
24	500	101.97	398.03	16,092.92
25	500	99.51	400.49	15,692.43
26	500	97.03	402.97	15,289.46
27	500	94.54	405.46	14,884
28	500	92.03	407.97	14,476.03
29	500	89.51	410.49	14,065.54
30	500	86.97	413.03	13,652.51
31	500	84.42	415.58	13,236.93
32	500	81.85	418.15	12,818.78
33	500	79.26	420.74	12,398.04
34	500	76.66	423.34	11,974.7
35	500	74.04	425.96	11,548.74
36	500	71.41	428.59	11,120.15
37	500	68.76	431.24	10,688.91
38	500	66.09	433.91	10,255
39	500	63.41	436.59	9,818.41
40	500	60.71	439.29	9,379.12
41	500	57.99	442.01	8,937.11
42	500	55.26	444.74	8,492.37
43	500	52.51	447.49	8,044.88
44	500	49.74	450.26	7,594.62
45	500	46.96	453.04	7,141.58
46	500	44.16	455.84	6,685.74
47	500	41.34	458.66	6,227.08
48	500	38.5	461.5	5,765.58
49	500	35.65	464.35	5,301.23
50	500	32.78	467.22	4,834.01
51	500	29.89	470.11	4,363.9
52	500	26.98	473.02	3,890.88
53	500	24.06	475.94	3,414.94
54	500	21.12	478.88	2,936.06
55	500	18.15	481.85	2,454.21
56	500	15.18	484.82	1,969.39
57	500	12.18	487.82	1,481.57
58	500	9.16	490.84	990.73
59	500	6.13	493.87	496.86
60	499.93	3.07	496.86	0

Yearly summarytable

year	interest	principal	endingBalance
1	1,711.1	4,288.9	20,711.1
2	1,381.82	4,618.18	16,092.92
3	1,027.23	4,972.77	11,120.15
4	645.43	5,354.57	5,765.58
5	234.35	5,765.58	0

Results are general information, not financial, tax, legal, medical or engineering advice.