Pmt Calculator

Formatting only. This does not change the calculation.
The nominal annual rate (APR before fees), not the monthly rate.
Added 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.
Additional principal paid on top of the scheduled payment.
Payment
489.15
Loan Payment Calculator
Total interest
4,349.20
Total of payments
29,349.20
Number of payments
60
Payoff time
5 years
Rate per period
0.541667 %
Interest per unit borrowed
0.174
Interest saved by extra payments
0
Payments saved
0
Loan amount
25,000.00
Annual interest rate
6.5 %
Months to repay
60
Fees deducted at closing
0.00
Net amount advanced
25,000.00
APR
6.4999 %
Worked out from Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 4 other sources.

How this is worked out

3 steps
  1. Rate per period = 6.5% / 12 = 0.541667%
  2. Payment = P i / (1 - (1+i)^-n) = 489.15
  3. Over 60 payments the total paid is 29349.2, of which 4349.2 is interest.
Yearly summarytable
yearinterestprincipalendingBalance
11,496.214,373.5920,626.41
21,203.324,666.4815,959.93
3890.794,979.0110,980.92
4557.335,312.475,668.45
5201.555,668.450

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