The standard amortisation formula is used: payment = P × i / (1 − (1 + i)−n), where i is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months. A zero rate is handled as simple division. This is the same formula a lender uses to quote a fixed-rate instalment loan; it does not include origination fees, insurance or any other charge a particular lender may add.
This calculator is an estimate, not an offer, a quote, or financial advice. We are not a lender and we do not set rates or make credit decisions.