Finance calculators

Loan calculator

Payment, total interest and full repayment schedule for annuity, equal-principal and bullet loans.

Inputs

Results

Methodology

Conventions

  • The nominal annual rate is divided by the payments per year to give the periodic rate i.
  • Annuity: level payments. Equal principal: the same principal each period plus interest on the balance. Bullet: interest only, principal repaid at the end.

References

  • Kellison, The Theory of Interest, ch. 3 and 5

Formulas

Annuity payment
A = L \cdot \frac{i}{1 - (1 + i)^{-n}}
Equal principal
A_k = \frac{L}{n} + B_{k-1} \cdot i
Bullet
A_k = L \cdot i,\quad A_n = L (1 + i)