Your total monthly payment is:

$531.18
Amount of Loan:
Percentage Down:
Interest Rate:
Length:

User Guide:

Loan amount is the amount of money that you want to borrow - what you need.

Percentage down is the amount that you put down initially, the upfront percent of the desired loan.

Loan interest rate is the percentage paid for using the borrowed money. Expressed as annual percentage rate or APR.

Length of loan is the number of years while you'll be paying off your loan.

Payment Information:

The Amortization Schedule of your calculation can be found below.


Loan Information:

Down Payment:$0.00
Financed Amount:$25,000.00

Monthly Payment:$531.18

Calculations explained:

Let's start figuring out the monthly payment. For that we need to know: 1. the part of the loan that you are financing; 2. the loan's monthly interest rate; and 3. the length of the loan in months. Every financial is typically quoted in an annual or yearly number. For example: a 5-year loan with a 10% annual interest rate. In real life you pay your loan every month, so most of the calculations involve translating the yearly numbers to their monthly equivalents.

1. Financing Price

First we need to know how much you're financing. This can be done based on the amount of loan ($25,000.00) and your down payment percent (0%). Let's start with the down payment. Dividing the percentage down by 100 and multiplying it with the loan amount (0% / 100) x $25,000.00 = $0.00 we get the down payment in dollars. Now let's move to the initially paid by you part, and figure out the rest that you need to borrow. The loan amount minus your down payment gives us the result. $25,000.00 - $0.00 = $25,000.00 what is your financing price.

2. Monthly Interest Rate

you have secured a 10% interest rate, what is an annual percent. Let's convert that to a decimal number, and from a yearly representation to a monthly one. Dividing the percent by 100 is 10% / 100 = 0.1 (the yearly interest rate in decimal numbers) and dividing this by 12 (for 12 months in a year) 0.1 / 12 = 0.0083 is the monthly interest rate.

3. Month Term

We need to convert your loan's length into months (this is while you'll be paying off your loan). your 5 year loan multiplied with 12 months = 60, which is the length in months.

And now: your Monthly Loan Payment

The three numbers from above can help us to calculate your monthly payment. Let's see the amortization formula for this calculation:
( financing price ) x ( monthly interest rate / ( 1 - (( 1 + monthly interest rate ) - ( monthly term ) )))
and with the numbers it should look like this:
$25,000.00 x ( 0.0083 / ( 1 - (( 1 + 0.0083 ) - ( 60 ) ))) = $531.18 and this is your total monthly payment. Amortization schedule is presented below.

Amortization

Amortization for monthly payment, $531.18, over 5 years. Loan amortization only includes your monthly principal and interest payments. Property taxes, PMI, and condo fees are ignored when amortizing your loan.

Month:Interest Paid:Principal Paid:Remaining Balance:
1$208.33$322.84$24,677.16
2$205.64$325.53$24,351.62
3$202.93$328.25$24,023.38
4$200.19$330.98$23,692.40
5$197.44$333.74$23,358.66
6$194.66$336.52$23,022.14
7$191.85$339.32$22,682.81
8$189.02$342.15$22,340.66
9$186.17$345.00$21,995.66
10$183.30$347.88$21,647.78
11$180.40$350.78$21,297.00
12$177.47$353.70$20,943.30

Summary for year 1:
You will spend $6,374.11 total. From this $4,056.70 goes to principal and $2,317.41 goes to interest.

Month:Interest Paid:Principal Paid:Remaining Balance:
13$174.53$356.65$20,586.65
14$171.56$359.62$20,227.03
15$168.56$362.62$19,864.41
16$165.54$365.64$19,498.77
17$162.49$368.69$19,130.08
18$159.42$371.76$18,758.33
19$156.32$374.86$18,383.47
20$153.20$377.98$18,005.49
21$150.05$381.13$17,624.36
22$146.87$384.31$17,240.05
23$143.67$387.51$16,852.54
24$140.44$390.74$16,461.80

Summary for year 2:
You will spend $6,374.11 total. From this $4,481.49 goes to principal and $1,892.62 goes to interest.

Month:Interest Paid:Principal Paid:Remaining Balance:
25$137.18$393.99$16,067.81
26$133.90$397.28$15,670.53
27$130.59$400.59$15,269.94
28$127.25$403.93$14,866.02
29$123.88$407.29$14,458.72
30$120.49$410.69$14,048.04
31$117.07$414.11$13,633.93
32$113.62$417.56$13,216.37
33$110.14$421.04$12,795.33
34$106.63$424.55$12,370.78
35$103.09$428.09$11,942.69
36$99.52$431.65$11,511.04

Summary for year 3:
You will spend $6,374.11 total. From this $4,950.76 goes to principal and $1,423.35 goes to interest.

Month:Interest Paid:Principal Paid:Remaining Balance:
37$95.93$435.25$11,075.79
38$92.30$438.88$10,636.91
39$88.64$442.54$10,194.38
40$84.95$446.22$9,748.15
41$81.23$449.94$9,298.21
42$77.49$453.69$8,844.52
43$73.70$457.47$8,387.05
44$69.89$461.28$7,925.77
45$66.05$465.13$7,460.64
46$62.17$469.00$6,991.63
47$58.26$472.91$6,518.72
48$54.32$476.85$6,041.87

Summary for year 4:
You will spend $6,374.11 total. From this $5,469.17 goes to principal and $904.94 goes to interest.

Month:Interest Paid:Principal Paid:Remaining Balance:
49$50.35$480.83$5,561.04
50$46.34$484.83$5,076.21
51$42.30$488.87$4,587.33
52$38.23$492.95$4,094.38
53$34.12$497.06$3,597.33
54$29.98$501.20$3,096.13
55$25.80$505.38$2,590.75
56$21.59$509.59$2,081.17
57$17.34$513.83$1,567.33
58$13.06$518.12$1,049.22
59$8.74$522.43$526.79
60$4.39$526.79$0.00

Summary for year 5:
You will spend $6,374.11 total. From this $6,041.87 goes to principal and $332.25 goes to interest.

Principal & interest costs for the full 5 years of this calculated Loan is $31,870.57 total.

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