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Total Interest Paid
Total Amount Paid
Fixed Monthly Payment
Calculation Principles & Formulas
The monthly payment is calculated using the amortized loan formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
Where M is the fixed monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate / 12), and n is the total number of payments (months).
The total interest paid is calculated by:
Total Interest = (M × n) - P
Subtract the principal loan amount from the total payment amount to find the total interest.
