Calculate a monthly loan payment
Find the monthly payment on a loan or mortgage from the amount, rate and length.
A loan of 200,000 at 6% a year over 30 years is paid in 360 monthly payments. The rate is quoted per year, so the calculator has to know there are 12 payments in each year.
You borrow money, so PV is positive. The payment you compute comes out negative, because it is money you pay out.
Classic Financial II
Start on the main screen: Press 2ND then CPT (QUIT) to leave a worksheet and return to the plain calculator. ON/OFF also drops back to the standard screen and clears an error.
Open the payments-per-year screen, type 12, confirm with enter, then leave with QUIT (2nd, CPT). This setting stays until you change it.
2NDP/YI/Y12ENTER2NDQUITCPTEnter 360 payments and 6% yearly rate.
360N6I/YEnter the loan as PV, and 0 for the balance left at the end (FV).
200000PV0FVPress CPT, then PMT.
CPTPMT
You should seeThe monthly payment is 1,199.10, shown as a negative because you pay it out.
RPN Financial 12
Start on the main screen: There is no menu to leave: the display always shows the X register. Press f then R/S (P/R) to leave program mode, and clear a pending prefix by pressing ON.
Enter the 360 payments.
360nType the yearly rate 6 and press g, then i (the 12÷ function). It turns the yearly rate into a monthly rate and stores it.
6g12÷iEnter the loan in PV and 0 in FV, then ask for the payment.
200000PV0FVPMT
You should see-1,199.10
Tips
- If you get 0.50 where you expect a rate, that is fine: 6% a year is 0.5% a month.
- Payments at the start of each period (like rent) need the BGN setting. Most loans pay at the end, which is the default.
Related guides
- See how much of a payment is interestSplit a run of loan payments into interest, principal and remaining balance.
- Find how many payments are neededWork out how long it takes to pay off a loan, or reach a savings goal.
- Find the interest rateWork out the yearly rate needed to turn one amount into another.