Calculating Monthly Loan Payment Amounts
Using Multiplication Factors for 7% Interest Rate
Months
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Factor
1.0058333 0.5043792 0.3372298 0.2536564 0.2035136 0.1700859 0.1462099 0.1283035 0.1143770 0.1032363 0.0941218 0.0865267 0.0801006 0.0745929 0.0698200 0.0656440 0.0619597 0.0586850 0.0557553 0.0531189 0.0507338 0.0485658 0.0465866 0.0447726 0.0431039 0.0415638 0.0401379 0.0388142 0.0375819 0.0364319 0.0353563 0.0343481 0.0334012 0.0325102 0.0316702 0.0308771 0.0301270 0.0294165 0.0287426 0.0281025
Months
41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80
Factor
0.0274938 0.0269142 0.0263617 0.0258344 0.0253307 0.0248490 0.0243880 0.0239462 0.0235227 0.0231161 0.0227256 0.0223503 0.0219892 0.0216416 0.0213067 0.0209839 0.0206725 0.0203720 0.0200817 0.0198012 0.0195300 0.0192676 0.0190137 0.0187677 0.0185295 0.0182985 0.0180745 0.0178572 0.0176462 0.0174414 0.0172424 0.0170490 0.0168610 0.0166781 0.0165002 0.0163271 0.0161585 0.0159943 0.0158344 0.0156785
Months
81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
Factor
0.0155265 0.0153783 0.0152337 0.0150927 0.0149550 0.0148206 0.0146894 0.0145611 0.0144359 0.0143135 0.0141938 0.0140768 0.0139624 0.0138504 0.0137409 0.0136337 0.0135288 0.0134261 0.0133255 0.0132270 0.0131304 0.0130359 0.0129432 0.0128523 0.0127633 0.0126759 0.0125903 0.0125063 0.0124239 0.0123430 0.0122636 0.0121857 0.0121092 0.0120341 0.0119604 0.0118880 0.0118169 0.0117470 0.0116783 0.0116108
Calculating Monthly Loan Payment Amounts (7% Interest Rate)
Formula: Loan Amount X Multiplication Factor = Monthly Payment
Example: Loan Amount: Term: Interest Rate: Calculation: Loan Amount $5,000.00 X X Factor .0116108 = = Monthly Payment $58.05 $5,000.00 120 Months (10 years) 0.0116108