Annuity Payment Calculator
Calculate the fixed periodic payment (PMT) that fully pays off a principal amount, plus total interest.
Periodic payment
$386.66
Total paid
$23,199.36
Total interest
$3,199.36
Work out the level payment needed to amortize a loan or annuity over a set number of periods. Enter the principal, annual rate, and number of payments to see the periodic payment, total paid, and total interest. Everything runs locally in your browser.
How to use
- Enter the principal amount you're borrowing or investing.
- Set the annual interest rate and the number of monthly payments.
- Read the periodic payment, total paid, and total interest.
Frequently asked questions
- What is a PMT calculation?
- PMT is the level payment amount that, over a set number of periods at a given interest rate, fully amortizes a principal to zero.
- Does this assume monthly payments?
- Yes, the annual rate is divided by twelve and periods represent months, which matches most loans and annuities.
- What if the rate is zero?
- With a zero rate, the payment is simply the principal divided evenly across the number of periods.