# Loan Payment Amount Formula

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You want to keep the monthly payments at \$350 a month, so you need to figure out your down payment. In this formula the result of the PV function is the loan amount, which is then subtracted from the purchase price to get the down payment. Using the function PV(rate,NPER,PMT) =19000-PV(2.9%/12, 3*12,-350)

Considering taking out a loan? Money Under 30’s simple loan payoff calculator can tell you either:. How long it will take to pay off a given amount with a given monthly payment or; How much you’ll need to pay per month to pay off a given amount in a fixed amount of time

In the formula, "P" is the amount you plan to borrow, "i" stands for the interest rate on your loan, and "n" means how many months you will have to make your monthly payment until the loan is paid off.

Usually, whether you can afford a loan depends on whether you can afford the periodic payment (commonly a monthly payment period). So, the most important amortization formula is probably the calculation of the payment amount per period. Calculating the Payment Amount per Period. The formula for calculating the payment amount is shown below.