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Work out a monthly loan payment, see how savings grow with simple or compound interest, or find the monthly deposit that reaches a goal.
For a fixed-rate loan, the monthly payment is P × i ÷ (1 − (1 + i)⁻ⁿ), where P is the loan amount, i is the monthly rate (APR ÷ 12) and n is the number of monthly payments. For example, 250,000 at 6.5% over 30 years is about 1,580 a month.
Simple interest is paid only on the original amount. Compound interest is paid on the amount plus earlier interest, so growth speeds up over time. Compounding more often gives slightly more.
It spreads the loan over the term at the monthly interest rate using the standard amortization formula.
Simple interest is calculated on the starting amount only. Compound interest is calculated on the balance including earlier interest.
They are estimates assuming a fixed rate and equal monthly payments or deposits.