This loan payment calculator can be used to, obviously, calculate your payments on a loan. Ironically enough, the formula we’ll use to calculate the loan payments is the same formula we use to calculate the payments of an ordinary annuity.

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**On This Page**

- What Is a Standard Loan Payment
- Standard Loan Payment Formula
- Uses for The Standard Loan Payment Formula

## What Is a Standard Loan Payment

The standard loan payment calculator above is used when calculating payments for a standard loan that is amortized for a specific period of time and a FIXED interest rate. This calculator will not work for other loan types such as interest-only or balloon loans.

## Standard Loan Payment Formula

The formula used to calculate the standard loan payment is as follows:

Pmt = r(PV) / 1 - (1 + r)^{-n}

Where…

Pmt = the standard loan payment

r = interest rate per period

PV = the present value of the loan

n = the number of periods

## Uses for The Standard Loan Payment Formula

The standard loan payment formula has many different uses for several different types of loans. But you’ll most often see this type of amortization in the following types of loans

- Automobile loans
- Student Loans
- Land Loans
- Any other conventional loan