7% a year for 5 years
- Details
- Loan amount HK$20,000.00; rate 7% a year; term 5 years
- Result
- Monthly payment HK$396.02; total interest HK$3,761.44
Enter the details (current step)
%
Please enter the rate in your loan offer or agreement. This tool does not suggest a rate.
years
Result
Please complete the details. The result will appear here.
How it is calculated
- Monthly rate r = annual rate ÷ 12. Number of payments n = term in months.
- Monthly payment = loan amount × r × (1 + r)^n ÷ ((1 + r)^n − 1). If the rate is 0, monthly payment = loan amount ÷ n.
- Amount you can borrow = monthly payment × (1 − (1 + r)^−n) ÷ r.
- Each month, interest = balance at the end of the previous month × r. The rest of the payment repays the principal.
- Total interest = monthly payment × n − loan amount. All values are calculated exactly and shown to two decimal places.
- Local rules for home loans (such as rate setting, down payments and charges) are not included. Where this site has a calculator for your region, it is listed under “Related calculators” below.
- All calculations are done in your browser. The details you enter are not sent to any server.
Worked examples
4.5% a year for 10 years
- Details
- Loan amount HK$100,000.00; rate 4.5% a year; term 10 years
- Result
- Monthly payment HK$1,036.38; total interest HK$24,366.09
6.5% a year for 30 years
- Details
- Loan amount HK$300,000.00; rate 6.5% a year; term 30 years
- Result
- Monthly payment HK$1,896.20; total interest HK$382,633.47
Amount you can borrow for a given monthly payment
- Details
- Monthly payment HK$500.00; rate 6% a year; term 5 years
- Result
- Amount you can borrow HK$25,862.78; total interest HK$4,137.22