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# Total Payments

vCalc.Total Payments

The **Total Payments** calculator computes the sum total of payments on a fixed interest loan including principal and interest over the life of the loan.

**INSTRUCTIONS:** Choose the preferred currency units and enter the following:

- (
**P**) This is the principal of the loan. - (
**i**) This is the annual interest rate. - (
**N**) This is the duration of the loan.

**Total Payments:** The calculator return the total sum of a all payments on a fixed rate loan in U.S. dollars. However, this can be automatically converted to other currency units via the pull-down menu.

**Related Calculators:**

**Annual Interest Rate:**: This computes the annual interest rate on a fixed rate loan based on the monthly payment, duraton of the loan and principal amount.**Monthly Payment:**: This computes the monthly payment on a fixed rate loan based on the annual interest rate, duraton of the loan and principal amount.

### General Information

The Total Payment equation lets the user enter the principal (**P**) amount of a loan, the duration (**n**) of the loan in years, and the annual interest rate (**r **%). This formula then calculates the periodic payment (monthly) and multiplies that times the number of payments to calculate the total amount of money paid in principal and interest.

### Usage

This formula gives the user a sense of how much a purchase requiring financing will actually cost. For example, a home that costs $150,000 with 100% financing at 4% over 30 years, will actually cost $257,803.20. Whereas, a home costing $130,000 with 100% financing at 8% interest over 30 years, will actually cost $343,400.40, $85,597 more!

# See Also

- Amortization Equation - calculates the monthly payment on a fixed interest loan.

**Total Payments**, references 1 equation/constant.

**Equations and Constants **

**Total Payments**, is used in 2 calculators.

**Calculators**