To calculate your monthly interest payment, multiply the principal by the annual interest rate and then divide that total by 12 months. For our example, the principal is $420,000 multiplied by the 7% interest rate is $29,400. Divide that by 12, and you get $2,450. ($420,000 x 0.07) / 12 = $2,450. That means of your $2,794 monthly payment.. Thus, if you are looking to calculate the interest and principal portions of payments four through seven, set P1 = 4 and P2 = 7. In the outputs, the BAL window displays the balance remaining after the last payment entered (P2 = 7), and the PRN and INT windows display the total principal interest portions for the series of payments.
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A part of the payment covers the interest due on the loan, and the remainder of the payment goes toward reducing the principal amount owed. Interest is computed on the current amount owed and thus will become progressively smaller as the principal decreases. It is possible to see this in action on the amortization table.. Key Takeaways. To calculate simple interest, multiply the principal by the interest rate and then multiply by the loan term. Divide the principal by the months in the loan term to get your monthly.
