Tax Tool

Loans

Loan payment tool

This is the payment page for any annuity in kroner: a personal loan, a refinance, or a balance you want to test at another rate. You get the monthly payment, the interest over the full term, and the interest-heavy first year.

Quick math0

Use this for quick arithmetic, percentages, or to check figures while filling in the main tool, without leaving the page.

Your figures

Estimate

5,551 NOK per month

Monthly payment
5,551 NOK
Total paid
666,123 NOK
Total interest
166,123 NOK
Number of payments
120

How this breaks down

Principal
500,000 NOK
Interest rate
6.00%
Interest in the first year
28,976 NOK
Principal repaid in the first year
37,636 NOK

Annuity estimate with a fixed rate and no fees. A bank offer can include establishment fees, a different rate, and a credit check.

How to use this tool

  1. Use Loan Payment Tool for the question described above, and check that the inputs match your records and time period.
  2. Enter principal.
  3. Enter annual interest rate.
  4. Enter term.
  5. Change principal, annual interest rate, term to compare scenarios, then check the units in the result.

Worked example with the prefilled values

This example shows how Loan Payment Tool uses its starting values. Change the calculator inputs to estimate your own situation.

Principal
500000 NOK
Annual interest rate
6 %
Term
10 years

5,551 NOK per month

  • Monthly payment5,551 NOK
  • Total paid666,123 NOK
  • Total interest166,123 NOK
  • Number of payments120

Annuity estimate with a fixed rate and no fees. A bank offer can include establishment fees, a different rate, and a credit check.

Formula and calculation logic

Monthly payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1); if r = 0, payment = P ÷ n

P = principal, r = annual interest rate ÷ 12, n = rounded number of monthly payments; total interest = payment × n − P

P is the loan principal. r is the monthly interest rate as a decimal, and n is the number of monthly payments.

If you already know the payment and want the rate, this page will not solve that. It starts from the rate.

Raising the rate while you keep the payment in mind is a useful check. Calculate once at the offer rate and once a few points higher.

Whole kroner are used for display. The underlying payment has øre, so a lender's rounding can differ by a krone.

Assumptions

  • Payments are monthly and the rate is nominal, divided by 12.
  • No payment holidays and no extra repayments are included. An extra repayment would cut the interest.

Published sources

Further reading for checking current rules and information. These links are not live inputs to the tool.

Questions about this tool

What is an annuity payment?

A payment that stays the same each month. The interest share falls and the principal share rises as the balance falls.

Can the term be less than a year?

Yes. Use a fraction, such as 0.5 for about six months.

Why does total interest look large on a long term?

You pay interest on the remaining balance every month. A low monthly payment on a long term keeps that balance alive for longer.