What is a 'FixedRate Payment'
A fixedrate payment is the amount due every period by a borrower to a lender under a fixedrate loan. The fixedrate loan payments will be equal amounts until the loan plus interest are paid in full. The payment amount can be calculated using the following formula:
Where:
P is the constant payment you make every period
R is the interest rate per period
N is the number of periods
Loan is the total loan amount
BREAKING DOWN 'FixedRate Payment'
To calculate R, take the yearly interest rate and divide by the number of payment periods in a year. For example, if you pay monthly and your yearly interest is 5%, then your interest per period will be (0.05/12) = 0.004167 or 0.4167%.
To calculate N, take the duration of the loan in years and multiply it by the periods in a year. For example, if you have a 25year loan that you pay monthly, the total periods will be 12 X 25 = 300.
Borrowers usually have the option of either a fixedrate loan or a floatingrate loan. Some loans can even be interestonly, under which there are no required principal repayments.

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