Enter your roof cost, loan term, and interest rate into the calculator to determine your monthly payment.
Roof Financing Calculation Formula
The following formula is used to calculate the monthly payment for your roof financing.
Monthly Payment = (Loan Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^(-Number of Payments))
Variables:
- Monthly Payment is the monthly amount you pay ($)
- Loan Amount is the total amount financed ($)
- Monthly Interest Rate is the annual interest rate divided by 12 (%)
- Number of Payments is the loan term in years multiplied by 12
To calculate the monthly payment, multiply the loan amount by the monthly interest rate and divide by one minus the result of one plus the monthly interest rate raised to the negative power of the number of payments.