Use this Affirm Payment Calculator to determine your monthly payment for any purchase made through Affirm. Simply enter the purchase amount, loan term, and interest rate to get started.
Affirm Payment Calculation Formula
The following formula is used to calculate the monthly payment for a loan taken through Affirm.
Monthly Payment = (Purchase Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^-Loan Term)
Variables:
- Monthly Payment is the amount you need to pay each month ($)
- Purchase Amount is the total cost of the purchase ($)
- Monthly Interest Rate is the annual interest rate divided by 12 (%)
- Loan Term is the duration of the loan in months
To calculate the monthly payment, multiply the purchase amount by the monthly interest rate, then divide by 1 minus the result of 1 plus the monthly interest rate raised to the power of the negative loan term.
What is Affirm Payment Calculation?
Affirm payment calculation refers to determining the monthly amount you need to pay when financing a purchase through Affirm. This involves understanding the purchase amount, loan term, and interest rate. Proper calculation ensures accurate budgeting and financial planning.
How to Calculate Affirm Payments?
The following steps outline how to calculate your monthly payment using the given formula.