What is PMT?
PMT is the fixed payment needed to repay a loan over a chosen term, using the principal, monthly interest rate and number of payments.
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Loan payment calculator
Estimate monthly loan or mortgage payments, include an optional down payment, and explore the complete principal and interest schedule.
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Preview of the first 12 payments.
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | GEL 1,147.77 | GEL 347.77 | GEL 800.00 | GEL 79,652.23 |
| 2 | GEL 1,147.77 | GEL 351.25 | GEL 796.52 | GEL 79,300.99 |
| 3 | GEL 1,147.77 | GEL 354.76 | GEL 793.01 | GEL 78,946.23 |
| 4 | GEL 1,147.77 | GEL 358.31 | GEL 789.46 | GEL 78,587.92 |
| 5 | GEL 1,147.77 | GEL 361.89 | GEL 785.88 | GEL 78,226.04 |
| 6 | GEL 1,147.77 | GEL 365.51 | GEL 782.26 | GEL 77,860.53 |
| 7 | GEL 1,147.77 | GEL 369.16 | GEL 778.61 | GEL 77,491.37 |
| 8 | GEL 1,147.77 | GEL 372.85 | GEL 774.91 | GEL 77,118.51 |
| 9 | GEL 1,147.77 | GEL 376.58 | GEL 771.19 | GEL 76,741.93 |
| 10 | GEL 1,147.77 | GEL 380.35 | GEL 767.42 | GEL 76,361.58 |
| 11 | GEL 1,147.77 | GEL 384.15 | GEL 763.62 | GEL 75,977.43 |
| 12 | GEL 1,147.77 | GEL 387.99 | GEL 759.77 | GEL 75,589.44 |
Principal vs interest
Early payments usually contain more interest. As the balance goes down, more of each payment goes toward principal.
Use it before borrowing
Test different rates and terms before taking a loan so you can compare monthly pressure and total interest.
How the loan payment is calculated
Most consumer loans and mortgages in Georgia are repaid in equal monthly instalments, often called an annuity schedule. Every payment is the same size, but its make-up changes: early on, most of it is interest because the outstanding balance is large; towards the end, most of it repays the principal.
Enter the price or loan amount, an optional down payment, the annual interest rate and the term in years or months. The calculator subtracts the down payment to get the amount you actually borrow, converts the annual rate into a monthly rate and solves for the fixed payment that brings the balance to exactly zero on the last instalment. It then builds the full schedule, splitting every payment into interest and principal and showing the balance that remains.
Use the annual rate that the bank quotes for the loan. The effective rate (ეფექტური საპროცენტო განაკვეთი) that Georgian banks must disclose also includes fees and insurance, so it is usually higher; comparing it across offers shows the full cost of borrowing.
M = L × i ÷ (1 − (1 + i)^−n)
M is the monthly payment, L the amount borrowed (price minus down payment), i the monthly rate (annual rate ÷ 12, as a decimal) and n the number of monthly payments. With a 0% rate the payment is simply L ÷ n.
Example: an 80,000 GEL loan over 10 years
Suppose an apartment costs 100,000 GEL, you pay 20,000 GEL up front and borrow the rest for 10 years at a 12% annual rate.
- Amount borrowed: 100,000 − 20,000 = 80,000 GEL.
- Monthly rate: 12% ÷ 12 = 1% per month; number of payments: 10 × 12 = 120.
- Monthly payment: 80,000 × 0.01 ÷ (1 − 1.01^−120) ≈ 1,147.77 GEL.
- First month: 800.00 GEL is interest (1% of 80,000) and 347.77 GEL repays principal.
- Over the full term you pay about 137,732 GEL, of which roughly 57,732 GEL is interest.
Stretching the same loan to 15 years lowers the payment to about 960 GEL a month, but total interest rises to roughly 92,824 GEL. A longer term makes each month easier and the whole loan more expensive.
How to read the result
- Keep the payment comfortable. Check the monthly payment against your take-home pay from the income-tax calculator and leave room for an emergency fund; a payment that only works in a perfect month is too high.
- Borrow in the currency you earn. If your income is in lari, a loan in dollars or euros adds exchange-rate risk: when the lari weakens, the payment in lari goes up even though the loan terms have not changed.
- Compare effective rates, not only headline rates. Two loans with the same nominal rate can cost different amounts once fees, insurance and other charges are included.
- Look at the schedule before prepaying. Because interest is front-loaded, extra payments in the first years save the most interest; check your contract for any early-repayment fee.
- A bigger down payment helps twice. It reduces the amount borrowed and often unlocks a better rate, which lowers both the monthly payment and the total interest.
Frequently asked questions about loan payments
Enter the amount, down payment, annual rate and term above. The calculator uses the standard annuity formula, M = L × i ÷ (1 − (1 + i)^−n), which gives a fixed monthly payment that repays the loan exactly by the final instalment.
Interest is charged on the outstanding balance. At the start the balance is at its highest, so the interest part is largest; as you repay principal, the interest share shrinks and more of each payment reduces the debt.
A shorter term means a higher monthly payment but much less interest overall. A longer term lowers the payment and raises the total cost. In the example above, going from 10 to 15 years saves about 188 GEL a month but adds about 35,000 GEL of interest.
Yes. Enter the property price, your down payment, the mortgage rate and the term. The result covers principal and interest only; add property insurance and any other monthly costs your bank requires to see the full housing cost.
It depends on the currency of your income. Borrowing in the currency you earn removes exchange-rate risk. A USD loan may have a lower rate, but if the lari weakens, the payment measured in lari rises. Use the calculator with each offer's rate, and the currency converter to test a weaker-lari scenario.
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