Advertisement
Loan Calculator
Enter your loan details to see your monthly repayment, total interest, and a full payment schedule.
$
%
Monthly Payment
—
Loan Principal
—
Total Interest
—
Total Repaid
—
Advertisement
How to Use This Calculator
-
1
Enter the loan amount — the total you plan to borrow
-
2
Enter the annual interest rate — check your lender's offer letter or use a typical market rate to compare options
-
3
Set the loan term in years or months — toggle between the two using the Years / Months buttons
-
4
Your monthly payment, total interest, and full amortisation schedule appear instantly — click "Show full schedule" to see every payment broken down
Frequently Asked Questions
The formula is M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. This produces a fixed payment that covers both interest and principal each month, with more going to interest early on and more to principal as the balance falls.
An amortisation schedule shows every payment over the loan term. Each row lists the month, the fixed payment, how much of that payment goes to interest, how much reduces the principal, and the remaining balance. In the early months almost all of your payment is interest; by the final months it is almost all principal.
Extra payments reduce the outstanding principal directly, so less interest accrues the following month. Even a modest extra payment every month can cut years off the loan and save thousands in total interest. Check with your lender first, as some loans carry early repayment charges.
The interest rate is simply the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any fees (origination fees, arrangement fees, etc.) expressed as a single annual figure. APR is the better number to use when comparing loans from different lenders.
A shorter term means higher monthly payments but far less total interest paid. A longer term lowers monthly payments but you pay significantly more interest overall. For example, a $20,000 loan at 6% costs roughly $386/month over 5 years (≈$3,200 total interest) but only $222/month over 10 years (≈$6,600 total interest).