Loan Calculator
Calculate monthly repayments, total interest and total cost for any loan.
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How Loan Repayments Are Calculated
This calculator uses the standard amortisation formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12), and n is the number of months. Every monthly payment covers both interest and principal — early payments are mostly interest, while later payments are mostly principal.
The total interest paid is the monthly payment multiplied by the number of months, minus the original loan amount. A longer loan term reduces monthly payments but increases total interest paid significantly. All calculations run locally in your browser.
Frequently Asked Questions
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus any fees (origination fees, closing costs, etc.) expressed as an annual rate. For a more accurate total cost comparison between loans, use the APR. This calculator uses the interest rate you enter directly without factoring in fees.
No. All calculations run entirely in your browser. Nothing is sent to any server.