How to use Loan Calculator
- Type the amount you want to borrow and the annual interest rate.
- Enter the loan term in years or months.
- Optional: add an extra monthly payment to see the effect.
- Read the monthly payment and total interest. The table shows how the balance falls each year.
About this tool
This calculator uses the standard fixed-rate loan formula: monthly payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments. It suits car loans, personal loans and fixed-rate mortgages with equal monthly payments.
Early payments are mostly interest and later payments are mostly principal, which is why the extra payments option can save a lot of interest. Fees, insurance, variable rates, payment holidays and lender rounding are not included. This is an estimate for planning only, not financial advice. Check real figures with your bank or lender.
Privacy: This tool runs in your browser. What you type or choose is not sent to a server by this website.
Common questions
What is the difference between the interest rate and the APR?
The APR also includes certain fees, so it is usually higher than the interest rate. This calculator uses the plain interest rate you enter.
Does an extra payment really save money?
Yes. Every extra amount goes straight to the balance, so less interest builds up in the following months and the loan finishes earlier. Check that your lender does not charge for early repayment.
Can I use it for a mortgage?
For a fixed-rate repayment mortgage, yes. It does not cover interest-only, tracker or variable products.