Loan Calculator
Monthly payment, total cost and interest.
How to use
- 1 Enter the loan amount you want to borrow.
- 2 Enter the annual interest rate as a percentage.
- 3 Enter the term of the loan in years.
- 4 Read the monthly payment, total repaid and total interest.
About Loan Calculator
The Loan Calculator works out the monthly payment on a fixed-rate, fully amortised loan — the kind used for mortgages, car finance and personal loans.
Enter the amount you are borrowing, the annual interest rate and the term in years, and it returns the level monthly payment along with the total you will repay over the life of the loan and how much of that is interest.
Amortisation is the reason a loan costs so much more than the sticker price: in the early months most of each payment goes towards interest, and only later does the balance fall quickly.
Seeing the monthly figure next to the total interest makes the real cost of borrowing obvious and lets you compare offers properly — a lower rate or a shorter term can save a striking amount over the years.
The tool uses the standard amortisation formula and handles a 0% rate gracefully by splitting the principal evenly across the months.
Every money value is rounded to two decimal places, and the whole calculation runs in your browser, so the figures you are exploring — how much you want to borrow, what you can afford — are never uploaded or logged.
Adjust the inputs and the numbers update instantly, making it easy to play with different amounts, rates and terms before you commit to anything.
FAQ
What kind of loan does this model?
A fixed-rate, fully amortised loan with equal monthly payments, such as a typical mortgage, car loan or personal loan.
Does it handle a 0% interest rate?
Yes. With no interest the principal is simply divided evenly across the number of months.
Why is the total interest so high?
On long-term loans, interest accrues on the outstanding balance every month, so a small rate adds up substantially over many years.