Loan Calculator

Calculate your monthly payment and total interest for any loan amount, rate and term.

Runs in browser
Monthly payment
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Total payment
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Total interest
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Formula

M = P × r(1+r)ⁿ / [(1+r)ⁿ−1]

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1] where r = monthly rate, n = number of payments.

How to use?

  1. 1
    Enter loan amountType the total amount you wish to borrow.
  2. 2
    Set rate and termEnter the annual interest rate and the loan duration in months.
  3. 3
    Read the resultMonthly payment, total payment and total interest are shown instantly.

FAQ

What is the monthly payment formula?
The standard amortisation formula is M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where P is principal, r is the monthly interest rate, and n is the number of months.
What is total interest?
Total interest is the difference between the total amount paid over the life of the loan and the original principal borrowed.
Does this include fees?
No. This calculator uses the pure amortisation formula. Bank origination fees, insurance or early repayment charges are not included.

Loan Calculator

A loan calculator helps you estimate the monthly instalment and total cost of a loan before you commit. Enter the principal, annual interest rate and term in months to get an instant breakdown.

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