Loan Calculator
Work out the monthly payment, the total repaid and how much of it is interest.
Every calculation runs inside your own browser, so the amounts you type are never uploaded to a server; the only thing saved is your currency choice, which stays on this device.
Lenders quote an amount, a rate and a term, but the figure that decides whether a loan is affordable is the monthly payment. This calculator works it out with the standard amortising payment formula, M = P·r / (1 − (1+r)^−n), where P is the amount borrowed, r is the monthly interest rate, which is the annual rate divided by twelve, and n is the number of monthly payments. A rate of zero percent is handled separately, because that formula divides by zero there; the payment is then simply the amount borrowed spread evenly across the term.
More about Loan Calculator
Alongside the monthly payment you get the total you will repay across the whole term, how much of that total is interest, and the split between principal and interest as a percentage. The term can be entered in years or in months, up to fifty years, and you can choose which currency the figures appear in; that choice is remembered for your next visit. Everything recalculates as you type, and the previous answer stays on screen, dimmed, while a field is half-edited, so the numbers do not vanish every time you delete a digit.
These figures are estimates. A real offer adds arrangement fees, insurance, rounding rules and sometimes a different day-count convention, none of which are modelled here, and nothing on this page is financial advice.
- Enter three numbers and get the monthly payment, the total repaid and the total interest.
- The payment uses the standard amortising formula, with a zero percent rate handled as an even split.
- Terms can be given in years or months, up to a maximum of fifty years.
- Seven currencies are supported, each formatted with its own decimal convention.
- A bar and a stated percentage show how the total divides between principal and interest.
- Every figure has its own copy button.
- Results recalculate as you type, so there is no button to press.
How to use it
- 1Enter the amount you plan to borrow.
- 2Enter the annual interest rate the lender quoted, as a percentage.
- 3Enter the term, and choose whether that number is in years or months.
- 4Pick the currency you want the figures shown in.
- 5Read the monthly payment, then check the total interest to see what the loan costs over its whole life.
Questions
Will a real lender quote me this payment?
No. It is an arithmetic tool that shows what a given amount, rate and term work out to, and you should confirm any figure with the lender before committing to anything.
Why does my lender quote a different monthly payment?
Lenders add arrangement fees, insurance and their own rounding rules, and some charge interest on a day-count basis rather than in twelve equal months. This calculator models the payment on the loan itself and nothing else.
What formula does it use?
M = P·r / (1 − (1+r)^−n), where P is the amount borrowed, r is the annual rate divided by twelve, and n is the number of monthly payments. When the rate is zero, the payment is the amount borrowed divided by the number of months.
Does it show an amortisation schedule?
No. You get the monthly payment, the total repaid, the total interest and the principal-to-interest split, but not a payment-by-payment table.
Is anything I type sent anywhere?
No. The calculation happens locally in the page, and the only value stored is your currency preference.