Free · Instant · Private
Loan Calculator
Enter the loan amount, annual interest rate, and term to see your monthly payment, total interest, and total repayment instantly — with a yearly breakdown of how the balance falls.
Results are shown in the currency you choose. No conversion is applied.
How to use this loan calculator
Choose your currency, enter the amount you plan to borrow, the annual interest rate, and the loan term, and your monthly payment appears instantly. Switch the term between years and months at any time: your term converts automatically, so five years becomes 60 months and back again. No sign-up is needed and nothing leaves your device, because every calculation happens in your browser. For the most useful comparison, enter the amount you will actually borrow after any deposit, not the full purchase price, and use the same rate and term when you compare two different loans side by side.
The loan payment formula
This calculator uses the standard amortising-loan formula. First, the annual rate is divided by 12 to give a monthly rate. Then the monthly payment is set so that equal payments over the whole term repay both the principal and all interest, with the balance reaching zero at the end. If the rate is 0%, the payment is simply the loan amount divided by the number of months. Results are rounded to cents, and total repayment is the rounded monthly payment multiplied by the number of months, so the breakdown always adds up exactly.
Worked example
Borrow 20,000 at 7.5% per year for five years, and the monthly payment is 400.76. Over 60 months that is 24,045.60 in total, of which 4,045.60 is interest and 20,000 is the principal repaid. The same loan over a shorter term would have a higher monthly payment but less total interest, while a longer term would lower the monthly payment and raise the total interest. That trade-off is the single most important thing to understand before choosing a term.
How the term changes what you pay
The table below keeps the amount and rate fixed and changes only the term, using a 10,000 loan at 8% per year. It shows why the cheapest monthly payment is not always the cheapest loan overall.
| Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|
| 3 years | $313.36 | $1,280.96 | $11,280.96 |
| 5 years | $202.76 | $2,165.60 | $12,165.60 |
| 7 years | $155.86 | $3,092.24 | $13,092.24 |
Stretching the same loan from three years to seven cuts the monthly payment roughly in half, but more than doubles the interest paid. A term that feels comfortable month to month can still cost thousands more over the life of the loan, which is why this calculator shows total interest next to the monthly payment, rather than hiding it.
Common mistakes to avoid
The most common mistake is entering the full purchase price instead of the amount borrowed after a deposit, which overstates the payment. Another is entering a monthly rate where an annual rate is expected, or typing a rate like 7.5 as 0.075, which understates the payment dramatically. Mixing years and months is also easy to do, so check the term toggle before trusting a result. Finally, remember that this calculator assumes a fixed rate and equal monthly payments for the whole term. It does not include fees, taxes, insurance, or a variable rate that changes over time.
What this calculator does not include
Real loan offers often include extra costs beyond interest: arrangement fees, late-payment charges, and, for mortgages, taxes and insurance. A variable rate can also rise or fall, changing future payments. Treat the result here as a clear, comparable estimate for a fixed-rate, fee-free loan, and check the full offer documents for anything extra before deciding. For a mortgage, see the mortgage calculator, and for a vehicle, see the car loan calculator.
Disclaimer: For general information only; this is not financial advice.
Related tools
- Mortgage Calculator
Monthly payment from home price and deposit.
- Car Loan Calculator
Monthly payment from car price and deposit.
- About
What this site is and how it works.
Frequently asked questions
How is a monthly loan payment calculated?
With the standard amortising-loan formula. Your annual interest rate is divided by 12 to get a monthly rate, then the payment is set so the loan is fully repaid, with interest, over the term you choose. This calculator shows the payment, total interest, and total repayment for the figures you enter.
What is the difference between total interest and total repayment?
Total repayment is everything you pay back: the amount borrowed plus all interest. Total interest is total repayment minus the amount borrowed. For example, borrowing 10,000 and repaying 11,200 in total means 1,200 of total interest.
Does a longer loan term mean a lower monthly payment?
Usually yes, because the same amount is spread over more months. The trade-off is that you generally pay more interest overall, because interest is charged for longer. Compare both the monthly payment and the total interest, not just one of them.
What happens if the interest rate is 0%?
Then the monthly payment is simply the loan amount divided by the number of months, and total interest is zero. This calculator handles a 0% rate without dividing by zero.
Can I use this calculator for a mortgage or car loan?
Yes, the maths is the same for any amortising loan. For a mortgage or car purchase, use the amount actually borrowed after any deposit. There are also dedicated mortgage and car loan calculators on this site that start from the purchase price and deposit.
Do you store my loan amount or interest rate?
No. All calculations happen in your browser. Nothing is sent to a server, stored in a database, or tied to an account, because this site has no backend at all.