Loan Calculator
Work out the monthly payment, total interest, and total cost of any fixed-rate loan.
Runs in your browser — nothing is sent or saved.
How to work out a loan payment
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the term in years.
- The monthly payment, total interest, and total cost show right away.
What the tool works out
It gives the fixed monthly payment for a loan that you pay off in equal amounts, the way a car loan or a mortgage works. Below the payment it shows how many payments you make, the total interest you pay over the whole term, and the total amount you pay back. Changing any input updates all of it.
Why the total interest can shock you
With a long term, the interest can add up to a large share of the loan. A low monthly payment often means a longer term and more interest overall. The tool lets you see this trade. Try a shorter term and watch the monthly payment rise but the total interest fall.
Early payments are mostly interest
In a fixed-payment loan, the early payments go mostly toward interest, and later payments go mostly toward the balance. That is why paying a little extra early, or picking a shorter term, saves more than it seems. The total interest figure here shows the full cost so you can compare options.
What the rate does to a loan
For a 20,000 loan paid back over 5 years (60 payments), here is how the yearly rate changes the monthly payment and the total interest:
| Yearly rate | Monthly payment | Total interest |
|---|---|---|
| 3% | 359 | 1,563 |
| 5% | 377 | 2,646 |
| 7% | 396 | 3,764 |
| 9% | 414 | 4,867 |
| 11% | 435 | 6,091 |
The amounts have no currency; the same math works for any money. Use the calculator above for your own figures, and open the schedule to see the balance fall month by month.
FAQ
Does the currency matter?
No. The math is the same for any currency. Enter the amount in whatever money you use and read the results in the same money.
What interest rate do I enter?
Enter the yearly rate, also called the APR, as a percent. The tool turns it into a monthly rate for you.
Why is my total cost higher than the loan?
The extra is the interest. Over the term, interest adds to what you borrowed. A longer term means more interest.
Can it handle a zero percent loan?
Yes. At 0%, the payment is simply the amount divided by the number of months, with no interest.
Is my loan data private?
Yes. Everything is worked out in your browser and nothing is saved.
Is this the same as an EMI calculator?
Yes. EMI stands for equated monthly installment, the fixed amount you pay each month. The tool shows the EMI along with the total loan interest you would pay across the whole term, so you can compare offers.