Loan Calculator | Monthly Payment and Interest
Calculate monthly loan payments, total interest, and total repayment from loan amount, interest rate, and term.
What the Loan Calculator Estimates
The loan calculator estimates monthly payment, total interest, and full repayment cost from loan amount, interest rate, and term length.
Inputs That Change the Payment
Loan amount, rate, term, fees, payment frequency, and extra payments can change the result. Try several combinations before comparing offers.
Use It Before Comparing Offers
Use the estimate to understand repayment pressure and interest cost, then confirm the official APR, fees, insurance, tax, and contract terms with the lender.
About This Tool
Loan Calculator works out monthly repayment amounts, total repayment, and total interest for personal loans, car loans, and business credit based on the loan amount, interest rate, and repayment period you enter.
When to Use It
Use this when comparing loan offers from different lenders, when calculating what loan amount fits within a monthly budget, or when understanding the total cost of borrowing over the full term.
How to Use
- Enter the loan principal amount.
- Enter the annual interest rate.
- Enter the repayment term in months or years.
- Click Calculate to see the monthly payment and total interest.
- Adjust the term to find the balance between monthly cost and total interest.
Frequently Asked Questions
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees and other costs, giving a more complete picture of the total cost.
How do I calculate what loan amount I can afford?
Enter different loan amounts with your target monthly payment and adjust until the calculated payment matches your budget.
What is an early repayment charge?
Some loans charge a fee if you repay early because the lender loses the future interest income. Check your loan agreement before making extra repayments.