Finance
Loan Calculator
Calculate payments, interest and total loan cost. Change the inputs below and the estimate updates immediately.
Input
Your numbers
Calculated result
Monthly payment
$506.91
Total paid
$30,414.59
Total interest
$5,414.59
Estimate only. Verify important decisions with an appropriate professional or official source.
How to use it
A quick estimate, without the spreadsheet.
Inputs and units
Enter the amount borrowed, annual interest percentage and term in years.
Formula
A fixed payment amortizes principal over years × 12 monthly payments; total interest = monthly payment × payment count − principal.
Worked example
$12,000 at 0% over one year gives a $1,000 monthly payment.
Assumptions and limitations
Assumes fixed interest and regular monthly payments. Fees, variable rates and early repayments are excluded.
Understanding your result
Monthly payment is the regular amount needed to repay principal and interest under a fixed-rate monthly schedule. Total interest is the cost of that interest across the term; add arrangement fees and other charges separately when comparing offers.
A practical comparison
Borrowing $12,000 at 6% for three years gives a monthly payment of about $365.06. Over five years it is about $231.99. The longer term frees monthly cash but accrues more interest because the balance remains outstanding longer.
Common mistakes
- Enter the annual rate rather than a monthly percentage.
- Check whether fees are paid upfront or added to the amount borrowed.
- Do not use a monthly amortization estimate for a flat-rate loan without checking the provider’s calculation method.
Frequently asked questions
Does this show an early repayment schedule?
No. It assumes the scheduled payment continues for the entered term. Extra payments, settlement fees and payment holidays need a separate schedule.
Is the monthly payment a loan offer?
No. A provider determines eligibility, fees and the actual repayment terms. Use the estimate to compare scenarios with a written quotation.