Loan Calculator
Work out the monthly payment, total repaid, and total interest on a fixed-rate loan.
Loan
Work out the monthly payment and total interest on a fixed-rate loan.
Monthly payment
304.22
- Total repaid: 10,951.90
- Total interest: 951.90
- Number of payments: 36
An estimate only, not financial advice. It assumes a fixed rate and equal monthly payments, and ignores fees, insurance, and taxes. Your lender's figures will govern.
How it works
Enter the amount borrowed, the annual interest rate, and the loan term in years (a term such as 2.5 years is fine if it is a whole number of months).
The rate is split into a monthly rate, and the standard amortisation formula finds the level monthly payment that repays the loan exactly over the term. Total interest is what you pay beyond the amount borrowed.
This is an estimate, not financial advice. It assumes a fixed interest rate, equal monthly payments made at the end of each month, and no fees, insurance, or taxes. Lenders may calculate interest differently, so their figures take precedence.
Formula
monthly rate r = annual rate ÷ 12 ÷ 100
payment = P × r ÷ (1 − (1 + r)^−n)
principal (P), number of monthly payments (n)
at 0% interest: payment = P ÷ n
Worked example: Borrowing 10,000 at 6% for 3 years costs 304.22 a month, with 951.90 total interest