Loan calculator●
Work out the monthly payment, the total interest and every repayment.
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Result
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Repayment schedule
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How a loan payment is calculated
With equal monthly payments, each payment covers that month's interest on the remaining balance and the rest reduces the loan, so early payments are mostly interest and later ones mostly principal. The payment is balance x r / (1 - (1 + r)^-n), where r is the monthly rate (yearly rate divided by 12) and n is the number of months. The schedule below shows exactly how the balance falls. This is an estimate: real loans may add fees, insurance or a different way of counting days.
Mortgage calculator →Common questions
How is the monthly payment worked out?
The loan amount, the monthly interest rate and the number of payments give one fixed payment. Each month interest is charged on what is still owed, and the rest of the payment reduces the loan.
What is the difference between the two repayment types?
Equal payments keep the payment the same every month. Equal principal repays the same slice of the loan each month, so the first payment is the highest and interest falls over time, which usually costs less in total.
Does this include fees or insurance?
No. It covers interest and principal only. Add fees or insurance separately, because they differ between lenders.
Why is the total paid more than the loan?
The difference is the interest you pay for borrowing over time. A shorter term or a lower rate reduces it.