What the loan calculator does
This tool turns a few simple numbers into a clear picture of what a loan really costs. Type in how much you want to borrow, the annual interest rate and the term in years, and it shows the fixed monthly payment, the total interest you will pay, and the total amount repaid by the end. Beyond those headline figures you get a payoff chart that traces your remaining balance year by year, a full amortization schedule that splits every year into principal paid, interest paid and balance still owed, and an extra-payment scenario that reveals how much interest you can save. It is handy for anyone weighing up a personal loan, car finance or any fixed-rate borrowing, and for comparing two offers side by side before you commit.
How to use it
- In the Loan amount field, enter how much you plan to borrow (for example 20000).
- In Annual interest, type the yearly rate as a percentage, like 7.5.
- In Term, enter how many years you will repay over, such as 5. Decimals work too, so 1.5 means eighteen months.
- The results update live as you type, with no button to press. Read the monthly payment (shown large) along with the three cards for loan amount, total interest and total repaid, and watch the payoff chart redraw itself.
- Optionally, add an amount in Extra monthly payment to see the extra-payment scenario: how much total interest you save and how many years and months sooner the loan is cleared.
- Open the collapsible amortization schedule to see each year broken down into principal paid, interest paid and remaining balance.
Want to test a what-if? Just change any field and the numbers, chart and schedule redraw instantly. Nudging the rate down, shortening the term or adding a little extra each month shows straight away how much interest you would save.
Why use this one
It is free, there is no account to create, and nothing you type is sent anywhere. The whole calculation happens inside your browser on your own device, so your figures stay private and the answer appears the moment you type. It is currency-agnostic too, so the same numbers work whatever currency you borrow in. It works the same on a phone, tablet or laptop, which makes it easy to run quick numbers while you are talking to a lender or scrolling through offers.
One tip: the result assumes a steady fixed rate with no fees or extra charges baked in. Real loan paperwork often adds arrangement fees, insurance or a variable rate, so use this for a quick estimate and check the exact terms before signing. For ballpark planning and comparing scenarios, though, it gives you a fast, honest read in seconds.
Frequently asked questions
- How is the monthly loan payment calculated?
- It uses the standard amortizing loan formula. Your annual rate is split into a monthly rate and your term into months, then the payment is set so the loan is fully paid off by the end. If the rate is 0%, it simply divides the amount by the number of months.
- What do the three results mean?
- Monthly payment is what you pay each month. Total interest is everything you pay on top of the borrowed amount over the full term. Total repaid is the loan amount plus all that interest, so the full cost of the loan.
- Does the term go in years or months?
- Years. The Term field is in years and the calculator converts it to months internally (for example 5 years becomes 60 payments). Use decimals like 1.5 for 18 months.
- Is this accurate enough to make a borrowing decision?
- It gives a solid estimate of a fixed-rate, fixed-term loan, but it does not include fees, insurance, early-repayment charges or variable rates. Treat it as general guidance and confirm exact figures with your lender.
- What does the amortization schedule show?
- It breaks the loan down year by year: how much of your payments went to principal, how much went to interest, and the balance still owed at the end of each year. Early on most of each payment is interest; over time more of it chips away at the principal. Open the collapsible schedule to see the full table.
- How does an extra monthly payment help?
- Every extra amount you add goes straight to the principal, so there is less balance left to charge interest on. The calculator shows the extra-payment scenario side by side, telling you how much total interest you save and how many years and months earlier the loan is paid off. Even a small extra amount each month can shorten the term noticeably.
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Last updated: June 15, 2026