Loan Calculator
Work out the monthly payment, the total interest, and where every instalment goes.
Runs entirely in your browser
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How to use
- Enter the amount borrowed and the annual interest rate your lender quotes.
- Set the term in years or months.
- Read the monthly payment, and the total interest over the whole term.
- Check the year-by-year table to see how the split moves from interest towards principal.
Features
- Monthly payment, total repaid and total interest from the standard annuity formula.
- A year-by-year schedule showing the split between interest and principal.
- Zero per cent handled properly, where the usual formula divides by zero.
- The final instalment absorbs the rounding, so the balance ends at exactly zero.
- Runs entirely in your browser — nothing about your finances is sent anywhere.
Frequently asked questions
- Why is the last payment slightly different?
- Because instalments are rounded to the cent, and 60 rounded payments almost never sum to the exact balance. The difference has to land somewhere: putting it in the final instalment makes the balance end at zero and the totals reconcile. A calculator that spreads it instead leaves you owing a few cents after the last payment.
- Why does so much of the early payment go to interest?
- Interest is charged on what you still owe, which is most of the loan at the start. The payment is level, so as the balance falls the interest portion shrinks and the principal portion grows. On a 30-year mortgage the crossover — where more of the payment goes to principal than interest — comes surprisingly late.
- Does this include fees, insurance or taxes?
- No. It answers one question: what a given amount, rate and term costs in repayments. Arrangement fees, mortgage insurance and property taxes are real costs and are not part of this figure, so your actual outgoing will be higher than the payment shown.
- Is the rate the same as APR?
- Not necessarily. This uses the nominal annual rate divided into twelve monthly periods, which is how loan repayments are normally computed. APR is a disclosure figure that folds in certain fees, so it is usually a little higher than the rate to enter here.
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