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Loan calculator – monthly payment and total interest

Find out what a loan costs. Type the amount, the yearly interest and the term, and see the monthly payment, the total interest and every payment.

    How to use it

    1. Type the loan amount, the yearly interest rate and the term.
    2. Choose equal payments or equal principal.
    3. Read the payment, the total interest and the schedule. Download it as a CSV file if you like.

    Questions

    How is the monthly payment calculated?

    With equal payments the standard annuity formula is used: the payment stays the same every month, and the share of interest gets smaller over time. With equal principal you repay the same part of the loan each month plus the interest, so the payments get smaller.

    Does it include fees and insurance?

    No. It shows the cost of interest only. Ask your bank for the full cost (APR) with fees and insurance.

    Is this an offer?

    No. It is an estimate for planning. Your bank may round, or count days, in a slightly different way.

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