💰 Loan Calculator
Whether it is a personal loan, a student loan or borrowing for a business, the maths is the same: a fixed payment each month, part of which covers interest and the rest chips away at the balance. Enter the amount, rate and term to see the true cost before you sign.
This calculator assumes monthly compounding and equal monthly payments with no fees. Origination fees or variable rates will change the real-world numbers.
How to use this calculator
Type in the loan amount, annual rate and term in years to see the monthly payment, total interest and total repayment for any personal, student or business loan.
- Enter the Loan amount you want to borrow.
- Type the Annual interest rate as a percentage.
- Set the Loan term in years (fractions like 2.5 are allowed).
- Press Calculate, then adjust the term to see how a longer loan lowers the payment but raises total interest.
Frequently asked questions
What will this calculator show me?
It returns the fixed monthly payment, the number of payments, the total interest paid over the life of the loan, and the total repayment amount. That lets you compare two lender offers on an equal footing.
How is the monthly payment computed?
With the amortizing loan formula: the loan amount multiplied by the monthly interest rate and a compounding factor, divided by that factor minus one. It assumes equal monthly payments and monthly compounding.
What does a worked example look like?
Borrowing $25,000 at 8% for 5 years gives a monthly payment of about $506.91. Across 60 payments the total interest is roughly $5,415, so the full repayment is about $30,415.
Does it include fees?
No. Origination fees, late penalties and variable rates are not part of the maths here, so treat the result as the base cost and read the lender's fee schedule before signing.