Loan Calculator
Enter your loan and get the monthly payment, total interest, and how much time and interest you save by paying a little extra each month.
Frequently asked questions
- How is the monthly loan payment calculated?
- It uses the standard amortisation formula: the payment is the amount that, charged every month at the loan's monthly interest rate, pays the balance down to exactly zero over the term. Early payments are mostly interest; later ones are mostly principal.
- Why does paying a little extra each month save so much?
- Every extra amount goes straight to principal, so you skip all the interest that principal would have generated for the rest of the loan. Because interest is front-loaded, paying extra early is far more powerful than paying the same amount later.
- What is total interest, and how is it different from total paid?
- Total interest is everything you pay the bank on top of what you borrowed — the real price of the loan. Total paid is your principal plus that interest: the full amount that leaves your account over the life of the loan.
- Does the calculator work for mortgages, car loans and personal loans?
- Yes. The amortisation maths is the same for any fixed-rate instalment loan — a mortgage, car loan, student loan or personal loan. Enter the amount, rate and term to see the payment and total cost.