Loan calculator
Enter the amount, interest rate and term to see your monthly payment and how every instalment splits into principal and interest.
Monthly payment—
Total interest—
Total taxes—
Total repayment—
How the loan calculator works
The calculator uses the standard equal-instalment (annuity) method that banks use for personal and car loans: every monthly payment is the same, but at the start most of it is interest and towards the end most of it repays the principal. Choose whether your bank quotes the rate per year or per month.
If your country charges taxes or fees on loan interest, enter them as a percentage of the interest. The schedule below shows principal, interest, taxes and the remaining balance for every month.
Frequently asked questions
How is the monthly loan payment calculated?
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly interest rate and n the number of months.
What is the difference between an annual and a monthly rate?
An annual rate of 12% equals 1% per month in this method. Some countries quote loan rates monthly, so pick the period your bank uses.
How can I pay less interest?
Borrow less, choose a shorter term or a lower rate, or make early repayments — interest is charged only on the remaining balance.
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