Loan Calculator
Use principal, a fixed annual rate and a term in months or years to compare monthly repayment and total loan interest.
Calculator arithmetic runs locally in your browser and does not require an API.
The interactive calculator loads here when JavaScript is enabled.
How to use Loan Calculator
Choose the term unit carefully: five years means 60 monthly payments. Compare total interest as well as the monthly amount.
Formula and method
Monthly payment = P × r / [1 − (1+r)^−N]. Use annual percentage / 1200 for r; at 0%, divide P by N.
Understanding the results
Principal is the amount borrowed; interest is the cost above it. Totals sum the cent-rounded schedule, including an adjusted final payment. Fees and extra repayments are excluded.
Worked example
Borrowing 12,000 at 0% for 12 months gives a payment of 1,000, no interest and total repayment of 12,000.
These are mathematical estimates, not financial advice or an offer of credit.
Frequently asked questions
Can I enter the term in years?
Yes. The term selector converts years to monthly payments; the resulting count must be whole.
Why can the last payment differ?
Monthly interest is rounded to cents and the final payment clears the remaining balance.
Does this include lender fees?
No. Add fees separately when comparing actual borrowing offers.