Loan Calculator
See what a loan really costs: monthly payment, total interest and how the balance falls year by year.
How to use it
- Enter the loan amount and pick your currency.
- Enter the yearly interest rate and the loan term.
- Read the monthly payment, total interest and the year by year table.
About this tool
The calculator uses the standard fixed-rate amortization formula, where each equal monthly payment covers the interest for the month and pays down part of the balance.
Results are estimates for planning. Fees, insurance, taxes and variable rates are not included, so check the exact figures with your lender.
Frequently asked questions
Does it work for a mortgage?
Yes, for a fixed-rate mortgage. Property tax and insurance are not included.
How is the payment calculated?
With the fixed-rate amortization formula using the monthly interest rate and the number of payments.
Why is so much of the early payment interest?
Interest is charged on the remaining balance, which is highest at the start.
Can I use months instead of years?
Yes. Change the unit next to the term.