Free Loan Calculator
Calculate your monthly loan payment, total interest cost, and full amortisation schedule for any personal loan, auto loan, or student loan. Enter the loan amount, rate, and term. Free, private — all calculations run in your browser.
📊 Scenario Comparison
| Scenario | Monthly Payment | Total Interest | Total Cost | Payoff |
|---|---|---|---|---|
| ★ Base (6.50%, 5y 0m) | $195.66 | $1,740 | $11,740 | Jun 2031 |
| Rate +1% (7.50%) | $200.38 | $2,023 | $12,023 | Jun 2031 |
| Rate −1% (5.50%) | $191.01 | $1,461 | $11,461 | Jun 2031 |
| Term −2 years (3y) | $306.49 | $1,034 | $11,034 | Jun 2029 |
| Extra $100/month | $195.66 | $1,076 | $11,076 | Aug 2029 |
💡 What Your Numbers Mean
- Your total interest cost is $1,740 — 15% of total payments. This is relatively low — good loan structure.
- Adding just $50/month extra saves $412 in interest and pays off the loan 13 months early.
- The crossover point — where cumulative principal exceeds cumulative interest — occurs at month 1 (Jul 2026). Before this point, most of each payment goes toward interest.
About This Loan Calculator
The Loan Calculator computes the monthly payment, total amount paid, and total interest cost for any fixed-rate instalment loan — whether it's a personal loan, auto loan, student loan, boat loan, or any other fixed-term borrowing. It also generates the full amortisation schedule, showing exactly how each payment is divided between principal repayment and interest for every month of the loan term. Understanding this breakdown is essential for making informed borrowing decisions.
The Formula — How It Works
Monthly loan payments are calculated using the standard amortising loan formula:
Where: M = monthly payment, P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), n = total monthly payments (years × 12).
For each payment in the amortisation schedule, the interest portion = remaining balance × monthly rate, and the principal portion = monthly payment minus interest. This means early payments are heavily weighted toward interest, which is why extra early payments have such an outsized impact on total cost.
Assumptions and Limitations
- •Assumes a fixed interest rate throughout the entire loan term — not applicable to variable-rate loans
- •Does not include origination fees, application fees, prepayment penalties, or insurance products
- •Results show APR-equivalent calculations — your lender's official APR will include all fees
- •Assumes payments are made on time every month — late fees are not modelled
- •Does not account for any lender-specific calculation conventions that may cause small rounding differences
Who Should Use This Calculator
This calculator is useful for anyone considering or managing a fixed-rate loan. If you are about to take out a personal loan, it helps you compare multiple offers in seconds by entering each lender's terms and seeing total interest side by side. If you are shopping for a car and weighing a 48-month vs. 72-month term, this tool instantly shows you the trade-off between monthly payment size and total interest paid. Students can model their loan repayment schedule before graduation. Anyone managing existing debt can use the amortisation schedule to understand what extra payments would save.
When to Consult a Professional
Before taking on significant debt, consult a financial advisor or credit counsellor — especially for debt consolidation strategies or if you are struggling with multiple loans. The National Foundation for Credit Counseling (nfcc.org) offers free and low-cost financial counselling. For student loans, a student loan specialist can advise on income-driven repayment plans, loan forgiveness programs, and refinancing options that this calculator does not model.
Privacy Notice
All calculations in this loan calculator run entirely in your browser. No data you enter — loan amounts, interest rates, or personal information — is transmitted to any server or stored anywhere. Your financial information stays completely private on your device. See our Privacy Policy for full details.
When to Use This Calculator
Calculate the exact monthly payment for a personal loan before applying, so you know whether it fits your budget and how much total interest you will pay.
Compare a 48-month vs. 60-month vs. 72-month car loan at the same rate to instantly see the monthly payment difference and how much extra each longer term costs in interest.
Model your student loan repayment schedule to see your payoff date and total interest on the standard 10-year plan vs. accelerated payment scenarios.
Enter the terms from two competing lender offers side-by-side (different rates or fees) to see which deal genuinely costs less over the full loan life.
Calculate whether consolidating multiple high-interest debts into a single lower-rate personal loan reduces your total monthly payment and total interest paid.
💡 Pro Tips
The monthly payment is not the true cost of a loan — the total interest paid is. A $25,000 personal loan at 12% for 5 years has a $556/month payment, but you pay $8,360 in interest on top of the $25,000. Always calculate total interest before agreeing to any loan to understand the real price.
Even $50 extra per month toward principal makes a meaningful difference. On a $15,000 car loan at 9% for 60 months, an extra $50/month saves ~$800 in interest and cuts 7 months off the loan. Apply extra payments directly to principal by specifying this when paying (online banking usually has this option).
Always compare loans by APR (Annual Percentage Rate), not the stated interest rate. APR includes origination fees and other charges, making it the true cost comparison metric. A loan with a 7% rate and a 2% origination fee has a higher effective APR than a loan quoted at 7.5% with no fees — especially for shorter-term loans.
If you have multiple debts, the debt avalanche method saves the most money: list all debts by interest rate, pay minimums on all, then put any extra money toward the highest-rate debt first. This minimises total interest paid. The debt snowball method (lowest balance first) provides psychological motivation wins but costs more in interest.
Frequently Asked Questions
Financial Disclaimer
Loan Calculator — Results show principal and interest only and do not include origination fees, insurance, or other charges. Results are estimates for planning and comparison purposes and do not constitute financial or lending advice. Your actual loan payment, total cost, and APR will be determined by your lender. Always review the official loan estimate or truth-in-lending disclosure before signing any loan agreement.
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