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Loan Calculator

Calculate your monthly repayment, total interest paid and a full amortisation schedule for any loan or mortgage. Adjust the principal, annual rate and term side-by-side to compare different scenarios before signing any agreement.

Quick Presets

Formula

  • M = P × r(1+r)ⁿ / ((1+r)ⁿ-1)
  • M = monthly payment
  • P = principal
  • r = monthly rate
  • n = number of months

Tips

  • Extra payments reduce interest
  • Shorter term = less total interest
  • 1% rate change is significant
  • Consider loan fees/points
  • APR includes all fees

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Free Loan & Mortgage Calculator

Calculate your exact monthly payment, total interest cost and generate a complete month-by-month amortisation schedule for any loan — mortgages, car loans, personal loans, student loans and more. Understanding the true cost of borrowing empowers you to make smarter financial decisions.

Features

Monthly Payment

Calculates your exact monthly instalment using the standard amortisation formula.

Total Interest

See exactly how much interest you will pay over the full loan term.

Amortisation Schedule

Full month-by-month breakdown of principal, interest and remaining balance.

CSV Export

Export the amortisation schedule to Excel or Google Sheets for further analysis.

6 Loan Presets

Quick-start templates for Mortgage, Car, Personal, Student, Credit Card and Business loans.

Visual Breakdown

Colour-coded bar shows the split between principal and interest at a glance.

Who Uses This Tool?

Home BuyersUnderstand your mortgage payment and total interest before signing.
Car BuyersCompare finance offers by calculating true total cost across different terms.
StudentsModel student loan repayment scenarios to plan post-graduation finances.
Business OwnersEvaluate business loan affordability and plan cash flow accordingly.

Common Questions

How is the monthly payment calculated?
We use the standard amortisation formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ-1), where P is the principal, r is the monthly interest rate, and n is the total number of months.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus all fees and additional costs, making it the true cost of the loan.
How much interest can I save by overpaying?
Even small extra monthly payments dramatically reduce total interest. Making one extra payment per year can cut years off a 30-year mortgage. Use the calculator to model different scenarios.
What does the amortisation schedule show?
It shows each payment broken down into principal (reducing your debt) and interest (the lender's fee). Early payments are mostly interest; later payments are mostly principal.

Pro Tip

Compare loans by looking at the total cost (principal + total interest), not just the monthly payment. A longer term means lower monthly payments but significantly more total interest paid over the life of the loan.

Did You Know?

$12.1T
US Mortgage Debt (2024)
Americans collectively owe over $12 trillion in mortgage debt — the largest category of consumer debt in the world. The average 30-year mortgage at 7% costs more in interest than the original loan amount over its lifetime.
3,000 BC
When Loans Were Invented
The first recorded loans date to ancient Mesopotamia (modern Iraq) around 3000 BC, when grain and silver were lent with interest. Compound interest and written loan contracts appear in Hammurabi's Code from 1754 BC.
~100%
Interest on a 30-Year Mortgage
On a typical 30-year mortgage at 7%, the total interest paid equals approximately the original loan amount. Borrowing $300,000 costs roughly $300,000 in interest — you pay for the house twice.

Interest Rate Quick Reference

RateMonthly per $100KTotal Interest (30yr)Total Cost
4.0%$477$71,869$171,869
5.0%$537$93,256$193,256
6.0%$600$115,838$215,838
7.0%$665$139,508$239,508
8.0%$734$164,155$264,155
10.0%$878$215,925$315,925

You May Also Ask

What is an amortisation schedule?
Amortisation is the process of spreading loan payments over time so the debt is fully repaid at the end of the term. Each payment contains interest (based on remaining balance) plus principal (debt reduction). Early payments are mostly interest; later payments are mostly principal. The schedule shows every payment in detail — download our CSV to see yours.
What is the difference between fixed and variable rate loans?
Fixed rate: your interest rate and monthly payment stay the same for the entire loan term. Predictable and safe if rates rise. Variable (adjustable) rate: starts lower but can change based on market rates, causing payments to rise or fall. Variable rates carry risk but can save money if rates drop.
How does making extra payments affect my loan?
Extra principal payments dramatically reduce total interest and loan duration. Even one extra monthly payment per year on a 30-year mortgage at 7% cuts about 4 years off the term and saves tens of thousands in interest. The earlier you make extra payments, the greater the benefit.

Common Mistakes

Only looking at monthly payment, not total cost
A longer loan term means lower monthly payments but dramatically higher total interest. A 30-year vs 15-year mortgage may save $500/month but cost $150,000 more overall.
Always compare total cost (principal + all interest) when choosing loan terms.
Ignoring loan fees and APR
The interest rate doesn't include origination fees, points, insurance or closing costs. APR (Annual Percentage Rate) includes these and represents the true annual cost.
Compare loans by APR, not just interest rate.
Not shopping around for rates
A 0.5% difference in mortgage rate on a $300,000 loan saves over $30,000 over 30 years. Most borrowers contact only one lender.
Get quotes from at least 3 lenders — banks, credit unions and online lenders.