Finance & Money
Loan Calculator
Set an amount, rate and term to see the monthly payment and what the loan really costs.
Annual rate. Zero is handled correctly.
Monthly payment
1,498.88
360 payments
You would repay about 1,498.88 per month for 30 years. Across the whole term you would pay 539,595.47, of which 289,595.47 is interest.
Total interest
289,595.47
Total repayment
539,595.47
Amount borrowed
250,000.00
Interest as % of loan
115.8%
Where your money goes
- Principal250,000.0046.3%
- Interest289,595.4753.7%
Free to use. No sign-up required.
How it works
This calculator uses standard fixed-rate amortising loan mathematics: the same payment every month, split between interest on the outstanding balance and repayment of the principal.
Early payments are mostly interest because the balance is still large. As the balance falls, more of each payment goes to principal. That is why the year-by-year schedule shows the interest share shrinking over time.
The annual rate is divided by twelve to get the monthly rate. A 6% annual rate becomes 0.5% per month. This is the convention used by most lenders for monthly-paid loans.
The schedule assumes the rate never changes, every payment is made on time and in full, and there are no fees, insurance or early-repayment charges. Real loan agreements often add these, so treat the result as the cost of the borrowing itself.
Formula
Monthly payment
P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = amount borrowed, r = monthly rate (annual ÷ 12 ÷ 100), n = number of monthly payments.
Total repayment
monthly payment × n
Total interest
total repayment − amount borrowed
Zero interest
amount borrowed ÷ n
With no interest the payment is simply the balance spread evenly.
Worked examples
250,000 over 30 years at 6% → 1,498.88 a month
Total repaid is 539,595, of which 289,595 is interest - more than the amount originally borrowed.
The same loan at 5% → 1,342.05 a month
One percentage point less saves about 156 a month and roughly 56,000 across the full term.
20,000 over 5 years at 0% → 333.33 a month
With no interest the payment is just the balance divided by 60 months, and total repayment equals the amount borrowed.
Frequently asked questions
Does this include fees, insurance or charges?
No. It calculates the cost of the borrowing itself. Arrangement fees, insurance and early-repayment charges vary by lender and country, so they are not assumed here. Add them separately when comparing offers.
What is the difference between this and the EMI calculator?
The mathematics is identical - EMI simply means Equated Monthly Instalment. The EMI calculator lets you enter the tenure in months as well as years and focuses on the instalment figure, while this one focuses on the repayment schedule.
Is this fixed rate or variable?
Fixed. The calculation assumes the rate stays the same for the whole term. If your rate can change, the result is only accurate for as long as the current rate applies.
Why does the last payment sometimes look slightly different?
Rounding. Each monthly figure is rounded for display, so the final payment absorbs a few units of difference to clear the balance exactly.