Money & Salary
Loan Calculator
Your monthly loan payment and the total interest you’ll pay, in one press.
- Runs in your browser
- 0% loans included
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Enter the amount, rate and term, then hit Calculate.
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How the monthly payment is calculated
A fixed-rate loan repaid in equal monthly payments. P is the amount, n the number of months. For a home loan with extra payments and a yearly schedule, use the Mortgage Calculator.
- Monthly rate
- r = annual rate ÷ 100 ÷ 12. At 6% a year, r = 0.005.
- Payment
- P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1). For $25,000 over 60 months at 6%, that’s $483.32 a month.
- 0% loans
- With no interest the payment is P ÷ n, and the total repaid equals the amount borrowed.
- Totals
- Total repaid = payment × n. Total interest = total repaid − P.
- Bi-weekly and weekly
- The monthly payment × 12 ÷ 26 (or ÷ 52): the same total spread over more, smaller payments, not an accelerated schedule. Payments: n × 26 ÷ 12 (or n × 52 ÷ 12), rounded.
Questions
How is the monthly payment worked out?
With the standard amortising-loan formula: payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the amount, r is the annual rate ÷ 12 ÷ 100 and n is the number of months. Total repaid is the payment × n; total interest is that minus the amount.
Is the bi-weekly payment an accelerated schedule?
No. The bi-weekly and weekly figures are the monthly payment spread over 26 or 52 payments a year: the same total, not an accelerated plan. An accelerated plan that pays extra each year would finish sooner; ask your lender how theirs works.
Does it work for 0% loans?
Yes. At 0% there is no interest, so the payment is simply the amount divided by the number of months, and the total repaid equals the amount borrowed.
How does a longer term change the total interest?
A longer term lowers each payment but adds interest, because the balance is paid down more slowly. Borrowing $25,000 at 6%: over 3 years the payment is $760.55 and the interest $2,379.74; over 5 years it’s $483.32 a month but $3,999.20 in interest.
Are fees included?
No. Arrangement fees, insurance and other charges aren’t included, and the loan-type presets are example rates, not offers. Use the figures to compare, then check the lender’s own quote.