Loan Calculator
See the monthly payment, total interest and total cost of a loan.
Monthly payment
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- Total interest
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- Total paid
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- Payments
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How this was calculated
Runs in your browser. Nothing you type is sent anywhere.
About the Loan Calculator
Loan Calculator shows the monthly payment, total interest and total cost of a loan or mortgage with a fixed rate. It uses the standard amortisation formula that banks use, and shows the working.
Use decimals for terms that aren't whole years: 2.5 years is 30 monthly payments.
How to use it
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the term in years.
- Read the monthly payment and total interest.
Example
$200,000 at 6% over 30 years is $1,199.10 a month: $431,676.38 paid in total, of which $231,676.38 is interest.
Questions
Does this match my bank?
It uses the standard monthly formula for fixed-rate loans. Banks may add fees, insurance or a different compounding rule (Canadian mortgages compound semi-annually), so treat it as a close estimate.
What about a 0% loan?
At 0% the payment is simply the amount divided by the number of months.
How do I lower the interest?
A shorter term or a lower rate. Try different numbers and compare the total interest.