Loan Calculator
Work out monthly repayments, total interest and total cost of any loan.
Your loan
Monthly payment
$500.95
over 60 monthly payments
For estimation purposes only — not financial, medical, or professional advice.
How to use this calculator
- 1Enter the amount you want to borrow.
- 2Add the annual interest rate your lender quoted (APR).
- 3Set the loan term in years — results update as you type.
How it's calculated
The calculator uses the standard amortising loan payment formula: Monthly payment = P x r x (1 + r)^n / ((1 + r)^n - 1).
P is the loan amount, r is the monthly interest rate (annual rate divided by 12, then by 100), and n is the number of monthly payments (years x 12).
Total paid is the monthly payment multiplied by the number of payments, and total interest is total paid minus the amount borrowed. If the rate is 0%, the payment is simply the loan divided by the number of months.
Loan Calculator FAQs
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