How to Use This Loan Calculator
Whether you are financing a car, consolidating debt, or taking out a personal loan, this calculator helps you understand the true cost of borrowing. Enter the loan amount, the annual interest rate quoted by your lender, and your preferred loan term. Your monthly payment and total interest are calculated instantly.
The loan term buttons let you quickly compare how different repayment periods affect your monthly payment and total cost. A 36-month loan has higher payments than a 72-month loan, but you pay far less interest overall. Use this trade-off view to find the term that fits your budget without overpaying.
The repayment schedule table shows exactly how much of each payment goes toward principal versus interest. Early payments are mostly interest; as the balance falls, a larger portion of each payment reduces what you owe. This is why paying even a small extra amount each month can significantly cut your total interest cost.
This calculator works for personal loans, car loans, student loans, and any other fixed-rate instalment loan. For mortgages, use our dedicated Mortgage Calculator, which includes a down payment field and amortization chart.