Loan Calculator
Calculate monthly loan payments, total interest, and total repayment amount. Perfect for personal loans, car loans, and other loan types.
What is a Loan Calculator?
A loan calculator helps you estimate your monthly loan payments and understand the total cost of borrowing. It's essential for comparing different loan offers, planning your budget, and understanding how interest rates and loan terms affect your payments.
Our loan calculator uses the standard amortization formula to provide accurate monthly payment estimates, helping you make informed borrowing decisions.
How to Use the Loan Calculator
- Enter loan amount: Input the total amount you want to borrow.
- Enter interest rate: Input the annual interest rate offered by the lender.
- Enter loan term: Input the number of years to repay the loan.
- Calculate: Click "Calculate Loan" to see your monthly payment, total payment, and total interest.
Understanding Your Loan
Monthly Payment
Your fixed monthly payment that includes both principal and interest. This amount remains constant throughout the loan term.
Total Payment
The total amount you'll pay over the entire loan term, including both the principal borrowed and all interest.
Total Interest
The total cost of borrowing - the amount of interest you'll pay over the life of the loan. This shows the true cost of the loan.
Frequently Asked Questions
What types of loans can I calculate?
This calculator works for any fixed-rate loan including personal loans, car loans, home improvement loans, and other installment loans.
How does the interest rate affect my payment?
Higher interest rates increase both your monthly payment and total interest paid. Even a small difference in rate can significantly impact the total cost.
What if I want to pay off the loan early?
Early repayment can reduce total interest paid. However, some lenders charge early repayment fees, so check your loan agreement first.
Does this work for variable rate loans?
This calculator assumes a fixed interest rate. For variable rate loans, payments will change when the rate adjusts, so results are estimates only.
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Cite This Calculator
Reference this calculator on your website or in your work using the citation below:
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<p>Calculator: <a href="https://onlinecalculator.co.uk/finance/loan-calculator" target="_blank">Loan Calculator</a> - OnlineCalculator.co.uk</p>APA Style Citation:
OnlineCalculator.co.uk. (2025). Loan Calculator. Retrieved from https://onlinecalculator.co.uk/finance/loan-calculatorNote: This calculator is free to use and reference. No permission required for educational or commercial citation.