Loan calculator

Level payments, fixed rate — a car loan, a personal loan, anything amortised.

Amount borrowed

Interest rate (% a year)

Term (years)

Amounts are in whatever currency you enter — the arithmetic is the same in all of them.

Payment a month
495.03
Total interest
4,701.80
Total repaid
29,701.80
Number of payments
60

First year of payments

Interest, principal and remaining balance for the first twelve payments
Payment	Interest	Principal	Balance
1	145.83	349.20	24,650.80
2	143.80	351.23	24,299.57
3	141.75	353.28	23,946.29
4	139.69	355.34	23,590.95
5	137.61	357.42	23,233.53
6	135.53	359.50	22,874.03
7	133.43	361.60	22,512.43
8	131.32	363.71	22,148.72
9	129.20	365.83	21,782.89
10	127.07	367.96	21,414.93
11	124.92	370.11	21,044.82
12	122.76	372.27	20,672.55

Rate is not the same as cost

Lengthening the term lowers the monthly payment and raises the total, every time — the same borrowing costs more because you hold it for longer. Comparing two offers on the monthly figure alone will therefore always favour the longer one. The total interest above is the number that answers “which is cheaper”, and it is why both are on screen at once.

The rate here is a nominal annual rate compounded monthly, which is how loans are quoted in most places. It is not an APR: an APR folds in fees, and this page has no fees to fold.

Zero percent works here

0% finance is a real product, and the standard payment formula divides by the rate — so a great many calculators return an error, a blank, or NaN when you enter it. At 0% the payment is simply the amount divided by the number of payments, and that is what this returns.