Loan Calculator

What it's for

See what a loan costs: the regular payment, the interest over its whole life and every payment split into interest and principal. An optional extra payment shows how much sooner the loan ends and how much interest it saves.

For example, when you are comparing a 20-year and a 25-year repayment, or wondering what paying 50 more each month would do.

How to use it

Fill in the Amount borrowed, the Yearly interest rate (a rate of 0 is allowed), the Term in years and how many payments you make a year. Add an amount under Extra with each payment to see its effect. The table lists every payment; Copy as CSV copies it for a spreadsheet. Copy a link to this input keeps the figures.

The rate is divided evenly across the payments, as most simple loans do, and each payment’s interest is charged on the balance left after the one before.

Example

Choose Try an example, or type an amount of 100000, a rate of 5, a term of 25 and 12 payments a year. The payment is 584.59 and the total interest is about 75,377.

Good to know

This is an estimate. Your lender’s figures, fees and rounding will differ, and it leaves out fees, insurance, taxes, rate changes, interest worked out daily, and loans with a first period of a different length. Payments are rounded to the cent and the last one clears what is left. Up to 2,000 payments.