Loan Payment Calculator
The monthly payment, and what the interest adds up to.
Runs entirely in your browser
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- —Per month
- —Total interest
- —Total paid
- —Payments
Amount, rate and term give the monthly payment on a repayment loan, along with the figure that decides whether it was a good idea: the total interest. The monthly number is what gets negotiated and the total is what gets paid.
Watch what the term does. Stretching a loan lowers the monthly payment and raises the total, often by a great deal, because interest is charged on what is still owed and a longer term leaves more owed for longer. Try the same amount over twenty-five years and thirty and read the third figure rather than the first.
This is a repayment loan, sometimes called amortising: every payment covers the interest since the last one and chips at the balance, so early payments are mostly interest and later ones mostly principal. An interest-only loan works differently and this will not describe it.
What it deliberately leaves out is everything that is not the loan: fees, insurance, property tax, and any rate that changes later. A fixed-rate quote is what this matches. Nothing here is financial advice, and a lender's own figure is the one that counts.
How to use it
- Enter what you are borrowing, the annual rate and the number of years.
- Read the monthly payment, and the total interest beside it.
- Change the term to see what a longer or shorter one costs overall.
Questions
Does a longer term make a loan cheaper?
Cheaper each month and more expensive in total, usually by a lot. Interest accrues on the outstanding balance, so a longer term leaves more outstanding for longer. The monthly figure is what fits a budget; the total interest is what the loan actually cost.
Why is so much of an early payment interest?
Because interest is charged on what you still owe, and at the start you owe almost all of it. The payment is level, so the split moves: early on it is mostly interest with a little principal, and by the end that has reversed. Nothing about the payment changes, only what it is doing.
Does this include fees, insurance or tax?
No, only the loan itself. Arrangement fees, mortgage insurance, property tax and anything else bundled into a quoted monthly figure are outside this and can add a substantial amount. Compare like with like before concluding a lender is expensive.
Does it handle a variable rate?
No. It assumes the rate you enter holds for the whole term, which is what a fixed-rate quote means. For a variable or tracker rate, run it at a few different rates to see the range you would be exposed to, which is the useful exercise anyway.
Is what I type sent anywhere?
No. It is arithmetic done in this tab by WebAssembly, and the page is served with a header forbidding it from connecting anywhere. That matters more here than on most pages: what you are borrowing and at what rate is nobody else's business.
Your data stays on your device
Everything above runs inside your browser as WebAssembly compiled from Rust. Nothing you type is uploaded, logged or stored on a server. You can load this page once, go offline, and it still works.
This page makes no requests at all, to anywhere. That is not a promise in the copy: it is a Content-Security-Policy header your browser enforces, and connect-src on it is none. Open the network tab and watch nothing happen.