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Loan Calculator know the whole cost

The monthly payment is the easy part. The interest over the term, and what a small extra payment does to it, is what this page is for.

  • Any amount, rate and term
  • Extra monthly payment, calculated to the last payment
  • First twelve rows of the schedule
Short answerLast edited October 31, 2026

The Loan Calculator works out the monthly payment, the total interest and the full repayment schedule of a loan, and shows how much an extra payment each month shortens the term. For 10,000 at 6% over five years the monthly payment is about 193.33.

The same loan, different rates

A sample of 15,000 over five years. Two percentage points look harmless in an advert and cost real money in the schedule.

RateMonthly paymentInterest over 5 yearsTotal repaid
4.9%$282$1,934$16,934
6.9%$296$2,770$17,770
8.9%$310$3,627$18,627
10.9%$325$4,505$19,505
12.9%$340$5,403$20,403

Three ways to pay less interest

1

Pay a little extra

Extra money goes straight to the principal. Even $50 a month can cut a year off a five-year loan.

2

Shorten the term

A shorter term raises the payment but drops the rate and the total interest. Compare both before signing.

3

Refinance later

If rates fall or your credit improves, ask what the remaining balance would cost at the new rate — including fees.

How is the monthly payment calculated?
Equal payments annuity formula: P × i / (1 − (1 + i)^−n), where i is the monthly rate and n the number of months.
Does an extra payment really help?
Yes, if the loan allows it and there is no prepayment penalty. The extra amount reduces the balance, so every following month charges interest on less money.
Why does the first year pay so little principal?
Interest is charged on the balance, which is highest at the start. Later payments contain more principal and less interest.
What is amortisation?
The schedule that splits each payment into interest and principal until the balance reaches zero.
Are fees included?
No. The tool models the loan itself. Add the fees you were quoted to the amount to see their true cost.

How To Read a Loan Before You Sign It

A loan is a price for time. The only three things that matter are how much you borrow, what the time costs, and how long you take.

Ask for the APR in writing

The interest rate is the rent on the money. The APR adds the fees, so it is the number you can compare between two offers. If a lender will not put the APR in writing, that is an answer too.

Find out what early repayment costs

Some contracts charge a penalty for paying early, or make you pay the interest you would have paid anyway. Ask specifically about prepayment, and get it confirmed in the contract.

Do not borrow into a monthly budget you have not tested

Take the payment the calculator shows you and live with it for a month before signing: move that amount into savings and see whether the rest of the month still works.

The cheapest debt first

When you have several loans, paying the highest rate first saves the most money. The smallest balance first costs a little more but finishes faster, which is why some people stay with it — the motivation is part of the maths. For a house, use the mortgage calculator, which also accounts for tax and insurance.

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Quick facts

  1. A 6% annual rate over five years is 0.5% per month, and the payment comes from the amortisation formula, which divides the rate by twelve before it is applied.
  2. An extra payment each month goes to the principal, so it shortens the term more than it lowers the monthly payment.
  3. The SI defines the kilo as exactly 1000 and the centi as exactly one hundredth, which is why conversions are exact, not approximate.BIPM
  4. Since 2019 the kilogram is defined by a fixed value of the Planck constant, not by a metal cylinder in Paris.BIPM

Questions people ask

How is a loan payment calculated?
A fixed loan payment uses the amortisation formula: the amount borrowed, times the monthly rate, divided by one minus (one plus the monthly rate) raised to the negative number of payments. Each payment first covers the interest for that month, and the rest reduces the balance.
Does paying extra each month save money?
Yes. Every extra amount reduces the balance right away, so less interest is charged in later months. The calculator shows the new payoff date and the interest saved, which is usually larger than most people expect on a long loan.
What is the difference between APR and the interest rate?
The interest rate is the price of borrowing the principal. The annual percentage rate (APR) adds certain fees to that price, so it is the better figure for comparing two offers. Check the lender’s disclosure document for the exact APR and fee list.

What this page is about

  • SI units

    The International System of Units maintained by the BIPM, with the metre, kilogram, second and their prefixes defined exactly.

Official sources cited on this page

  1. The International System of Units (SI Brochure)BIPM

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