Work out the monthly payment on a loan and how much interest you will pay in total. Enter the amount, the yearly interest rate and the term, and this free loan calculator shows the result instantly.
| Total paid | – |
| Total interest | – |
| Number of payments | – |
How it works
The monthly payment uses the standard amortisation formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (yearly rate ÷ 12) and n is the number of monthly payments. Total interest is the total paid minus the amount borrowed.
Fees, insurance and variable rates are not included.
Example
Borrowing 20,000 at 6.5% for 5 years gives a monthly payment of about 391.32, a total of about 23,479 and about 3,479 in interest.
Frequently asked questions
Does this include fees?
No. Add any arrangement fees, insurance or charges separately.
Why is my lender’s figure different?
Lenders may use different rounding, payment timing, fees or a variable rate.
How can I pay less interest?
A shorter term or a lower rate reduces total interest, although a shorter term means higher monthly payments.
Already have a loan and want to pay it off faster? Try the loan extra payment calculator.
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This calculator gives estimates for information only and is not financial advice. Check figures with your lender or adviser.