Loan Calculator
Work out your repayment, total interest and true cost
- Total interest
- $261,010.10
- Total paid
- $511,010.10
51.08% of everything you pay is interest
Everything runs in your browser. Your data never leaves your device.
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How to use
The calculator uses the standard annuity formula that banks use for amortising loans, so the payment it returns matches what a lender would quote for the same terms.
Enter the loan amount
Use the amount you will actually borrow — the purchase price minus your deposit, and plus any fees you are financing rather than paying upfront.
Enter the annual interest rate
Use the nominal annual rate from your offer, not the APR. APR bundles fees into the rate, so entering it here would double-count charges you have already added to the loan amount.
Set the term and payment frequency
The term is the full length of the loan in years. Payment frequency determines how often interest is charged and repaid — paying more often slightly reduces total interest.
Read the results
The headline figure is your payment each period. Below it, total interest shows the cost of borrowing, and total paid shows the amount that leaves your account over the life of the loan.
Examples
30-year mortgage
A 250,000 mortgage at 5.5% over 30 years, paid monthly, works out to about 1,419 per month. Total interest comes to roughly 261,000 — more than the amount originally borrowed, which is typical for a long-term loan at that rate.
Five-year car loan
A 30,000 car loan at 7% over 5 years, paid monthly, is about 594 per month with roughly 5,600 in total interest. Shortening the term to 3 years raises the payment to about 926 but cuts total interest to around 3,350.
About this tool
Calculate the periodic payment on any amortising loan — mortgage, car finance or personal loan. Enter the amount, interest rate and term to see your payment, the total interest you will pay, and what the loan actually costs you. Everything is computed in your browser; no figures are sent anywhere.