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Loan Calculator

Calculate your monthly repayments, total interest, and see a full amortisation schedule for any loan or mortgage. Free, instant, no sign-up.

For illustrative purposes only. This calculator provides estimates based on a fixed interest rate and does not account for fees, insurance, early repayment charges, or rate changes. Results should not be taken as financial advice. Always consult a qualified financial adviser or mortgage broker before making borrowing decisions.

Currency: USD ($) ๐Ÿ“ auto-detected
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โ€” Monthly payment
โ€” Total repayment
โ€” Total interest
โ€” Interest as % of loan
Repayment breakdown
Principal
Interest

About this loan calculator

This calculator uses the standard amortising loan formula to calculate fixed monthly repayments. Each monthly payment covers the interest accrued that month plus a portion of the principal. In the early months, a larger share goes to interest; over time, more goes to principal. This is called amortisation. The amortisation schedule shows the exact breakdown for every month of your loan term. Note: this calculator assumes a fixed interest rate for the full term. For variable rate mortgages, actual payments will differ.

Frequently asked questions

The monthly payment is calculated using the standard amortisation formula: M = P ร— [r(1+r)โฟ] รท [(1+r)โฟโˆ’1], where P is the loan principal, r is the monthly interest rate (annual rate รท 12), and n is the total number of monthly payments. This gives a fixed payment that covers both interest and principal over the full term.
An amortisation schedule is a table showing each monthly payment broken down into principal and interest, along with the remaining loan balance. In the early months, most of your payment goes to interest. As the balance reduces, more of each payment goes towards the principal.
Even a small change in interest rate has a significant effect on total interest paid. For a ยฃ200,000 mortgage over 25 years, a rate of 3% results in total interest of around ยฃ84,000 โ€” while a rate of 5% results in around ยฃ151,000. Use the rate slider to see the impact in real time.
Yes. A repayment mortgage uses the same amortisation formula. Enter your mortgage amount, interest rate and term. Note this assumes a fixed rate for the full term โ€” for tracker or variable rate mortgages, your actual payments will change when the rate changes.
It depends on the type of loan. UK mortgage rates have historically ranged from 1% to 6%+. Personal loans typically range from 3% to 15%+ depending on your credit score. Car finance rates vary from around 4% to 20%. The lower the rate, the less you pay overall โ€” always compare APR (annual percentage rate) when shopping for loans.