- Enter the loan amount, the annual interest rate (APR) and the number of months.
- The calculator applies the standard amortisation formula used by banks to compute the fixed monthly instalment.
- You see the monthly payment plus the total repaid and total interest over the whole term.
- Compare different terms — a shorter term means higher payments but much less interest.
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Loan Calculator — Monthly Payment and Total Interest
Whether it's a personal loan, car finance or a business loan, this free calculator shows your monthly payment, the total you'll repay and how much of that is interest. Enter the amount, rate and term — no signup required.
How the loan calculator works
Frequently asked questions
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal; APR also includes mandatory fees, giving a truer cost of the loan. Always compare loans using APR.
Is a shorter or longer loan term better?
A shorter term has higher monthly payments but lower total interest. Use the calculator with two different terms to see the total interest difference yourself.
Does this work for car loans?
Yes — enter the amount financed, the dealer's APR and the term in months (36, 48, 60, 72). The maths for car loans is the same as personal loans.
Can I pay a loan off early?
Most loans allow early repayment, and some charge a prepayment penalty. Paying early saves interest — ask your lender about penalty-free overpayments before signing.
Estimates are for guidance only and are based on published 2025/2026 rates. Always confirm with a qualified professional for financial decisions.