Loan Calculator

Change the rate or term and watch the numbers move. That is usually the fastest way to see whether a shorter term you can afford beats a longer one you can comfortably afford.

How to use the loan calculator

Enter the loan amount, interest rate and term.

Set your currency symbol if you like.

Review the monthly payment, total interest and the amortisation table.

Why use the Convert Now loan calculator

Full amortisation table

Year-by-year principal, interest and remaining balance.

Any currency

Set the symbol to match where you are borrowing.

Instant comparison

Change the rate or term and see the effect immediately.

Private

Your loan figures never leave your browser.

How loan payments are calculated

Fixed-rate loans use the standard amortisation formula, which finds the single payment that clears the balance exactly at the end of the term. Each payment is split: interest is charged on whatever balance remains, and everything else reduces the principal. Because the balance is highest at the start, early payments are mostly interest and later ones are mostly principal – which is why paying a loan off early saves less than people expect near the end, and far more than they expect at the beginning.

What the total interest figure tells you

The headline monthly payment is what lenders advertise, but the total interest is what the loan actually costs you. Stretching a loan from three years to five lowers the monthly payment and raises the total cost, sometimes by thousands. The results panel shows total interest both in currency and as a percentage of the amount borrowed, which makes two offers with different terms directly comparable.

What this calculator does not include

Real loans carry arrangement fees, insurance requirements, early repayment charges and sometimes a different compounding convention. The APR quoted by a lender folds some of those in; this calculator models the interest alone. Use it to compare scenarios and sanity-check an offer, then confirm the exact figures with the lender before signing.

Read the guide: How to Calculate Percentage: Formulas & Examples

This calculator provides general information for planning and education, not professional financial advice. Figures are estimates: actual loan terms depend on your lender, fees, credit profile and jurisdiction. Confirm any number with a qualified professional before making a financial decision.

Frequently asked questions

How do I calculate my monthly loan payment?

Enter the loan amount, annual interest rate and term in years. The monthly payment appears immediately, along with the total interest.

What is an amortisation schedule?

A table showing, for each period, how much of your payment goes to interest, how much reduces the balance, and what is left owing. Ours summarises it by year.

Why is so much of my early payment interest?

Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, the interest portion shrinks and the principal portion grows.

Does this include fees or insurance?

No. It calculates principal and interest only. Add any arrangement fees or required insurance separately when comparing offers.

Can I use it for a car or student loan?

Yes, for any fixed-rate loan with equal monthly payments. Use the mortgage calculator if you also want property tax and home insurance included.

Is my financial information private?

Yes. Everything is calculated in your browser and nothing is sent to us.