Whether it's a personal loan, a car loan, a student loan or a business loan, the questions are the same: how much will I pay each month, how much interest will it cost in total, and how much would I save by paying a bit extra? This free loan calculator answers all three for any fixed-rate amortizing loan. Enter the amount you're borrowing, the annual interest rate (APR) and the term in months or years, and it shows your monthly repayment and the total you'll repay. Then add an optional extra monthly payment to see how many months sooner you'd be debt-free and how much interest you'd avoid, which is often surprisingly large on long loans. A payment-by-payment breakdown of the first year shows exactly where your money goes. Switch currency between US dollars, pounds, euros, Canadian and Australian dollars. The maths is the standard amortization formula used by most lenders, but real loans can include arrangement fees, early repayment charges and variable rates, so check your loan agreement before you commit. For home loans, use our mortgage calculator instead. Everything runs locally in your browser.
Calculate your loan
First 12 payments
Fixed-rate amortizing loan, monthly payments. Estimate only, not financial advice.
How to use the loan calculator
- Enter the amount, APR and term.
- Read your monthly payment and total interest.
- Try an extra monthly payment and watch the "saved" figure.
Tips before you borrow
- Compare APR, not just the headline rate, because APR includes most fees.
- A longer term lowers the monthly payment but usually raises total interest.
- Check for early repayment fees before overpaying. Many UK personal loans charge up to 58 days' interest.
FAQ
What’s the difference between APR and interest rate?
The interest rate is the cost of borrowing the money. APR also includes most required fees, so it’s better for comparing offers.
Does paying extra really save money?
Yes, on a standard amortizing loan every extra payment reduces the balance that interest is charged on. The calculator shows the exact saving.
Can I use it for a car loan?
Yes. Enter the price minus your deposit and trade-in as the loan amount.
What about 0% loans?
Enter 0 as the rate; the payment is simply the amount divided by the number of months.
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