About this tool
Enter the amount you are borrowing, the annual interest rate and the term. The calculator shows the monthly payment, how much you repay in total and how much of it is interest, with a year-by-year chart of principal versus interest and the full month-by-month schedule, which you can download as a CSV file. Choose fixed payments (Price, the usual for personal loans and car finance) or decreasing payments (SAC, common for mortgages), and add an extra amount per month to see how many months and how much interest you save. It is a planning estimate - real loans add fees, insurance and rounding.
How to use it
- 1 Enter the loan amount (principal).
- 2 Enter the annual interest rate as a percentage.
- 3 Set the term in years - the tool converts it to monthly payments.
- 4 Read the monthly payment, plus the total repaid and total interest.
Frequently asked questions
What formula is used?
The standard fixed-rate amortisation formula: M = P·i·(1+i)^n / ((1+i)^n - 1), with i the monthly rate and n the number of payments.
Fixed (Price) or decreasing (SAC) payments: which costs less?
With the same rate and term, SAC pays less interest in total, because each payment repays the same slice of principal and the balance falls faster - but the first payments are higher. Price keeps every payment equal, which is easier on the budget at the start but costs more interest overall. Switch between the two in the calculator to compare the totals.
How much do extra payments save?
Type an extra amount per month and the calculator shows the new payoff date, the months saved and the interest saved. Every extra payment goes straight to the principal, so all later interest is charged on a smaller balance. Check with your lender that early repayment has no penalty.
Can I use a monthly interest rate?
The field takes the annual rate and divides it by 12. For a monthly rate, multiply it by 12: 2% a month goes in as 24%. Do not use the compounded figure (about 26.8%) here, or the payment comes out too high.
Interest rate or APR: which one do I type?
Type the nominal annual rate from the offer, because that is what the calculator divides by 12. APR also counts fees, so use it to compare lenders, not to work out the exact payment here.
What does EMI mean?
EMI stands for equated monthly instalment: the same payment every month until the loan ends. It is what the Fixed (Price) option shows.
Does it include fees or insurance?
No. It counts only the interest on the balance. Fees and insurance make the real cost higher.
Is this financial advice?
No - it is a maths tool. Confirm figures with the lender before committing.
Monthly payment on a 10,000 loan
Fixed payments, no fees, in any currency. For another amount, scale it: at 10% over 5 years, 10,000 costs 212.47 a month, so 20,000 costs 424.94.
| Annual rate | 1 year | 2 years | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|
| 5% | 856.07 | 438.71 | 299.71 | 188.71 | 106.07 |
| 10% | 879.16 | 461.45 | 322.67 | 212.47 | 132.15 |
| 15% | 902.58 | 484.87 | 346.65 | 237.90 | 161.33 |
| 20% | 926.35 | 508.96 | 371.64 | 264.94 | 193.26 |
| 30% | 974.87 | 559.13 | 424.52 | 323.53 | 263.62 |
Guide
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