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Loan Calculator – Monthly Payment & Total Interest Cost

Before taking on any instalment loan — personal, auto, home improvement, or business — understanding the full cost matters as much as the monthly payment. A low monthly payment spread over a longer term often costs significantly more in total interest than a higher payment over a shorter term. This calculator makes the comparison instant.

Enter any loan amount, interest rate, and repayment term to see your exact monthly payment, total interest paid, total repayment cost, and a full amortisation schedule. Use the scenario comparison to evaluate different combinations side by side.

How to use the Loan Calculator

Enter the total loan amount (principal).

Enter the annual interest rate (APR).

Set the loan term in months or years.

View monthly payment, total interest, and the full payment schedule.

Monthly Payments by Loan Amount, Rate & Term
Loan Amount	APR	24 Months	36 Months	48 Months	60 Months
$5,000	8%	$226	$157	$122	$101
$10,000	10%	$461	$323	$254	$212
$20,000	7%	$897	$618	$478	$396
$35,000	9%	$1,595	$1,113	$872	$727

Loan Calculator FAQ

What is the standard amortisation formula?

Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where P = principal, r = monthly rate (annual APR ÷ 12), n = total payments. Each payment is fixed; the interest/principal split changes each month.

What is the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal only. APR includes the interest rate plus fees (origination, processing), expressed as an annual percentage. Always compare APRs across lenders for an accurate cost comparison.

Does paying extra reduce total interest significantly?

Yes — substantially. On a $20,000 loan at 7% over 5 years, adding $100/month extra reduces the term by about 14 months and saves ~$650 in interest.

What is a soft credit check vs hard credit check for loans?

A pre-qualification typically uses a soft inquiry (no credit score impact). A full loan application uses a hard inquiry (small, temporary score impact). Multiple hard inquiries for the same loan type within 14–45 days are typically counted as one by scoring models.