How to use the loan calculator
- Enter the loan amount.
- Enter the annual interest rate and the term in years.
- Press Calculate loan to see the monthly payment, total repayment and interest.
How it works
The calculator uses the standard amortizing loan formula: payment = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments.
Total repayment is the monthly payment multiplied by n, and total interest is total repayment minus the loan amount. Fees, insurance and lender-specific charges are not included, and flat-rate loans are calculated differently.
Example
A loan of 100,000 at 6% a year for 5 years has 60 payments. The monthly payment is about 1,933.28, total repayment is about 115,997 and total interest is about 15,997.