Loan Calculator
Work out your monthly payment from the amount, rate and term.
About this tool
Before committing to a mortgage, a car loan or any personal borrowing, the monthly payment is the number that decides everything. This calculator works it out from the amount borrowed, the annual interest rate and the term, then shows the total cost of the credit, how much of that is interest, and a full amortization schedule year by year.
It uses the standard amortization formula that lenders themselves apply, so the figure matches what a bank would quote you before fees. Everything is calculated instantly in your browser — no personal financial details are sent anywhere, and there is no form to fill in to see the result.
Frequently asked questions
Does the result include loan insurance or fees?
The headline monthly payment is the loan alone. There is a separate field for a payment protection or life cover rate, which is added on top so you can see the real amount that would leave your account.
What formula does it use?
The standard annuity formula: M = P × r / (1 − (1 + r)⁻ⁿ), where P is the principal, r the monthly interest rate and n the number of payments. It is the same calculation lenders use.
How can I lower my monthly payment?
Borrow less, stretch the term, or negotiate a better rate — try each scenario here to see the effect. Be aware that a longer term lowers the payment but raises the total interest you pay considerably.
Is the interest rate the APR?
Enter whichever rate you want to model. The nominal rate gives the payment on the loan itself; the APR includes fees, so entering it gives you a more conservative, all-in view.
Is it really free, with no sign-up?
Yes — the tool is free, needs no account and has no usage limit. Processing happens locally in your browser, so your data never leaves your device.