Loan Interest Calculator
Enter the amount, rate and term to see the monthly payment and total interest.
Show monthly schedule
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About the Loan Interest Calculator
Enter the loan principal, the yearly interest rate, the term and the repayment type to see the monthly payment, total interest, total repaid and a month-by-month schedule. Compare repayment types to see how much total interest changes. Amounts use your country's currency (US dollars by default: type 300000 for $300,000). Change the country in the menu at the top. Results are estimates; real lenders may calculate daily interest and add fees.
Frequently asked questions
What is the difference between equal payment and equal principal?
With equal payment (annuity) you pay the same total each month. With equal principal you repay the same amount of principal each month, so the first payments are larger and then shrink. Total interest is usually lower with equal principal.
How does bullet (interest-only) repayment work?
You pay only the interest each month and repay the whole principal at the end of the term.
Why does my bank's figure differ?
Banks may calculate interest daily and include variable rates, early repayment fees and handling fees. This tool uses a simple monthly calculation, so use it as a guide.
Which currency does the calculator use?
Amounts are shown in the currency of the country selected at the top (US dollars by default, for example 300000 for a $300,000 mortgage). The math works for any currency, so the result is always in the same currency you enter.
Is what I enter stored on a server?
No. Everything is calculated inside your browser. Nothing you enter is sent to or stored on any server.