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Loan Calculator

Know what a loan really costs before you sign.

Ask your lender. If they quote a monthly percentage on the full amount, it is usually flat.

Reducing balance: payment = P × r ÷ (1 − (1 + r)−n), where r is the monthly rate and n the number of months.

Flat rate: interest = P × monthly rate × n, spread evenly across the payments. Flat rates look lower than they are, because you keep paying interest on money you have already repaid. This is an estimate: fees and insurance are not included.

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Loan Calculator online

Two loans with the same headline rate can cost very different amounts. Enter the amount, the rate (per year or per month, however it was quoted), the term, and how interest is charged, and see the monthly repayment, the total interest and every payment in a schedule. For flat-rate offers it also shows the equivalent yearly rate, so you can compare offers fairly.

How to use loan calculator

  1. Enter the amount and rate

    Type what you are borrowing and the interest rate exactly as quoted — per year or per month.

  2. Set the term

    How long you will repay over, in months or years.

  3. Choose how interest is charged

    Reducing balance charges interest on what you still owe; flat rate charges it on the full amount every month.

  4. Compare

    Read the monthly repayment and total interest, and open the schedule to see every payment.

Frequently asked questions

What is the difference between flat rate and reducing balance?

Reducing balance charges interest only on what you still owe, so each month's interest falls. Flat rate charges interest on the original amount for the whole term, so it costs much more than the same rate on a reducing balance.

Why does the flat-rate result show another rate?

It is the reducing-balance yearly rate that would give the same monthly payment — the fair figure for comparing a flat-rate offer with others.

Does this include fees?

No. Processing fees, insurance and penalties are not included; ask the lender for the total cost and add them.

Is my information sent anywhere?

No. Everything is calculated in your browser.

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