Loan Calculator (Free — Calculate & Compare Loans)
Use this free loan calculator to estimate your monthly repayments, total interest and the full cost of any loan. Compare two loans side by side to find the best deal, or see how extra payments could save you money.
Loan Calculator
How to Use the Loan Calculator
Enter your loan amount, interest rate and term then click Calculate. Use the extra payment field to see how much interest you save by paying more each month. Switch to Compare Two Loans to compare different loan offers side by side.
How Loan Repayments Are Calculated
Monthly repayments are calculated using the amortisation formula. Each payment covers interest on the remaining balance plus a portion of the principal. Early payments are mostly interest — over time more goes toward the principal.
Formula: M = P × [r(1+r)^n] / [(1+r)^n−1]
Where P = loan amount, r = monthly interest rate, n = number of payments
How to Compare Two Loans
When comparing loans consider three things — the monthly payment you can afford, the total cost over the full term, and the total interest paid. A lower monthly payment often means a longer term and more interest overall. Use the Compare mode to see the full picture.
FAQs
What is the difference between a personal loan and a mortgage?
A personal loan is typically unsecured, shorter term (1-7 years) and at a higher interest rate. A mortgage is secured against a property, longer term (15-30 years) and usually at a lower rate.
Does a shorter loan term save money?
Yes — a shorter term means higher monthly payments but significantly less total interest. Use the calculator to compare different terms and see the difference.
What happens if I miss a loan payment?
Missing payments can result in late fees, damage to your credit score and in some cases legal action from the lender. Always contact your lender early if you’re struggling to make payments.
Can I pay off a loan early?
Most loans allow early repayment though some charge an early repayment fee. Use the extra payment field to see how much faster you could pay off your loan.
Is this calculator free?
Yes, completely free with no sign-up needed.