Loan Calculator
Work out monthly repayments, total interest and payoff totals for any loan.
Your details
How the loan calculator works
The standard amortisation formula spreads principal and interest evenly across every month, so early payments are interest-heavy and later payments are principal-heavy.
Formula
M = P · r / (1 − (1 + r)^−n)
Worked example
$20,000 at 9% APR over 5 years costs about $415 per month and roughly $4,910 in interest.
Frequently asked questions
What is APR?
Annual Percentage Rate is the yearly cost of borrowing including interest. Divide it by twelve to get the monthly rate used in the formula.
Can I pay a loan off early?
Usually yes. Extra payments reduce the principal directly, which cuts total interest. Check your agreement for early-repayment fees.
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