Calculate monthly payments, total interest, and total cost for any loan.
Enter values and click Calculate to see results.
Calculate monthly payments, total interest, and total cost for any loan.
Learn how much home equity you can borrow in 2026. Use our free home equity loan calculator to estimate available equity, maximum borrowing, monthly payments, and LTV ratio.
Read full articleThe Loan Calculator uses the following formula:
The calculation is performed automatically when you click the Calculate button, ensuring error-free results every time. Understanding the formula helps you interpret the results more effectively and see exactly how each input affects the final outcome.
Follow these steps to use the Loan Calculator:
Enter the loan amount in the provided input field (e.g., 500000).
Enter the interest rate (% p.a.) in the provided input field (e.g., 7.5).
Enter the loan term in the provided input field (e.g., 5).
Enter the term type in the provided input field.
Click the "Calculate" button to compute your results.
Review the detailed results, including charts and breakdowns.
Use the "Reset" button to clear all fields and start a new calculation.
Try the "Load Example" button to see a sample calculation with predefined values.
Here is a practical example to help you understand how the Loan Calculator works.
Enter these values into the calculator (or click “Load Example Values”) to see how the formula produces accurate results.
When using the Loan Calculator, be aware of these common mistakes:
Taking a moment to verify your inputs will ensure the most accurate results.
For the best results when using the Loan Calculator, follow these expert tips:
This calculator works for any fixed-rate loan including personal loans, car loans, student loans, and home loans.
An amortization schedule shows each payments breakdown between principal and interest over the loan term.
Higher interest rates increase your monthly payment and total interest cost.
Secured loans require collateral like property or a vehicle and typically have lower interest rates. Unsecured loans do not require collateral but have higher rates.
A higher credit score improves your chances of approval and helps secure lower interest rates. Most lenders prefer scores above 700.
Some loans have prepayment penalties. Check your loan agreement or ask your lender about any fees for early repayment.
The total cost includes the principal amount plus all interest and fees paid over the full loan term.
Longer terms mean lower monthly payments but more total interest. Shorter terms mean higher payments but less interest overall.