🏦 Loan Payment Calculator
Enter the amount, the yearly interest rate and the term to see the fixed monthly payment and what the loan costs you in interest over its lifetime.
How the payment is calculated
This is an annuity loan: the payment is the same every month, but the split changes. Early payments are mostly interest; later ones are mostly repayment. The monthly rate is the yearly rate divided by twelve, and the payment is set so the loan reaches exactly zero at the end of the term.
Why the term matters so much
A longer term lowers the monthly payment but raises the total interest, often by more than people expect. Try the same loan over five and over ten years and compare the "Total interest" figure.
Limits
The tool assumes a fixed rate and no fees. Real loans often add an arrangement fee or a monthly charge, so compare the lender's official annual cost figure (APR) as well. Variable-rate loans will cost more or less as the rate moves.
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