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This loan calculator works out the monthly payment on a mortgage, car loan or personal loan, plus the total interest you will pay over the term. Enter the amount, the annual interest rate and the number of years.
It uses the standard amortization formula: the payment is fixed each month, with early payments mostly interest and later payments mostly principal. A longer term lowers the monthly payment but raises the total interest.
Even a small difference in interest rate changes the total a lot over 20–30 years. Compare the APR, not just the headline rate, and check for fees. This is an estimate — your lender’s exact figure may differ slightly.
A fixed rate keeps the same payment for the whole term, which makes budgeting easy. A variable rate can rise or fall with the market, so the payment may change over time. This calculator assumes a fixed rate.
Three levers reduce the total interest: a lower rate, a shorter term, or extra payments toward the principal. Even one additional payment a year can shorten the loan and save a noticeable amount.
On a $20,000 loan at 7% over 5 years, the monthly payment is about $396 and the total interest is around $3,760. Stretch the same loan to 7 years and the payment falls, but the interest rises.
The monthly payment uses the standard amortization formula, M = P · r · (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount, r is the monthly rate (annual ÷ 12) and n is the number of months. Each payment is split between interest on the balance and repayment of principal, with interest shrinking over time. The result is an estimate; your lender’s APR and fees give the exact figure.
— This is a general estimate for information only, not financial advice. Results use standard formulas and do not include every fee, tax or future rate change — confirm the figures with your lender, bank or a qualified adviser before making a decision.
With the amortization formula from the amount, monthly rate and number of months — the payment stays fixed over the whole term.
Yes, but it raises the total interest. A longer term means smaller monthly payments and more interest paid overall.
The rate here is the nominal annual rate. APR also includes fees, so your real cost of borrowing may be slightly higher.