Loan Calculator
Works out the payment and total cost of a fixed-rate loan.
Monthly payment
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Share sends a link that reopens these numbers. Copy details pastes the full breakdown as a list.
Total interest —
Total paid —
Year by year
The formula
payment = P × i ÷ (1 − (1 + i)^−n)
A fixed payment covers each month’s interest and pays off some principal. Early payments carry the most interest, later ones mostly principal.
What to watch out for
A longer term lowers the payment and raises the total interest. Arrangement fees are not included unless you add them to the amount.
Frequently Asked Questions
How is a loan payment calculated?
With the amortisation formula. 20,000 at 8% over 5 years is 405.53 a month, 4,331.67 interest in total.
Does a longer term cost more?
Yes. The same loan over 7 years drops to 311.72 a month but costs 6,184.84 in interest.