Loan Repayment Calculator
Work out the monthly payment on a fixed-rate loan, plus total cost and interest.
How loan repayments are calculated
A fixed-rate amortising loan is repaid in equal monthly instalments. The payment is:
M = P · r · (1+r)^n / ((1+r)^n − 1)
where P is the principal, r the monthly rate (annual ÷ 12 ÷ 100) and n the number of monthly payments. Early payments are mostly interest; later ones are mostly principal.
Worked example
$20,000 at 6.5% over 5 years (60 months) gives a monthly payment of about $391.32, totalling roughly $23,479 — about $3,479 in interest.
FAQ
Does this include fees or insurance?
No. It calculates principal and interest only. Add any arrangement fees or insurance separately.
What if the rate is 0%?
The payment is simply the amount divided by the number of months.