Enter the loan amount, interest rate, and term to see your monthly payment, total interest and total cost.
A 15,000 loan over 5 years at 9 percent.
Monthly payment 311.38. Total repaid 18,682.52, of which 3,682.52 is interest.
Stretching a loan lowers the payment and raises the cost. The same 15,000 at 9 percent over 3 years is 477.00 a month but only 2,172 of interest; over 7 years it is 241.34 a month and 5,272 of interest. That is the actual trade you are being offered when a lender presents a longer term as a better deal — the monthly figure improves and the total gets worse. Compare offers on total cost, and treat the monthly payment as a separate affordability question.
The rate this calculator uses is the nominal interest rate applied to the balance. An APR additionally folds in arrangement fees and certain charges, so it is usually the higher number and is the one designed for comparing offers. If you have only been given an APR, entering it here produces a slightly conservative payment — close enough to plan with, but ask for the interest rate and the fee schedule separately if you are deciding between two lenders.
It converts a rate into money, which is the form most people can actually judge. Three thousand six hundred and eighty-two on a fifteen-thousand loan is easier to weigh against the reason for borrowing than nine percent is. If the purpose of the loan cannot justify that figure, the answer is not a longer term.
This tool models a fixed payment for the full term and does not simulate overpayments. Any amount paid above the scheduled payment goes against principal and reduces every future interest charge, so the real total is lower than shown if you overpay. Check whether your agreement carries an early-repayment charge before relying on that.
It divides the amount borrowed by the number of months, which is the correct answer for an interest-free loan. The standard amortisation formula cannot be used at a zero rate because its denominator becomes zero, so this case is handled separately.
Yes, for any loan repaid in equal monthly instalments over a fixed term at a fixed rate. That covers most personal, car and fixed-rate consolidation loans. It does not fit credit cards, which have no fixed term and a payment that changes with the balance, and it does not fit loans with interest-only or deferred periods.
Interest is charged on the outstanding balance, which is largest at the start. Your payment is level, so the split inside it moves: early payments are mostly interest and little principal, and that reverses over the term. The total interest figure here is the sum of that whole sequence.
Work backwards. Decide the monthly payment you can sustain, then adjust the loan amount in the calculator until the payment matches it at the rate you have been quoted. That gives you a borrowing ceiling based on your budget rather than on what a lender is willing to approve.
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