Loan Calculator
Enter the loan amount, interest rate and term to calculate your monthly repayment.
How to use the Loan Calculator
- Type the figure into Loan amount. That box is read in units of 10,000, so the default 10000 means 100,000,000.
- Put the yearly rate into Annual rate (%). Enter 4.5 for 4.5 percent, not 0.045.
- Set Term (months) to the whole repayment period, so a five-year loan is 60.
- Press Calculate for the level monthly payment, rounded to a whole unit.
The loan amount box multiplies by 10,000
Whatever you type as the loan amount is multiplied by 10,000 before the payment is worked out. That is why 10000 at 4.5 percent over 60 months returns 1,864,302 rather than something near 187. Divide your real figure by 10,000 first.
| You type | Amount used |
|---|---|
| 1 | 10,000 |
| 10 | 100,000 |
| 100 | 1,000,000 |
| 1000 | 10,000,000 |
| 10000 | 100,000,000 |
Getting total interest from the monthly payment
Only the monthly payment is printed. For total interest, multiply the payment by the number of months and subtract the loan amount. At 4.5 percent over 60 months, 100,000,000 repays 1,864,302 a month, or 111,858,120 in all.
Frequently asked questions
What is an equal instalment loan?
Each monthly payment is the same amount. Early payments are mostly interest and later ones are mostly principal, but the total stays level.
Are fees included?
No. This covers interest only. Origination fees, insurance and early repayment charges are not included.
Does it handle a zero percent loan?
Yes. Enter 0 as the annual rate and the payment becomes the loan amount divided by the number of months, with no interest added.
Is this fixed rate or variable rate?
Fixed. The rate applies to every month of the term. A variable-rate loan repays a new amount whenever the rate resets, so this holds only until then.
Can I add a grace period?
No. Every month is treated as the same instalment of principal plus interest from month one, so a loan with an interest-only opening will not match.