Loan Calculator
Calculate monthly repayments, total interest paid, and total cost for any loan. Enter the loan amount, interest rate, and term.
About the Loan Calculator
A loan calculator shows your regular repayment, the total you will pay back and how much of that is interest. For a standard amortising loan, where every payment is the same size, the payment is calculated from the loan amount, the interest rate per month and the number of payments. Early payments are mostly interest; as the balance falls, more of each payment goes towards the principal.
Three inputs drive the cost: the principal (what you borrow), the interest rate (quoted per year, divided by twelve for monthly payments) and the term. A longer term lowers the monthly payment but increases total interest, so the cheapest loan overall is usually the shortest one you can comfortably afford.
The headline rate may not be the whole story. Arrangement fees, insurance and early repayment charges are not part of the basic formula, so ask your lender for the annual percentage rate (APR), which is designed to include mandatory costs.
Borrowing 10,000 at 6% a year over three years means 36 monthly payments at 0.5% a month. The payment is about 304.22, you repay about 10,952 in total, and the interest cost is roughly 952.
Tips for best results
- Try a shorter term and compare the total interest saved against the higher monthly payment.
- If your lender allows overpayments without penalty, even small extra amounts reduce the balance and the interest.
How to use the Loan Calculator
Why use Toolseza for Loan Calculator?
Use this tool as often as you need with no paywalls, premium tiers, or hidden daily calculation quotas.
All calculations and file manipulations run inside your web browser. Your inputs are never sent to a cloud server.
Results update in real-time as you type or adjust settings, with instant one-click copy and export capabilities.
Works natively on smartphones, tablets, laptops, and desktop computers with zero installation or account creation.
Editorial Standards & Verification: All formulas, algorithms, and conversion factors implemented on Toolseza adhere to openly documented international standards (ISO, NIST, BIPM, W3C). Results are verified against benchmark reference datasets before publication.
Frequently Asked Questions
How is a monthly loan payment calculated?
Monthly payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P = principal, r = monthly rate, n = number of payments.
What is an amortisation schedule?
A table showing each payment split into principal and interest so you can see how your balance reduces.
Does this include fees?
No — it calculates principal and interest only. Lender fees vary and should be factored in separately.