Loan Calculator
Find the payment on any fixed-rate loan, choose how often you pay, and see what adding a little extra to each payment does to the payoff date and the interest bill.
- Runs in your browser
- No sign-up
- Free to use
Balance by year
| Period | Paid | Principal | Interest | Balance |
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How to use Loan Calculator
- Enter the amount borrowed, the annual interest rate and the term in years.
- Choose the payment frequency: monthly, fortnightly or weekly.
- Optionally enter an extra amount to pay with every instalment.
- Compare the payoff time and total interest with and without the extra payments.
Loan Calculator features
Three payment frequencies
Monthly, fortnightly and weekly schedules, each with its own payment amount.
Extra payment modelling
See how many payments you skip and how much interest you save by paying more each period.
Payoff date
Set the start date to get the month and year the loan will be cleared.
Total cost of borrowing
Total interest and total repaid, alongside the principal.
Year-by-year balance
A table showing principal, interest and remaining balance for every year.
Any currency
Choose from common currencies with correct formatting.
When to use Loan Calculator
- Estimating repayments on a personal, car, student or business loan.
- Deciding whether fortnightly payments are worth switching to.
- Finding how much sooner a loan ends with an extra 50 or 100 per payment.
- Comparing two loan offers with different rates and terms.
Loan Calculator FAQ
How is the payment calculated?
Using the standard amortisation formula: payment = P × i ÷ (1 − (1 + i)^−n), where P is the amount borrowed, i is the interest rate per payment period and n is the number of payments.
Do more frequent payments save interest?
Slightly, because the balance is reduced sooner. The bigger saving comes when fortnightly payments are set at half the monthly amount: 26 half-payments equal 13 monthly payments a year, one more than usual.
How much do extra payments help?
Every extra amount goes straight to principal, so it stops accruing interest for the rest of the loan. The earlier in the loan you start, the larger the saving. The calculator shows both the time and the interest saved.
Is this accurate for my loan?
It is accurate for a fixed-rate loan with equal payments and interest charged each payment period. Variable rates, fees, payment holidays and loans with a final balloon payment will differ.
What is the difference between this and the EMI calculator?
Both use the same underlying maths. The EMI calculator focuses on a fixed monthly instalment; this one adds payment frequency, a payoff date and the effect of extra payments.
How loan repayments work
With an amortising loan, every payment is the same size but its composition changes. Interest for the period is calculated on the outstanding balance and taken out of the payment first; the remainder reduces what you owe. Early on, interest absorbs most of each payment. As the balance falls, more of each payment goes to principal and the debt declines faster.
That structure is why extra payments are so effective. An additional amount paid today reduces the balance on which all future interest is calculated. On a long loan, a modest regular overpayment can remove years from the term. Before overpaying, check that your lender allows it without a penalty and that you do not have costlier debts, such as credit cards, that should be cleared first.