Loan Calculator
Calculate your monthly loan repayment, total interest, and total cost for any personal loan.
About This Tool
This free loan calculator helps you understand exactly how much a loan will cost before you commit. Enter any loan amount, annual interest rate, and repayment term in months to see your monthly payment, the total amount you will repay, and the total interest charged over the life of the loan.
The calculator uses the standard amortisation formula used by banks and financial institutions worldwide. It works for personal loans, car finance, student loans, and fixed-rate mortgages — any loan with equal monthly repayments and a fixed interest rate.
No sign-up is required, no data is stored, and all calculations happen instantly in your browser. Use it as many times as you need to compare different loan scenarios side by side.
Frequently Asked Questions
How is the monthly payment calculated?
The calculator uses the standard amortisation formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. This is the same formula used by most banks.
Can I use this for a mortgage or car loan?
Yes. This calculator works for any fixed-rate loan with equal monthly payments — personal loans, car finance, student loans, and fixed-rate mortgages. For variable-rate products the result will be accurate for the initial fixed period only.
Is my data stored or shared?
No. All calculations run entirely in your browser. Nothing you enter is sent to a server, stored in a database, or shared with any third party.
What currency does the calculator use?
The results are displayed in British pounds (£), but the formula is currency-agnostic. You can enter any amount in your local currency — the monthly payment and totals will be in the same currency you entered.