Calculate your monthly repayment, total interest paid, and view a full amortisation schedule for any loan or mortgage.
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This loan and mortgage calculator turns three inputs — the amount you borrow, the annual interest rate, and the term in years — into a clear picture of what the loan actually costs: a fixed monthly repayment, the total you will repay over the life of the loan, and the total interest on top of the principal.
It uses the standard amortising-loan formula, the same maths banks use for fixed-rate mortgages, car loans, and personal loans, and breaks the result down year by year. People use it to:
Everything runs locally in your browser. The numbers you type are never uploaded, stored, or shared — the calculation happens entirely on your device, so your loan figures stay private.
Amortisation is paying off a loan in equal periodic instalments where each payment covers the interest accrued that period plus a portion of the principal. Over time the interest share shrinks and the principal share grows, until the balance reaches zero at the end of the term.
It uses the standard amortising-loan formula M = P × r(1+r)n / ((1+r)n − 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments (years × 12). The result is a fixed monthly payment for the whole term.
Interest each month is charged on the outstanding balance. Early in the loan that balance is at its highest, so most of the fixed payment goes to interest and only a little reduces the principal. As the balance falls, the interest portion shrinks and the principal portion grows.
The principal is the amount you actually borrowed. Interest is the lender's charge for borrowing it, calculated on the balance still owed. Total interest is the total repaid minus the principal — the real cost of the loan above the sum you received.
Extra payments reduce the principal directly, which lowers the balance that future interest is charged on. That shortens the term and cuts total interest. This calculator models the standard fixed schedule, so add overpayments separately to see how much sooner you would clear the balance.
No. The calculator shows principal and interest only. Lender arrangement fees, mortgage insurance (PMI), property taxes, and escrow are not included, so the true monthly outgoing on a mortgage is usually a little higher than the figure shown.
A longer term spreads the principal over more payments, so each monthly payment is smaller and easier to afford. But because interest accrues on the balance for more years, the total interest paid over the life of the loan is higher — a trade-off between monthly cost and lifetime cost.