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Free Loan Calculator Online

Loan calculator

See your monthly payment, total interest and how much an extra payment saves: calculated instantly in your browser. Nothing you enter is stored or sent.

lockPrivate: runs locallyboltInstantblockNo sign-up

personPersonaldirections_carCarhomeMortgage

Loan amount$

$1,000$100,000

Interest rate (APR)%

0 %25 %

Termyears

1 years10 years

savingsExtra monthly payment$0

monthly payment$308

USDEURGBP

total interest$3,465

total paid$18,465

paid off in5 yr

where your money goes19% interest

principalinterest

remaining balance by year

todayyear 5

celebrationPaying more each month saves in interest and finishes sooner.

table_rowsShow yearly schedulecontent_copyCopy summary

YearPaidPrincipalInterestBalance

~/how-it-works

What drives your payment.

percentThe rateEach extra percentage point adds interest every single month, it compounds over the whole term.

date_rangeThe termLonger terms lower the monthly payment but raise the total interest, often dramatically.

savingsExtra paymentsAnything above the minimum goes straight to principal, shortening the loan and cutting interest.

the formulaM = P · r(1+r)ⁿ / ((1+r)ⁿ − 1)

M monthly paymentP amount borrowedr yearly rate ÷ 12n number of months

Estimates only, assuming a fixed rate and monthly payments. Fees, insurance and taxes are not included: confirm with your lender.

~/same-loan-different-terms

The term trade-off, in numbers.

Your $15,000 at 8.5% APR, stretched over different lengths. A lower monthly payment almost always means paying more in total.

termmonthlyinteresttotalinterest as share of total

2 yearsyours$682$1,364$16,3648%

3 yearsyours$474$2,046$17,04612%

4 yearsyours$370$2,747$17,74715%

5 yearsyours$308$3,465$18,46519%

7 yearsyours$238$4,954$19,95425%

~/pay-less-interest

Four ways to pay less, tested on your loan.

Each strategy is run on your current numbers. Savings are compared with paying exactly the minimum.

price_changeRound up the paymentto the next $50

Paying a round number each month barely changes your budget, but every extra $ goes straight to principal.

interest saved$525

paid off8 mo sooner

event_repeatOne extra payment a year+1/12 each month

Splitting one extra monthly payment across the year, the same as fortnightly payments, quietly shortens the loan.

interest saved$339

paid off5 mo sooner

redeemPut a windfall on it$750 lump sum today

A bonus or tax refund paid off at the start saves interest on that amount for the whole remaining term.

interest saved$384

paid off3 mo sooner

trending_downRefinance 1% lower7.5% instead of 8.5%

If rates or your credit score improve, moving to a cheaper loan can beat any extra payment: check fees first.

interest saved$431

paid offsame time

~/loan-words-explained

The terms on your loan offer.

APRAnnual percentage rateThe yearly cost of borrowing, including most fees, the fairest number for comparing offers.Two loans at 6.5% interest can have different APRs once fees are added.

PrincipalThe amount you borrowWhat you owe before interest. Extra payments reduce it directly.Borrow $15,000 → principal is $15,000.

TermHow long you repayThe number of years or months until the loan is fully paid.A 5-year term is 60 monthly payments.

AmortisationThe repayment scheduleEarly payments are mostly interest; later ones are mostly principal.See it in the yearly schedule above.

Fixed vs variableWhether the rate can changeFixed stays the same; variable follows market rates and can rise or fall.This calculator assumes a fixed rate.

Prepayment penaltyA fee for paying earlySome lenders charge for overpaying or settling early. Check before using the strategies above.Often 1-2% of the amount repaid early.

~/four-ways-to-repay

Same loan, same rate: four repayment shapes.

The calculator above uses an annuity: one fixed payment, mostly interest at first. Lenders also offer equal-principal repayment (falling payments), interest-only (the whole amount due at the end) and balloon loans like car PCP deals, where a final lump is left over. Each is computed month by month on your amount, rate and term.

Annuityfixed payment

first payment$308

last payment$308

highest payment$308

total interest$3,465

The standard. Interest falls and principal rises inside a constant payment.

Equal principalsame principal each month

first payment$356

last payment$252

highest payment$356

total interest$3,241

Common for German and Nordic mortgages. Highest payment first, falling every month; least interest of the four.

Interest-onlyprincipal due at the end

first payment$106

last payment$15,106

highest payment$15,106

total interest$6,375

Lowest monthly cost but the most interest, and the full amount is due in one go. Needs a separate repayment plan.

Balloon (30%)lump left at the end

first payment$247

last payment$4,747

highest payment$4,747

total interest$4,338

How car PCP and some business loans work. Lower payments now, a large final payment or refinance later.

principalinterestBars are payments over time, on one scale per card; hover for the amounts.balloon30%

~/what-apr-really-means

Add a fee and the “rate” splits into four different numbers.

The UK APR is the yearly rate at which everything you pay is worth exactly what you actually received, compounded: the total charge for credit rules solve for it. The US APR under Truth in Lending is the same monthly rate times 12, without compounding. A fee changes both, and how it’s charged matters. Each APR below is solved by bisection from the real cashflows.

arrangement fee$

how it’s chargedAdded to the loanyou borrow the fee too and pay interest on itPaid up frontout of your own pocket on day oneDeducted from the advanceyou receive less than you borrow

you receive $15,000.00you repay $19,074.2260 × $317.90

nominal rate8.50%The contract rate the calculator above uses; monthly rate × 12.

effective, no fee8.84%The nominal rate compounded monthly: (1 + r/12)¹² − 1.

US APR (Reg Z)9.89%Solved monthly rate × 12. Must be accurate to within 1/8 point.

UK APR (CONC)10.4%Solved monthly rate compounded to a year, shown to one decimal place.

The equation being solved$15,000.00 = Σₖ $317.90 / (1 + i)^k, k = 1…60 → i = 0.82427% a monthThe fee raises the UK APR from 8.8% to 10.4%. Adding it means interest on the fee for the whole term. Lenders must show a representative APR that at least 51% of accepted applicants get.

Settling early: what you’d owe after 24 of 60 payments

Actuarial balance$9,748.87principal still owedWhat a fair payoff is: the remaining principal, with no unearned interest. Used by the calculator above.

UK regulated loan, worst case$9,978.04+$131.68 interest + $97.49 feeUp to 58 days’ extra interest under the 2004 early settlement rules, plus compensation capped at 1% of the amount repaid early for post-2011 agreements.

Rule of 78s$9,817.94+$69.06 vs actuarialFront-loads interest using sum-of-digits weights. Banned in the US for consumer loans over 61 months since 1992 and in the UK since 2005.

~/the-last-payment-is-never-the-same

Real lenders round every month and count actual days.

The formula assumes twelve equal months and unrounded money. A real schedule rounds the payment to the cent, rounds each month’s interest, and often charges daily interest on the true number of days. The leftover lands on the final payment. Here is your loan run in integer cents from a first payment on 1 November 2026, under three day-count conventions.

round to centround up to dollar

conventionregular paymentpaymentsfinal paymenttotal interest

Monthly (1/12 of rate)what the formula assumes$307.7560$307.60−$0.15 vs regular$3,464.85−$0.03 vs formula

Actual/365UK and most consumer loans$307.7561 (not 60)$3.37−$304.38 vs regular$3,468.37+$3.49 vs formula

Actual/360US commercial loans$307.7561 (not 60)$67.64−$240.11 vs regular$3,532.64+$67.76 vs formula

30/360bonds, many US mortgages$307.7560$307.60−$0.15 vs regular$3,464.85−$0.03 vs formula

First six months, actual/365

datedaysinterestprincipalbalance

1 Nov 202631$108.29$199.46$14,800.54

1 Dec 202630$103.40$204.35$14,596.19

1 Jan 202731$105.37$202.38$14,393.81

1 Feb 202731$103.91$203.84$14,189.97

1 Mar 202728$92.53$215.22$13,974.75

1 Apr 202731$100.89$206.86$13,767.89

Why actual/360 costs moreDividing the yearly rate by 360 but charging for 365 days raises the effective rate by 365/360, about 1.4%. On this loan that is $64.27 more interest than actual/365.

Why months differNovember has 30 days and December 31, so daily-interest loans charge slightly different interest every month even at the same balance. February is the cheapest month to owe money.

Rounding the paymentThe exact payment is 307.747970; rounding to the cent leaves a small remainder that the final payment absorbs.

~/reference

The rules behind the numbers on a loan offer.

Consumer lending rules for the UK, EU and US, summarised. They vary by product: mortgages, overdrafts and business loans often follow different regimes, so check the text for your case.

rulewherewhat it sayssource

APR disclosureUKCredit adverts and agreements must show the APR, computed with the CONC App 1 formula and rounded to one decimal place.FCA CONC App 1; CCA 1974

Representative APRUKAn advertised representative APR must be one at least 51% of those accepted from the advert are expected to get.FCA CONC 3.5

Right to repay earlyUKBorrowers may repay all or part early at any time. For agreements under the 2010 rules, compensation is capped at 1% (or 0.5% with a year or less left).CCA 1974 s.94, s.95A

Early settlement rebateUKRebate is calculated actuarially; the settlement date may be deferred by 28 days plus up to a further month.SI 2004/1483

Withdrawal periodUK, EU14 days to withdraw from a credit agreement without giving a reason, repaying only the credit and interest used.CCA s.66A; Directive 2008/48/EC art. 14

APR disclosureUSTruth in Lending requires the APR and finance charge; the APR is the nominal annual rate (period rate × periods per year).15 USC 1601; Reg Z §1026.22

APR toleranceUSDisclosed APR must be within 1/8 percentage point of the true figure for regular loans (1/4 for irregular).Reg Z §1026.22(a)

Rule of 78sUSBanned for consumer credit with a term over 61 months; refunds must be at least actuarial.15 USC 1615 (1992)

Total cost capUKHigh-cost short-term credit: daily interest and fees capped at 0.8%, total cost at 100% of the amount borrowed.FCA CONC 5A (2015)

Timeline

1671Johan de Witt values life annuities for the Dutch States General: the maths of level payments.

1693Edmond Halley publishes the first life table and annuity values.

1830sBuilding societies in Britain popularise level repayment of home loans.

1934The US Federal Housing Administration promotes long, fully amortising mortgages.

1968The US Truth in Lending Act requires APR disclosure.

1974The UK Consumer Credit Act introduces APR and regulated agreements.

1992The US bans the Rule of 78s on consumer loans over 61 months.

2004UK early settlement regulations replace the Rule of 78s with actuarial rebates.

2008The EU Consumer Credit Directive harmonises APR and early repayment rights.

2010The UK implements the directive; new APR rules take effect in 2011.

2014The FCA takes over UK consumer credit regulation from the OFT.

2023Directive (EU) 2023/2225 replaces the 2008 directive, applying from late 2026.

Primary sources

Consumer Credit Act 1974www.legislation.gov.uk FCA Handbook CONC App 1: APRwww.handbook.fca.org.uk Consumer Credit (Early Settlement) Regulations 2004www.legislation.gov.uk Directive 2008/48/EC on credit agreementseur-lex.europa.eu Directive (EU) 2023/2225eur-lex.europa.eu Regulation Z §1026.22: APRwww.ecfr.gov 15 USC 1615: unearned interest refundswww.law.cornell.edu CFPB: Truth in Lendingwww.consumerfinance.gov

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Frequently Asked Questions

Is the loan calculator free?

Yes, the loan calculator is completely free with no signup and no limit on how many calculations you run. It works entirely in your browser, so the figures you enter stay on your device and are never sent anywhere.

How does it calculate monthly payments?

Enter the loan amount, interest rate, and term, and the calculator applies the standard amortization formula to work out your fixed monthly payment. It combines principal and interest so each payment is the same across the life of the loan.

Does it show total interest and an amortization schedule?

Yes. Along with the monthly payment, it shows the total interest you will pay and a full amortization schedule, so you can see how each payment splits between principal and interest over time.

Can I use it for any type of loan?

You can use it for common fixed-rate loans such as personal, auto, and home loans. Enter the amount, rate, and term for your loan and it estimates the payment and interest for planning purposes.