What is a loan?
A loan is money borrowed from a bank, lender or financial institution that is repaid over an agreed period, usually with interest.
FREE ONLINE CALCULATOR
Loan Calculator
Estimate your monthly loan payment, total interest and total repayment amount before taking a loan.
01 Enter loan details
Enter the amount you want to borrow
%
Enter the yearly interest rate #
Choose how often you plan to make payments
Understand your loan
Enter your loan details to see your estimated payment, total interest and overall repayment cost.
01 Enter loan details
02 Choose payment frequency
03 Calculate your loan
02 Choose payment frequency
03 Calculate your loan
UNDERSTAND YOUR LOAN
Borrow with clarity.
Why use a loan calculator?
It helps you estimate your payment and understand the total cost of borrowing before you commit to a loan.
When should you use it?
Use it when comparing car loans, personal loans, home loans, education loans or other installment loans.
HOW LOAN PAYMENTS WORK
Your payment covers principal + interest.
When you take a loan, you repay the amount you borrowed along with interest charged by the lender. The payment amount depends on the loan amount, interest rate, loan duration and payment frequency. A longer loan term can reduce the payment amount but may increase the total interest paid.
STANDARD PAYMENT FORMULA M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1) M = Payment · P = Principal · r = Periodic interest rate · n = Number of payments
SMART BORROWING
Before taking a loan
01
Compare interest rates
Even a small difference in interest rate can significantly affect the total cost.
02
Check the total repayment
Don't look only at the monthly payment. Check how much you will repay in total.
03
Choose a comfortable payment
Make sure the estimated payment fits comfortably within your budget.