Discount Calculator
Calculate the price after a discount and tax, and see how much you save.
Finance
Finance
Loan Calculator
Estimate payments and interest, and view the full monthly repayment schedule.
Enter your values
Your result
Monthly payment
966.64
- Total repayment
- 57,998.4
- Total interest
- 7,998.4
- Number of payments
- 60
An estimate based on your inputs. Review the assumptions and method below.
How does this calculator work?
A fixed-payment loan spreads repayment across monthly installments. Early payments contain more interest; the principal share increases as the balance falls.
The formula
Payment = P × r ÷ (1 − (1 + r)^(−n)); r is the monthly interest rate and n is the number of payments.
What should you know?
- Assumes a fixed nominal rate, payments at the end of each month and no additional fees.
- At zero interest, the principal is divided equally across the months.
- The schedule uses unrounded values. Adding displayed rounded amounts may produce a small difference; the lender sets the actual rounding rules.
Common questions
Does the payment include bank fees?
No. It includes principal and interest only. Fees and insurance can increase the actual cost.
Does a longer term reduce the cost?
It usually reduces the monthly payment but increases total interest when the rate stays the same.
A worked example
- Borrow 10,000 at a fixed nominal annual rate of 6% for five years, with no fees.
- The monthly rate is 0.06 ÷ 12 = 0.005, and there are 5 × 12 = 60 payments.
- The payment formula gives about 193.33 per month. Total repayment is about 11,599.68 and interest about 1,599.68; totals use the unrounded payment.
- In month one, interest is 10,000 × 0.005 = 50, leaving about 143.33 to repay principal. Next month, interest applies to the lower balance.
Read the three-year versus five-year loan comparison.
This example is separate from the values you entered above.
Sources and verification
How do we choose formulas and check results?
Sources explain the method or its limits; they do not imply that the linked organizations endorse this calculator.