Home › Loan calculator

Loan Repayment Calculator

See your monthly payment and how much interest you'll pay before you sign.

Watch out for monthly rates

Many digital lenders quote interest per month. A "5% monthly" loan is about 60% a year — or far more once fees are included. Switch the rate type above to compare offers fairly.

The calculation uses a standard reducing-balance (amortising) formula: Payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where r is the monthly rate and n the number of months.

Frequently asked questions

What is a reducing-balance loan?

Interest is charged only on the amount you still owe, so the interest part of each payment falls over time while the principal part rises.

How do I compare a monthly rate with an annual rate?

Multiply a monthly rate by 12 for a rough annual rate. For example, 4% a month is about 48% a year before fees.