Loan calculator
An amount, a rate and a term. The monthly payment, the total interest, and where each payment goes.
The schedule is the useful part: it shows how little of an early payment touches what you borrowed.
A percentage, as your bank quotes it.
Up to 600.
Questions
- Is anything I type sent anywhere?
- No. Every calculator here runs in the page itself. There is no server that receives your date of birth, your loan or anything else, and you can check it in your browser's network tab: using a tool produces no request carrying what you typed.
- Which formula is this?
- The standard annuity one, the same as a bank's EMI: the payment that clears the loan in equal instalments over the term. At a rate of zero the formula divides by zero, so that case is handled separately rather than by nudging the rate slightly above zero, which some calculators do.
- Why does the last payment differ slightly?
- Because the monthly payment is rounded to whole cents and 240 rounded payments do not add up to the loan exactly. The final instalment settles whatever is actually left, which is what a bank does, and it is why the schedule here ends at zero rather than at a few cents either way.
- Will my bank quote this number?
- Close, and not exactly. Fees, insurance, a different day count convention and any rate that is not fixed will all move it. Treat this as a planning figure and the offer document as the real one.
- Is this financial advice?
- No. It is arithmetic. Whether a loan is a good idea is a question about your circumstances, and nothing here knows any of them.
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