Loan / Installment Calculator is a free tool that instantly shows the monthly payment, total repayment, and total interest cost for a loan you're considering. Just enter the loan amount, the annual interest rate, and the term in months — the tool uses the standard equal-installment (annuity) amortization formula. Handy for comparing different rate and term scenarios before applying for a mortgage, auto loan, or personal loan.
How to Use It
- Enter the loan amount (principal).
- Enter the annual interest rate offered by the bank, as a percentage.
- Enter the term in months (e.g. 12, 24, 36).
- See the monthly payment, total repayment, and total interest instantly.
Use Cases
- Estimating the monthly payment before applying for a mortgage, auto, or personal loan
- Comparing interest rates and term options across different banks
- Seeing the monthly payment burden ahead of time for budget planning
- Comparing the total cost difference between short and long loan terms
Frequently Asked Questions
What calculation method does this use?
The standard equal-installment (annuity) amortization formula — the same method most banks use for consumer loans.
Are taxes or fees included in the calculation?
No, the result is based only on the interest rate you enter. For a more realistic result, use the bank's effective annual rate (which includes taxes and fees).
Where do I find the interest rate to enter?
Use the annual interest rate stated in the bank's loan offer (e.g. 3.5%); decimal values are supported.
Is the result a binding offer?
No, this tool only provides an estimate; contact your bank for the exact installment amount.