Loan Payment
Monthly repayment, total interest and total repaid.
About Loan Payment
Loan Payment calculates the fixed monthly repayment on an amortising loan — a mortgage, car loan or personal loan — along with the total interest you will pay over the term and the total amount repaid. The figure most people overlook is that last one: on a long loan the interest can approach or exceed the amount borrowed, and seeing it written down changes how a headline monthly figure feels.
How to use it
- Enter the amount you are borrowing.
- Enter the annual interest rate as a percentage, and the term in years.
- Read the monthly payment, then check the total interest before you commit.
Questions
What formula is used?
The standard amortisation formula: P × r / (1 − (1 + r)⁻ⁿ), where P is the principal, r is the monthly rate (annual ÷ 12 ÷ 100) and n is the number of months.
Does this include fees and insurance?
No. It covers principal and interest only. Arrangement fees, insurance, property tax and early-repayment charges all sit on top, so the real cost is higher than shown.
Why does a longer term cost so much more?
A longer term lowers each payment but you pay interest for more years. Stretching a loan from 15 to 30 years can roughly double the total interest even at the same rate.
Does it handle variable rates?
No — it assumes the rate is fixed for the whole term. For a variable-rate loan, run it at several rates to see the range of outcomes.
Loan Payment is free and runs entirely in your browser. No account, no upload, no watermark, no limit on use.