Calculate the monthly payment, total interest and full cost of a loan.
Monthly payment
$466.08
60 payments totalling $27,964.53
Formula
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1) = $466.08
What this assumes
Car finance
£25,000 at 4.5% over 5 years
25000Personal loan
A smaller amount, shorter term
8000Long term
See how interest accumulates
40000Amount borrowed, annual interest rate and the term in years.
Monthly is standard, but weekly and fortnightly schedules are supported.
The total repayment and total interest matter more than the monthly figure when comparing offers.
Uses the standard amortisation equation, so the payment matches what a lender quotes for the same inputs.
A payment you can afford and a loan that is good value are different questions. The total interest answers the second one.
Paying weekly rather than monthly changes both the payment and the total interest slightly, and both are calculated exactly.
Enter the amount, rate and term to get the level monthly payment using the standard amortisation formula — the same one lenders use. The total interest figure is usually the revealing one: a modest rate over a long term costs far more than most people expect, and seeing the total repayment next to the amount borrowed makes that concrete. Payment frequencies other than monthly are supported, since weekly and fortnightly schedules are common for personal loans.
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