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Loan Calculator
Work out the monthly payment and total cost of a loan before you borrow. Results assume equal monthly instalments.
How to use
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the term in months; the payment updates instantly.
Frequently asked questions
How is a loan payment calculated?
Payment = Amount × r / (1 − (1 + r)^−n), where r is the monthly rate and n the number of months.
Are fees and taxes included?
No. This tool calculates interest only; check your lender’s offer for fees and insurance.
Will the instalment match my bank’s offer?
It is usually close, but banks may add fees, insurance and taxes. Check the bank’s offer for the exact figure.
Should I enter the annual or monthly rate?
Enter the rate the tool asks for; divide an annual rate by 12 if it expects a monthly one.