Work out any loan's monthly payment, total interest and payoff timeline.
A lump sum reduces the balance immediately, so less interest accrues from the first payment onward.
regular payment
Year-by-year balance
| Year | Paid that year | Balance left |
|---|
How to use this tool
Type the amount you are borrowing.
Enter the annual interest rate and the term in years.
Choose monthly, fortnightly or weekly payments, and add an extra payment if you plan to overpay.
Read your regular payment, total interest, payoff time and the year-by-year balance.
Formula & worked example
A $200,000 loan at 6% annual interest over 30 years, paid monthly, costs $1,199.10 per month and $231,676.38 in total interest. Adding $200 extra per month pays it off in 21 years (252 payments) and cuts total interest to $151,875.87 — a saving of $79,800.51.
Limitations — read this before you rely on it
This is an estimate for a standard fixed-rate amortising loan. It does not include lender fees, insurance, taxes, variable-rate changes, early-repayment penalties or grace periods. Your lender's exact schedule is the final word.
Frequently asked questions
Enter the loan amount, annual interest rate and term, then choose how often you pay. The calculator shows your regular payment, total interest and payoff time.
Yes. Enter an extra amount per period, or a one-time lump sum in Advanced options, and the calculator shows how much interest you save and how much sooner you finish.
Early in a loan, most of each payment is interest; later, most of it is principal. The year-by-year balance table shows that shift.
With a 0% rate the payment is simply the loan amount divided by the number of payments. Real loans also carry fees, insurance and taxes that this calculator does not include.
The annual rate is the interest charged per year, before fees. Your lender's APR may be higher because it includes fees — use the APR for a more realistic comparison.