Work out the monthly payment, total interest and payoff cost of any loan.
monthly payment
How to use this tool
Type how much you are borrowing, before any deposit or fees.
Enter the annual interest rate and the loan term in years.
Under Advanced options, add a regular extra monthly payment to see the interest saved.
Compare the monthly payment, total interest and months to pay off, with and without extra payments.
Formula & worked example
A $200,000 loan at 6% over 30 years costs $1,199.10 a month, $431,676.00 in total and $231,676.00 in interest. Adding $200 a month extra cuts years off the loan and saves tens of thousands in interest.
Limitations — read this before you rely on it
This is a standard amortising-loan estimate. It excludes fees, taxes, insurance, variable-rate changes and early-repayment charges, so check the lender's actual schedule before borrowing.
Frequently asked questions
With the amortisation formula: monthly payment = principal x monthly rate / (1 – (1 + monthly rate)^-number of payments). Early payments are mostly interest; later ones are mostly principal.
Smaller monthly payments spread over more months mean interest accrues for longer, so the total interest is much higher even though each payment is lower.
Yes. Extra payments go straight against the principal, so less interest accrues afterwards. Even $100 a month can save thousands over a long loan.
Fees, mortgage insurance, property taxes and variable-rate changes are not included. Treat the result as an estimate and confirm the full cost with the lender.
The payment is simply the loan divided by the number of months, with no interest at all.