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Loan Calculator

Work out repayments on any loan, compare payment frequencies, and see the full breakdown of interest against principal.

Runs entirely in your browser

Please note

This calculator is a general illustration, not financial advice. Lenders apply their own fees, rounding rules and day-count conventions, so a real quote will differ. Always check the figures with the provider before committing.

How to use the Loan Calculator

  1. 1Enter the amount you want to borrow, the annual interest rate and the term.
  2. 2Choose how often you will make payments.
  3. 3Read the payment amount, total interest and total repaid.
  4. 4Open the amortisation table for a period-by-period breakdown.

How it works

The same annuity mathematics applies whatever the payment frequency: the annual rate is divided by the number of payments per year, the term is multiplied by it, and the level payment is calculated from those two figures.

Paying more often genuinely costs less. With fortnightly payments the balance is reduced 26 times a year rather than 12, so less interest accrues between reductions — and because 26 fortnights is slightly more than 12 months of payments, you also pay marginally more per year. Both effects shorten the loan.

Amounts are tracked in whole cents throughout, so every row of the schedule adds up and the balance finishes at exactly zero.

The formula

payment = P × r ÷ (1 − (1 + r)⁻ⁿ)
P
amount borrowed
r
interest rate per payment period
n
total number of payments

This is the annuity formula written in its negative-exponent form; it gives the same result as the EMI expression.

Frequently asked questions

Should I pay weekly or monthly?
More frequent payments reduce total interest, because the balance falls sooner and 52 weekly or 26 fortnightly payments add up to slightly more each year than 12 monthly ones. Compare the totals here before asking your lender.
What is amortisation?
The process of clearing a loan through regular payments that cover interest first and reduce principal with the remainder. The table shows exactly how that split changes over time.
Does this include fees?
No. Arrangement fees, insurance and early-repayment charges vary by lender and are not modelled here.

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