Enter your loan amount, interest rate, and term to instantly calculate your monthly payment, total interest paid, and full payoff date — plus a month-by-month amortisation schedule for your first year.
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Your monthly payment is worked out from three things: the amount borrowed, the interest rate, and the term (how long you take to repay). The standard amortisation formula spreads the loan into equal monthly payments that cover both interest and principal.
Early on, more of each payment goes toward interest because it's charged on a larger outstanding balance. As the balance falls, a growing share goes to principal — which is why the loan pays down slowly at first and faster later.
Estimates only, and not financial advice. Figures assume a fixed interest rate — always check your loan or card agreement for the exact terms.
It's based on your loan amount, interest rate, and term, using an amortisation formula that produces equal monthly payments. Each payment covers the interest due that month plus a portion of the principal.
The interest rate is the cost of borrowing the money itself. APR (annual percentage rate) includes the interest plus certain fees, so it usually gives a fuller picture of the loan's true yearly cost.
Because interest is charged on your outstanding balance, which is largest at the start. As you pay the balance down, less interest accrues each month and more of your fixed payment chips away at the principal.
Yes — stretching the loan over more years lowers each monthly payment, but you pay interest for longer, so the total cost over the life of the loan is higher.