Loan Calculator
A loan calculator that shows the whole picture: the monthly payment, the formula behind it, a month-by-month amortisation schedule you can download, and exactly what an extra payment each month would save you.
How to use Loan Calculator
- Enter the amount borrowed, the annual interest rate and the term in years.
- Pick a repayment frequency — monthly, fortnightly or weekly — and your currency.
- Read the payment, total interest and total repaid, with the annuity formula shown underneath.
- Add an extra regular payment to see the months saved and the interest saved.
- Expand any year in the amortisation schedule, or download the whole thing as CSV.
About Loan Calculator
A loan calculator that returns one number is nearly useless for making a decision. What you actually want to know is how much of your money the loan will consume, when the balance starts falling in earnest, and what changes if you overpay. This tool answers all three. Alongside the payment it reports total interest, total repaid, and interest expressed as a percentage of the amount borrowed — the single most sobering figure in consumer finance, and the one lenders never lead with.
The amortisation schedule is the heart of it. Every payment is listed with its date, the split between interest and principal, and the remaining balance, grouped into collapsible years so a 30-year mortgage stays navigable on a phone. Download it as CSV and it opens cleanly in Excel, Numbers or Google Sheets for your own modelling. Because the schedule is simulated period by period rather than derived from a closed form, it stays correct with extra payments applied, and it handles a 0% interest loan without dividing by zero — an edge case that breaks a surprising number of calculators.
The overpayment analysis compares two complete simulations: the contractual schedule and the same loan with your extra payment applied every period. The difference is reported as months removed from the term and cash interest saved. On a typical 25-year mortgage a modest overpayment often removes several years, and the reason is compounding in reverse — interest is charged on the balance, so reducing the balance early avoids interest on it for every remaining period of the loan.
Frequently asked questions
How is a loan or EMI payment calculated?
With the annuity formula P = L × i ÷ (1 − (1 + i)<sup>−n</sup>), where L is the loan amount, i is the periodic interest rate (annual rate ÷ payments per year) and n is the total number of payments. The tool prints this formula with your numbers substituted so you can verify it.
What is an amortisation schedule?
A row-by-row breakdown of every payment showing how much goes to interest, how much reduces the balance, and what is left owing. It reveals the shape of a loan: early payments are mostly interest, and the crossover point where principal overtakes interest often comes surprisingly late.
How much does paying extra each month actually save?
More than most people expect, because every extra pound reduces the balance that all future interest is charged on. Enter an extra amount and the calculator recomputes the whole schedule, reporting the exact number of months cut from the term and the total interest avoided.
Does paying fortnightly instead of monthly reduce interest?
Usually yes, for two reasons: the balance falls slightly sooner within each month, and a “half the monthly payment every fortnight” schedule quietly makes 26 half-payments — 13 monthly payments’ worth — each year. Switch the frequency to compare the two side by side.
Does this include fees, insurance or taxes?
No. It calculates principal and interest only. Arrangement fees, mortgage insurance, property taxes and early-repayment charges vary by lender and country, so add them separately when comparing real offers.
Is my financial data stored?
No. Nothing you enter leaves your browser — there is no account, no server and no logging. The CSV download is generated locally too.
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