INTERACTIVE TOOL
Loan calculator
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How to use this tool
- Enter the principal being financed.
- Enter the nominal annual rate and term in months.
- Compare payment, interest and total payments separately.
Formula or method usedPayment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate.
Worked example
For principal 1200, zero interest and twelve months, the mathematical payment is 100.
Assumptions and limits
The annual rate is divided by twelve. Insurance, fees and lender-specific terms are not included.
Frequently asked questions
Should the rate be annual?+
Yes. Enter the nominal annual rate and the calculator converts it into a monthly rate.
What happens to my inputs?+
Calculation inputs are processed locally in your browser. Favorites and preferences may be saved on this device. The site may perform separate network requests for live panels; these do not include the values entered into this local calculator. Do not paste secrets into public tools.
How should I check the result?+
The annual rate is divided by twelve. Insurance, fees and lender-specific terms are not included.